Daimler Seeks Stake in VW’s Used-Car Portal

Volkswagen AG says it is in advanced discussions about selling a stake in its 10-month-old Hey Car online used-car portal to Daimler AG.

Daimler hopes to buy 20% of the company, sources tell Handelsblatt, and could finalize a deal as soon as next week. Hey Car was launched in Germany last October by Volkswagen Financial Services and BCG Digital Ventures.

The online service lists about 300,000 used cars representing 48 brands. The site accepts cars that are no more than 8 years old and have been driven fewer than 150,000 km (93,200 miles). Vehicles are delivered to buyers through established dealerships.

VW’s service competes with German site mobile.de and with Autoscout.24, which operates in several European markets.