Volkswagen Financial Services is closing down its used car platform Heycar after years of mounting losses and weak revenue.
Launched in the UK in 2019 to rival Auto Trader and Motors, Heycar never gained market traction. It reported a £30 million loss in 2022 and £22.4 million in 2023, with revenue falling to just £7.4 million.
The platform, which listed nearly 100,000 vehicles, will shut down operations in Germany by mid-May, with the UK business expected to follow. Around 126 staff, mostly in the UK, are at risk of redundancy.
VWFS plans to reuse Heycar’s technology in a new venture focused on digital tools for the automotive sector. Dealerships using Heycar must move listings to other platforms or their own sites.
