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Renault Group and RCI Bank investment to boost heycar's growth in France

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Renault Group and RCI Bank and Services have acquired a stake in the heycar-owning Mobility Trader Holding business.

The French car manufacturer said that it will actively contribute to the development of the heycar platform in Europe “in close collaboration with its dealers” as a result of the deal.

Retailers’ inventory of used vehicles will be advertised via the online marketing portal, while Renault revealed that it would also contribute assets from Carizy, the French leader in the intermediation of used vehicle sales between retail customers.

Carizy was acquired by the Renault Group in 2018. The addition of its used vehicle inventory to the heycar platform will boost its scale as it launches in France.

Originally owned by Volkswagen and Daimler, heycar was launched in Germany in 2017, before reaching the UK in 2019 and Spain a year later.

It now claims to represent retailers across 5,000 locations, offering an inventory of more than 380,000 vehicles.

Commenting on the Mobility Trader investment, Renault Group chief executive Luca de Meo said: "We are very pleased with this project with heycar, which in just a few years has become a key player in the online distribution of used vehicles.

“This agreement is in line with Renault Group’s strategy to increase value creation at each stage of the vehicle life cycle.

“In line with the Re-Factory - the project to convert the Flins plant into a dedicated site for circular economy of mobility - through this partnership we intend to strengthen the competitiveness of our sales network across the entire used vehicle value chain: from procurement to after-sales, including reconditioning, marketing and sales of financing and services.”

Allianz became a strategic core investor in heycar last month in a move that the business said would fund further growth and allow the online business to become “holistic and customer-centric mobility provider”.

Commenting on that deal, which brought an undisclosed amount of investment to heycar,

Group chief executive Florian Schlieper said the new investment marked an “important milestone” for heycar, strengthening consumer trust in its brand and underlining its position as a leading digital platform for high-quality used cars and services.

He added: “At the same time, it enables us to offer unique product combinations in cooperation with our partners and investors from different industries.”

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