Carvago acquires InstaMotion
Fraser has provided strategic advisory to InstaMotion Retail GmbH, the leading online car sales platform, in connection with its acquisition by Carvago, a member of EAG Group.
Prague and Munich – July 11, 2024. Digital used-car retailer Carvago has taken over InstaMotion, a Germany-based online car dealer that had filed for insolvency in May.
“InstaMotion has a similar business model to Carvago. It uses strong relationships with leading car dealer groups and guarantees quality standards and a twelve-month warranty for the end user. Unlike Carvago, which carries out a vehicle inspection with the Car Audit service, InstaMotion relies on contractual relationships with its partners and their own automotive expertise,” said Jakub Šulta, founder and CEO of Carvago’s parent company EAG Group.
With this acquisition, Carvago seeks to further strengthen its position in Germany, where it launched operations in November 2021. Taking into consideration InstaMotion’s reputation in the country, it will not be renamed “in the near future”,
Dr. Nikolas Dešković, who is also founder and CEO of Autoscout24, will remain as CEO of InstaMotion with the main task of interconnecting both companies. “It was clear from the start that Carvago had a lot to offer InstaMotion and vice versa. After a period of uncertainty, we are back in the game and I believe that with Carvago we will offer our customers even better services than ever before,” he stated.
InstaMotion offers customers a selection of 24,000 premium used cars that have a maximum age of seven years and less than 130,000 km on the clock. The company had expected to break even by 2024, but it did not reach the profit it had promised its investors and filed the insolvency application after a failed financing round.
Founded in 2020 in the Czech Republic, Carvago lets users buy and sell a used car online and gives access to several ancillary services. According to its own information, it has more than two million listed vehicles and operates in eight countries across Europe.
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