By Kim Richters
Auto maker Renault SA said Tuesday that it acquired a stake in the company behind online used-car sales platform Heycar created by peer Volkswagen AG.
Renault, together with its financing subsidiary RCI Bank and Services, took over an equity stake in the platform's parent company Mobility Trader Holding GmbH and plans to contribute to Heycar's development in France. It wants to include French used-car company Carizy in the team-up, which it bought in 2018.
Renault didn't disclose financial terms of the deal and expects it to be completed in the fourth quarter.
Heycar was founded by Volkswagen in 2017 and other investors include German car maker Daimler AG and insurer Allianz SE.
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(END) Dow Jones Newswires
September 14, 2021 05:23 ET (09:23 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.