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  6. Second-hand car exchange heycar is growing rapidly

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Heycar is growing rapidly

“Volkswagen‘s second hand car exchange heycar exceeds all expectations: The portal records more than 1,5 million monthly visits by potential car buyers and hosts a selection of around 320.000 vehicles.”

The used-car portal Heycar fits the needs of car dealers and buyers: Founded in october 2017, the company, in which Daimler is interested in buying a 20 % stake,  significantly surpassed its first year targets. Instead of the targeted 150.000 vehicles, the online exchange already has a portfolio of more than 320.000 cars. Heycar has set a target mark of around 600.000 vehicles. “As early as next year, we will be taking a significant step towards achieving this goal”, head of heycar Markus Kröger says.

The rapid growth is also linked to the fact, that a big number of non-Volkswagen dealers place their vehicles on the platform. “Initially, we were optimistic about being well received by Volkswagen dealers”, Kröger affirms. “We were indeed surprised by dealers of other brands placing their confidence in us. It shows that we are perceived as an independent platform.” About 40 percent of the platform‘s vehicle portfolio originates from other manufacturers. “Experience teaches us that car buyers want to compare vehicles of various brands.” Kröger says.

Head of heycar Markus Kröger sitting in a used car

The main difference between heycar and other online car exchanges is that heycar exclusively offers cars with warranty and it clearly distinguishes by its specific business model. Heycar doesn‘t market car advertising but functions as mediator for car purchases. It receives commission for every concluded purchase between dealers and clients. For dealers, this model appears to be a good alternative to existing platforms. Around 1000 dealer groups are now offering vehicles on heycar. 

One in seven customers buys

The message has been accepted by clients as well: Around 1,5 million potential car buyers visited the platform in september alone, mostly men between 30 and 59 years – more than four times as many as in may. Heycar had started its first nationwide promotional campaign in march this year. According to telephone and mail surveys with the platform visitors, approximately every seventh inquiry (15 %) results in a car purchase. The usual rate is between five and ten percent. “Customers see that we keep our quality promise.”, Kröger says.

In the future, heycar primarily wants to become more user-friendly. Customers should be able to process the purchase as well as the financing using the platform. In the future it might also be conceivable that heycar allows customers to sell their used cars, Kröger says. “We constantly strive to understand and meet our customers needs.”

May also be of interest 

Volkswagen and the Used Car Market