Finnish startup AutoVex is acquired by Schibsted

Helsinki-based car auction platform AutoVex is acquired by Schibsted, a Norway-based multimedia group. The platform helps consumers sell their cars for the best price. The amount of the deal is not disclosed, but the Norwegian company now owns 79% of the Finnish startup, ArcticStartup reports.

• Founded in 2018 by Sebastian Frick, AutoVex is the leading used car C2B auction marketplace in Finland. It allows consumers to get the best offers for their used car via a digitally managed auction directed exclusively towards car dealers. The platform provides offers from over 800 Finnish car dealers.
• For car dealers, AutoVex offers a convenient and efficient way to source high-quality used cars. To date, close to 20,000 cars have been sold through the platform amounting to a total gross merchandise value of around €350 million. The company currently employs around 20 people in Helsinki.

“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,”

Robin Suwe, SVP Mobility in Nordic Marketplaces, says.

• Schibsted is a Scandinavian media group with approximately 6,900 employees spread across 29 countries. Already, the group has several leading brands in the Motor vertical across the Nordics.
• With the acquisition of AutoVex, it is further building on its expertise and expanding its offering in Finland.