Schibsted acquires Finnish car marketplace AutoVex
26 December, 2022, 11:53
The Oslo-based media group Schibsted has acquired 79% of Finnish consumer-to-business used car auction marketplace AutoVex. The amount of the deal was not disclosed.
- Schibsted Media Group is a Scandinavian media group with approximately 6,900 employees spread across 29 countries. Schibsted’s strategy comprises two main objectives: further development of their media houses and establishment of online classifieds services.
- Schibsted has already leading several brands in the motor vertical across the Nordics, including names such as FINN, Nettbil, Carweb and Honk in Norway, Bilbasen and DBA founded in Denmark and Blocket and Bytbil in Sweden.
- Founded in 2018 by Sebastian Frick AutoVex develops a platform that allows consumers to get offers for their used car from their home via a digitally managed auction directed exclusively towards car dealers. AutoVex partners with over 800 car dealers in Finland and currently employs around 20 people in Helsinki.
- Since launching, over 20,000 cars have been sold through the platform AutoVex, amounting to a total gross merchandise value of around €350 million.
- The deal will help AutoVex to accelerate its growth and competitiveness in Finland.
“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 utilize to further strengthen our Motor vertical,”says Robin Suwe, SVP Mobility in Nordic Marketplaces.
- With the acquisition, Schibsted will continue to explore opportunities in the Finnish market, as well as strengthening its marketplace position.