Insurance giant Allianz becomes ‘strategic core investor’ in heycar

Allianz has become a strategic core investor in heycar in a move that will fund further growth and allow the online business to become “holistic and customer-centric mobility provider”.

While the deal with the global insurance giant brings an undisclosed amount of investment to heycar, a statement issued this morning (July 8) said the sum would support further growth alongside a partnership which would allow heycar to “offer unique product combinations” to online car buyers.

Founded in 2017 and launched in 2019 as a rival to Auto Trader and carwow, heycar Group (Mobility Trader Holding GmbH) now operates in the UK, Germany and Spain.

It also owns the car buying research and reviews website, HonestJohn.

Group chief executive Florian Schlieper said the new investment marked an “important milestone” for heycar, strengthening consumer trust in its brand and underlining its position as a leading digital platform for high-quality used cars and services.

“At the same time, it enables us to offer unique product combinations in cooperation with our partners and investors from different industries,” he said.

“This will help us further differentiate heycar from its direct competitors in the market.”

Schlieper added: “In Allianz, we not only gain a new investor, but above all a resourceful and globally renowned partner that will broaden the trust of existing and potential customers in our quality offering.

“Thanks to the new partnership, we are now in a position to develop new digital products along the customer journey even faster.

“Further, it allows us to optimally integrate these digital products into both our classic advertising business and new e-commerce offerings.”

Existing investors in heycar include Volkswagen, Volkswagen Financial Services, and Daimler Mobility.

Allianz Partners will become the insurance partner of heycar for the next five years in all existing and future markets as part of the new partnership.

By partnering with heycar Group, Allianz said it was further committing to digital business models with potential to disrupt the mobility sector.

Allianz said its integration into the platform will allow heycar customers easy access to add-on features such as roadside assistance and warranty.

It added: “In that way, heycar will become a holistic and customer-centric mobility provider covering both conventional offline dealership sales as well as increasing end-to-end online transactions.

“By teaming up with each other, heycar, car manufacturers, captive banks, and Allianz Partners can offer customers a trustworthy and digital car-purchasing experience.”

Tomas Kunzmann, Allianz Partners’ CEO of mobility and assistance, said: “The extensive partnership with heycar demonstrates Allianz Partners’ digital capabilities and our strong commitment to digital business models.

“It proves once more that we are an attractive and reliable business partner to OEMs across regions, products and services, customers segments, and distribution channels.

“We see various opportunities to realize joint business potential with fully-embedded product solutions, expanding in existing markets and entering new ones.”

heycar UK CEO Mat Moakes said: “Driving change in the marketplace is a fundamental objective for us.

“By partnering with Allianz we can build on our achievements, allowing us to provide a stand-out experience for customers and dealers as we move towards e-commerce in both the UK and continental Europe.”