12:31 pm, June 27, 2025
Heycar’s online used car advertising platform remains ‘fully operational’ despite its parent company going into liquidation.
That is the message from majority shareholder Volkswagen Financial Services (VWFS), which says it is now aiming to ‘integrate Heycar’s technology and expertise’ into its own business.
Car Dealer reported back in April that VWFS had pulled the plug on Heycar, following years of heavy losses.
Several job losses have followed since but the group has now moved to clarify the future of the platform.
VWFS says that it has ‘acquired certain business and assets of Heycar UK’ in a move which ‘underscores its commitment to revolutionising the way customers purchase used vehicles online’.
The firm says it is now integrating remaining Heycar staff into its own business as it looks to ‘enhance its capabilities in the automotive e-commerce space.
A spokesman for the group said: ‘Volkswagen Financial Services UK (VWFS UK) would like to clarify reports regarding its acquisition of Heycar UK.
‘While Heycar UK’s parent company, Mobility Trader, has entered liquidation, the Heycar platform itself remains fully operational.
‘VWFS UK has acquired certain business and assets of the Heycar UK business, ensuring the platform’s continuity for users. This acquisition underscores VWFS UK’s commitment to revolutionise the way customers purchase used vehicles online.
‘Following the now completed acquisition, VWFS UK is continuing the process of onboarding the Heycar UK employees.
‘By integrating Heycar’s technology and expertise, VWFS UK aims to enhance its capabilities in the automotive e-commerce space, further driving growth and innovation.’
Heycar launched in the UK in the summer of 2019 aiming to compete with Auto Trader and Motors, but has made heavy losses since.
Its most recent accounts show it made a £22.4m loss in 2023 following a £30m loss in 2022. Revenue for the firm decreased to just £7.4m, its latest annual report revealed.
VWFS was the largest shareholder at 78%, followed by Volkswagen at 13% and Renault at 9%. Early investors Mercedes and insurance company Allianz sold their shares.
Heycar went on a buying spree in the years that followed its launch and snapped up the Honest John website out of administration in February 2020 as well as several lead generation sites. Some of these deals were for seven figure sums.
Last year, it also signed a five-year deal with RAC Cars to take over the running of that used car advertising platform and relaunch it.
