Schibsted has acquired a 67% stake in Norwegian used-car marketplace startup Nettbil.
Schibsted acquired the company by purchasing shares from former investors Tjuvholmen Ventures and Aller Media (its competitor in the newspaper market), as well as a new capital investment. The remaining shares will stay in the control of the company’s founders. Nettbil will continue to be run by general manager Anders Espelund.
Nettbil works as a service for individuals looking to sell a car and used-car dealers. After an inspection, sellers’ cars are posted on the marketplace for car dealers to bid on.
Nettbil, which was established in 2015, had revenues of $9.8 million U.S. last year, up from $1.3 million in 2017.
The number of car dealers using the service has risen quickly, from around 800 this summer to more than 1,000 today. So far this year, the company has sold about 3,000 cars, up from 700 in 2018.
Schibsted believes Nettbil will offer users another avenue for selling used cars. Christian Printzell Halvorsen, EVP for Nordic Marketplaces, explained that sellers can now choose between self-performed sales on its Finn.no platform and a professional intermediary at Nettbil.