Autorola A/S and Al-Futtaim Automotive have formed a joint venture in the Middle East — Autorola MENA Holding Ltd — with the aim of digitizing and simplifying each step of the used-car remarketing processes with automated workflows and 24/7 auctions, according to a news statement (in Turkish). Financial terms were not disclosed.
Based in the UAE, Al-Futtaim Automotive offers online vehicle remarketing and automotive IT services in 19 countries. Denmark-based Autorola A/S offers online remarketing and autotech services in 24 countries, including Turkey, where it operates online vehicle auction website Autorola Marketplace as well as car buying platform AutoCom.
“This collaboration is both strategic and synergistic,” said Peter Grøftehauge, CEO of Autorola A/S.
“We decided to expand in the Middle East together with Al-Futtaim Automotive, which is one of the most well known and most respected automotive brands in the world … [It has] has been operating successfully in the Middle East market for years and has extensive knowledge of local regulations. We aim to offer a brand new business ecosystem to our customers by combining our digital solutions and our know-how in the European market.”
Paul Willis, CEO of Al-Futtaim Automotive, said: “This initiative is a vital component of our growth strategy, which will enable us to reach a broader customer base by leveraging the entire automotive ecosystem. Together with Autorola, we will change the face of the remarketing of used vehicles in the UAE. We will be able to significantly grow our business, deliver the seamless experience our customers have come to expect and continue to evolve for generations to come.”