Berlin-based Digital auto retailer HeyCar will exit the Spanish market at the end of August, website La Tribune de Automoción reports. All of the company’s staff in Spain will be made redundant, it added.
It quotes an unnamed industry source as saying that the company will leave Spain as part of “the repositioning and restructuring process of the group at a European level” and focus on Germany, France and the U.K.
If true, this news would hardly be a shock — in June, the AIM Group noted that German car magazine AutoHaus had described HeyCar Spain as “on the brink.”
HeyCar is owned by Mobility Trader Holding GmbH, whose largest shareholder is Volkswagen Financial Services. Other shareholders include Volkswagen, Renault and insurance company Allianz.
HeyCar Spain launched in September 2021 — a time when optimism regarding the prospects for digital auto retail was cresting in the wake of the pandemic — investing heavily in TV and online marketing.
HeyCar Spain company currently has more than 26,000 used vehicles listed for sale. It requires that cars on its platform are less than eight years old, have less than 150,000km on the clock and come with a dealer guarantee.
Meanwhile, it has been revealed that Mercedes-Benz Group AG (formerly Daimler AG) disposed of its stake in HeyCar and exited the company in May this year.