With Noerr’s help Volkswagen Financial Service gains Volkswagen AG as new investor for heycar

Noerr has again advised Volkswagen Financial Services AG on a transaction. As Europe's largest automotive financial services provider, Volkswagen Financial Services AG has gained Volkswagen AG as a new partner and investor for Mobility Trader Holding GmbH, the parent company of the used car platform heycar. The investment will be in the form of a capital increase. The parties agreed not to disclose the amount of the capital contribution. Volkswagen AG’s investment underscores the strategic importance and further potential of this business model.

Mobility Trader GmbH (heycar Germany) and Mobility Trader UK Ltd. (heycar UK), which was launched in the United Kingdom in August 2019, are currently operating under the umbrella of Mobility Trader Holding GmbH. heycar was launched in Germany in October 2017 and has established itself over the past two years as a strong digitalisation and distribution partner for the used car retailers. heycar currently offers more than 450,000 vehicles of many different makes on its platform in Germany. In the UK, heycar is already offering more than 160,000 vehicles after only a few months.

Volkswagen Financial Services has been comprehensively advised on this transaction by a Noerr team led by Felix Blobel and Ariane Neubauer. The two Berlin-based partners already advised Volkswagen Financial Services in 2017, for example on its acquisition of around 51% of the shares in the fuel and service card specialist LogPay Transport Services GmbH, in 2018 on Daimler’s investment in the used car platform heycar, and in 2019 on the acquisition of LogPay Financial Services GmbH.

Advisors to Volkswagen Financial Services: Noerr LLP

Felix Blobel, Ariane Neubauer (joint team lead), Marcel Behringer, Robert Marx (all Private Equity, all Berlin)

In-house counsel VWFS (Braunschweig): Dominic Lange (Legal Counsel)