Helsinki-based C2B used car auction marketplace AutoVex has been acquired by Schibsted which offers publishing and online classifieds services. The Norwegian media company now owns 79% of the Finnish startup. The platform helps consumers sell their cars for the best price whilst providing car dealers with a purchasing tool. AutoVex will continue its services in Finland as a used car auction between consumers and car dealers. Schibsted already has a few brands in the Nordics including Oikotie and Tori from Finland, FINN, Nettbil, Carweb and Honk from Norway, Bilbasen and DBA from Denmark and Bytbil from Sweden. This acquisition will also allow Schibsted to strengthen its position in Finland.
AutoVex is the leading used car C2B auction marketplace in Finland, allowing consumers to conveniently get offers for their used car from their homes via a digitally managed auction directed exclusively towards car dealers. Through offering the car for sale via AutoVex, consumers can in a few simple steps get the best available offer from +800 car dealers in Finland. For car dealers, AutoVex offers a convenient and efficient way to source high-quality used cars. The company was founded in 2018 by Sebastian Frick and currently employs around 20 people in Helsinki.
“Schibsted has a mission to empower people in their daily lives, helping consumers to make informed choices. We already have a strong marketplace foothold in Finland through our ownership in Oikotie and Tori reaching 2.5 million Finns on a weekly basis. By becoming a majority owner in AutoVex we continue to invest further into the growing Finnish market, and we further expand our portfolio of next-generation marketplaces in the Motor vertical. AutoVex is spearheading the used car C2B auction market in Finland, and we see significant headroom for the business to grow, with approximately 270,000 used cars in Finland sold from a consumer to a car dealer every year,” says Christian Printzell Halvorsen, EVP Nordic Marketplaces in Schibsted.
AutoVex has seen exceptional growth since its establishment, and to date close to 20,000 cars have been sold through the platform amounting to a total gross merchandise value of around EUR 350 million. As of Q3 this year, the company’s last twelve months (LTM) revenue grew by approx. 330% YoY.
“AutoVex’s mission is to create the most effective way to buy and sell used cars online, whilst providing the best possible user experience for both consumers and car dealers. Schibsted and AutoVex share a vision for next-generation marketplaces and by combining forces, we’re able to further accelerate our growth and competitiveness in Finland. The entire AutoVex team is delighted to join Schibsted and is looking forward to working and learning together as we build the future of online car commerce.” says Sebastian Frick, Founder of AutoVex.
Schibsted already has several leading brands in the Motor vertical across the Nordics, including names such as FINN, Nettbil, Carweb and Honk in Norway, Bilbasen and DBA in Denmark and Blocket and Bytbil in Sweden. With the acquisition of AutoVex, the media company is building on its expertise and expanding its offering in Finland with a new concept.
“We are excited to include AutoVex in our family of digital brands, and look forward to supporting the company’s growth and further solidifying its market position in Finland. As well as bringing our expertise from building world leading marketplaces to the company, we are confident that the employees of AutoVex have experience and knowledge that we can learn from and utilise to further strengthen our Motor vertical,” says Robin Suwe, newly appointed SVP Mobility in Nordic Marketplaces.
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