SpotAWheel, which offers buying, selling, financing and operating leasing of used cars, planned to expand into new European markets and introduce ‘flexible’ financial products, its CEO Charis Arvanitis told the Economic Post.

Athens-based SpotAWheel currently operates in Greece, Poland and Romania.

Known for digital auto retailing, it also offers used cars on rent and inspects more than 300,000 used cars a year with only one in 10 passing through its strict standards. Therefore, it is able to guarantee refund within seven days of buying and give a 5-year warranty.

“SpotAWheel’s vision is to provide high quality used vehicles in the easiest and most transparent way for everyone. Thousands of people have trusted SpotAWheel to date, choosing to buy, finance and lease their next used car through the SpotAWheel GO [leasing brand] service,” noted Arvanitis.

“As a team we saw early on the huge gap in the used car market, both in terms of trust and transparency and in terms of the financing solutions on offer.”

SpotAWheel, founded in 2016, raised €119.4 million in eight funding rounds with investors including Adevinta Ventures, FJ Labs, Rockaway and others, according to Crunchbase.

It accelerated the insurance process efficiency in collaboration with insurtech service InsurancePro.

In Greece, main auto marketplaces include Car.gr and AutoAggelies.gr.

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