Press Release

Feb 28, 2020

Volkswagen Financial Services secure Volkswagen AG as new investor for the used car platform heycar

Capital increase for more growth

Further European expansion of heycar planned in 2020

Strong indicator of past success and signal for future development

Berlin, Braunschweig, Wolfsburg, 28. February 2020. Volkswagen Financial Services have won Volkswagen AG as a new partner and investor for Mobility Trader Holding GmbH, the parent company of the used car platform heycar. As was the case with the financial engagement of Daimler Mobility Services in 2018, the investment is taking place as part of a capital increase. It has been agreed not to disclose the amount of the capital contribution. The participation of Volkswagen underlines the strategic importance of the business model and its further potential.

Mobility Trader GmbH (heycar Germany) and Mobility Trader UK Ltd. (heycar UK), which was launched in the United Kingdom in August 2019, are the two current companies operating under the umbrella of Mobility Trader Holding GmbH. The future corporate structure also enables further participations both at the holding level and at a local level in the respective markets.

Lars Henner Santelmann, CEO of Volkswagen Financial Services AG, says: "We are very pleased that our parent company is also convinced by heycar and is investing a significant amount in the venture. heycar has had a successful journey up to now. With the new corporate structure, we are creating the conditions for the further development of the business model and for the further international growth that is intended."

Dr. Christian Dahlheim, Head of Volkswagen Group Sales, explains: "The marketing of used cars is of great strategic importance for the Volkswagen Group and its trading partners. heycar has established a high-quality service offer in this area that clearly stands out from the competition. Together, we will continue to drive our expansion in Europe."

heycar was launched in Germany in October 2017 and has established itself over the past two years as a strong digitalization and sales partner for the dealers. At present, heycar offers more than 450,000 listed vehicles of different brands on its platform in Germany. In the United Kingdom, heycar already has a selection of over 160,000 vehicles on offer after only a few months.

Information for editors:

Volkswagen Financial Services are a business division of the Volkswagen AG group of companies and comprise Volkswagen Financial Services AG along with its associated companies, Volkswagen Bank GmbH, Porsche Financial Services, and the financial services companies in the USA and Canada that belong directly or indirectly to Volkswagen AG – with the exception of the financial services of the Scania brand and Porsche Holding Salzburg. The key business fields embrace dealer and customer financing, leasing, the bank and insurance business, fleet management and mobility offers. Volkswagen Financial Services have a total of 16,267 employees worldwide – including 7,010 alone in Germany. Volkswagen Financial Services report total assets of around EUR 207.6 billion, an operating result of EUR 2.6 billion and a portfolio of around 20.3 million current contracts (as at: 31.12.2018).

Mobility Trader GmbH (heycar Germany) and Mobility Trader UK Ltd. (heycar UK), which was launched in the United Kingdom in August 2019, are the two companies currently operating under the umbrella of Mobility Trader Holding GmbH. heycar is an online used car platform and currently offers more than 450,000 vehicles in Germany. In the United Kingdom, heycar has more than 160,000 vehicles on offer. The startup was founded in Berlin in 2017 and now has a further location in London.

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