Aramis Group co-founders Nicolas Chartier and Guillaume Paoli have increased their share in the digital automotive dealer, having acquired a further 302,222 shares, or close to 0.4% of the company’s capital and voting rights, the group has said.

The acquired shares were split equally between the duo.

“More than 20 years after founding the company and nearly two years after its initial public offering, when they chose to retain a significant percentage of its capital (17.48% combined), Nicolas Chartier and Guillaume Paoli have chosen to further strengthen their presence in the capital by acquiring shares on the market between March 20 and April 4, 2023, illustrating their confidence in the group’s business model and the potential of the market on which it operates,” said Aramis Group, in an announcement on its website.

The group listed on Euronext Paris in June 2021 to raise funds to step up its international development and continue growing on Europe’s online used-car market.

“Two years later, the group’s growth profile is being confirmed more than ever, after nearly doubling its annual revenues and the number of countries where it operates,” said the company, which specializes in reconditioned and second-hand cars.

It added that the founders’ decision to increase their stakes despite the macroeconomic conditions and troubled state of the automotive market “highlights their confidence in Aramis Group’s ability to sustainably generate profitable growth and achieve its ambition to become Europe’s preferred platform for buying used cars online.”

Aramis Group was founded in 2001 and is based in France. The company specializes in online used-car sales, and operates the AramisAuto, Cardoen, CarSupermarket, CliCars, OnlineCars and BrumBrum brands in France, Belgium, the U.K., Spain, Austria and Italy respectively.

The group’s growth model aims to capitalize on strong positioning in a large and fragmented market experiencing disruption due to the rise in online sales. It has built vertically integrated companies to follow a data-driven business approach supported by proprietary technology and digital tools.

Aramis Group sells refurbished used cars and preregistered used cars to both consumers (b-to-c) and commercial partners (b-to-b). It also offers auto products and services, including financing, insurance, maintenance, warranties and car accessories. It provides fully online or fully offline options through its websites or customer centers. Large-scale in-house refurbishing is one of the pillars of its business model.

The group has annual revenues of nearly €2 billion, a workforce of nearly 2,400, and eight industrial-scale refurbishing centers throughout Europe.

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