Constellation Automotive Group , a digital used car marketplace, announced the acquisition of CarNext , a B2B and B2C digital marketplace for used cars that operates on multiple; of 22 geographical areas in Europe. The union of the forces of CarNext and Constellation gives life to what you can & # 39; define as the best digital car marketplace; large present in Europe which boasts some very important data: a turnover of over 2.5 million cars per year for a gross value of 21 billion euros.
The words of Avril Palmer -Baunack , Executive Chairman of Constellation & ldquo; I am delighted that CarNext is joining the Constellation Group. CarNext & egrave; was one of the first companies in Europe to digitize the used car shopping experience of consumers and we look forward to joining the reach of our respective marketplaces to drive the digital transformation of the used car market across Europe. Data and technological excellence are key for Constellation to continue to innovate, and CarNext's data and European transaction data will give the Group an added advantage. The team and I are looking forward to welcoming CarNext as we move into the next phase of our growth in Europe & rdquo ;.
When we talk about the digital market for used cars , we are talking about the sale of quattroruote through three digital ways distinct and used by Constellation Automotive Group:
-BCA; Business-to-Business (B2B) marketplace in Europe, through the online auction platform and the app on behalf of dealers, car manufacturers, companies leasing, banks and other corporate customers.
-cinch; UK used car business-to-consumer (B2C) online marketplace with a sales process that takes place entirely online on thousands of vehicles.
-WeBuyAnyCar, the leading Consumer-to-Business (C2B) online car buying platform in the UK, which provides over 16 million used car appraisals each year and allows around 600,000 consumers each year to sell their private car online.
The words of Sophie Krishnan , Chief Executive Officer of CarNext & ldquo; CarNext & egrave; a great choice for Constellation and I am thrilled to join the Group. CarNext focuses on enabling customers to find, finance, buy or sell a used car totally online through a site they can trust. The growth margin in our main European markets is; exceptional and being part of Constellation will allow us & agrave; to accelerate our development and build the market leader & rdquo ;.
The help of CarNext , already & agrave; one of the leading B2C and B2B marketplaces in continental Europe, it allows to add annualized volumes of 40,000 cars in 2021 through the B2C digital marketplace and 210,000 cars with the B2B digital auction platform. CarNext also benefits from a long-term supply agreement for 250,000 used cars per year from LeasePlan , a company & agrave; of the world's auto leasing, to be sold through its B2C and B2B marketplaces.
Constellation's data and infrastructure in addition to CarNext's will allow; Constellation to combine CarNext's analytics and historical data on used car transactions in Europe with those of Constellation, forming the main database on used cars in Europe.
The words of Thibaut Large , partner of TDR Capital, majority shareholder of Constellation & ldquo; The used car market & egrave; one of the last bastions of retail not to be digitized. How & egrave; been for the travel, electronics or clothing industry, & egrave; just a matter of time. Constellation, with its vertically integrated model between C2B, B2B and B2C, is leading the way by transforming the way consumers and professional buyers buy and sell used cars online. This merger puts the Group in a position to make strong progress in the € 400 billion European automotive market. With 2 billion euros of new capital, Constellation & egrave; l & rsquo; best capitalized company in the industry and boasts & rsquo; enormous influence for & rsquo; expansion in Europe & rdquo ;.
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