Car dealership with over 90,000 vehicles to close in weeks
A large car dealership which has more than 91,000 vehicles currently on sale is set to close within weeks, leaving hundreds of employees vulnerable. German online used car marketplace Heycar, founded in 2017 and later launched in the UK in 2019, had initially set its sights on rivaling Auto Trader and Motors, but experienced a loss of £30million in 2022, followed by a £22.4million loss in 2023.
Its latest annual report indicated that the firm had even seen its revenue decrease to just £7.4million. Now, its once majority shareholders, Volkswagen Financial Services (VWFS), have withdrawn from the business, leaving its more than 126 employees in the UK, Germany and France all at risk.
As a result, the firm is expected to close in Germany in the next couple of weeks, with the UK set to follow shortly after. Volkswagen Financial Services (VWFS) had initially acted as the company's largest shareholder at 78 per cent, followed by Volkswagen at 13 per cent and Renault at 9 per cent. Some reports even suggested that VWFS had invested more than £205million in the marketplace since its launch, according to Car Dealer Magazine.
Described on their website as 'the place to buy your next car the feel good way' and designed 'with car buyers in mind', the dealership, which sought to focus on younger used cars and provide greater backing for buyers, was described by a VWFS spokesperson as 'a pioneer in the online used car marketplace'. Former CEO Matt Moakes previously declared: 'Other online listings businesses are just digital versions of newspaper ads. That's not Heycar.
'We have features and products that improve the experience whether you're a dealer or a consumer, the latest of which includes our worry-free back guarantee, and our new Concierge service which helps car buyers take the stress and inconvenience out of car ownership.' But now, the VWFS spokesperson has confirmed to Car Dealer that the company 'expect we will have to let go of a large proportion of Heycar's employees'.
They are, however, set to launch a 'new subsidiary' that they hoped would 'integrate the technology developed by Heycar' into its wider business. They added: 'We are considering whether some of the UK employees could be taken on by VWFS UK to further expand the used car business in the B2B sector.
'Despite the decision to wind down their operations, the valuable insights and digital solutions developed so far will play a crucial role in the future of VWFS UK, as we continue to explore new ways to drive growth and innovation in the automotive e-commerce space.' Heycar and VWFS were both contacted for comment.
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