Business

VavaCars received an investment of $50 million

VavaCars continues to grow in Turkey and Pakistan with an investment fund of $50 million.

The popular vehicle trading platform based in Turkey has raised $50 million in investment to further expand its operations in Turkey and Pakistan. The Series B round was joined by Duquesne Family Office LLC (founder Stanley F. Druckenmiller), existing investor Vitol, as well as a new investor.

Working in close cooperation with Petrol Ofisi, Turkey’s leading fuel and autogas distribution company, VavaCars has purchased and sold more than 10,000 vehicles since it entered the market in April 2019, increasing the number of its employees to 300. The company increases its Gross Commodity Value (GMV) by an average of 30% every month compared to the previous month, with the best vehicle portfolio purchased from retail customers, both in wholesale and retail sales.

Speaking about the investment they received, VavaCars Co-Founder and CEO Lawrence Merritt said, “Our mission is to build the world’s most trusted second hand car trading platform and make it easy for anyone to buy and sell cars without worry. With this investment, we will continue to invent, simplify and make game-changing innovations for our customers. In the last two and a half years since we entered the market, we have become the leader of purchases and sales with the individual customer segment in Turkey, by realizing 95% of all online sales in Turkey. This demonstrates the strength of our model and the great opportunity in the market.”

VavaCars aims to bring trust, transparency and convenience to the second-hand automotive industry. By using VavaCars’ online valuation tool, customers can instantly sell their vehicles in cash, with a physical appraisal done at one of the Customer Centers located in Petrol Ofisi stations in Turkey.

VavaCars has recently started its online vehicle sales service by combining its business model with the dynamics of the digital age. The service, which allows consumers to purchase vehicles completely online without having to go to a gallery, offers free home delivery. All vehicles sold come with a detailed expertise control and renewal process, as well as a 14-day return opportunity and a 3-month/5000KM warranty.

These investments will be used to support the continued growth of the brand and accelerate the online vehicle sales transition by continuing to build the technological and physical platforms, customer center network and brand.

In the future, VavaCars aims to expand into new markets by utilizing the gas station network of its first investor, Vitol.

Source: Sabah / Translated by Irem Yildiz

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