Abracar, a site that sells autos for private owners in Germany, received an investment of €11.5 million ($13.3 million U.S.) from Allianz — the insurance company that launched the startup through its incubator Allianz X last year, according to a Gruenderszene.de report (in German).

Abracar, an Allianz startup, sells autos on behalf of private owners

Abracar sells autos on behalf of owners to private buyers. The site sends an independent appraiser to check the auto and take photos. It then markets the auto on platforms like Mobile.de and AutoScout24, screens potential buyers, arranges test-drive appointments through the platform, and provides contract templates. It also lets buyers pay online through its own service, Abrapay.

Sellers pay a commission of 4 percent of the final sales price, with a minimum payment of €399 and maximum of €999.

The company says it uses an AI-powered price algorithm to determine the asking price, based on the market and interest generated in the auto online.

It brokers 1,000 autos per month, according to Gruenderszene, focusing chiefly on younger models under seven years old. The site plans to expand to France and Austria.

Allianz gets a piece of the action too, naturally. Abracar buyers receive a free 60-day guarantee that they can pay to extend for up to two years.

Abracar competes directly with CarRanger, which was launched around the same time in early 2017.

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