Oslo-listed media group Schibsted has bought up a majority shareholding of 79% in AutoVex, a Helsinki-based used car marketplace, according to Norwegian news source Kampanje.
Schibsted's media presence extends into many segments. It seems this deal is designed to firm up its Nordic marketplaces division, already home to Norway's leading marketplace, FINN.no, which clocked up more than 1.45 billion visitors last year.
The AutoVex online portal connects vehicle owners to car dealerships around Finland via bidding auctions, with the vehicle sold off to the highest bidder.
This consumer-to-business model, turning the old B2C way of doing things on its head, is doing a roaring trade in a Finnish market where 270,000 used cars are sold to car dealers annually, Kampanje said.
AutoVex was founded in 2018 and currently has around 20 staff on its books. The founder, Sebastian Frick, previously worked in business development with the Finnish automotive business MetroAuto.
Christian Printzell Halvorsen, executive vice president of Schibsted, said: "Schibsted aims to help consumers make informed choices.
"We already have strong marketplaces in Finland through our ownership in Oikotie and Tori, which reach 2.5 million finds on a weekly basis."
AutoVex's founder Frick added: "Schibsted and AutoVex share a vision for the next generation of marketplaces, and by combining our strengths we can further accelerate our growth and competitiveness in Finland.
"The entire AutoVex team is excited to join Schibsted and look forward to working and learning together as we build the future of online car trading."
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