Fox Williams advised Allianz X, the digital investments arm of the Allianz Group, on its investment into Mobility Trader Holding GmbH, the parent company of heycar, an international digital platform for quality used car sales. The investment was announced on 8 July 2021.
Existing investors in heycar include Volkswagen, Volkswagen Financial Services, and Daimler Mobility. Allianz Partners, a leading company in B2B2C insurance and assistance services, will become the insurance partner of heycar for the next five years in all existing and future markets. The cooperation will extend the heycar platform with Allianz insurance products and services by seamlessly integrating them into the digital customer journey. Since its founding in 2017, heycar Group has evolved into one of the leading multi-brand, quality used car sales platforms in Europe. Following the initial rollout in Germany, it expanded to the United Kingdom and Spain. The digital B2C-platform provides customers with a wide range of quality used car offers, as well as add-ons such as warranty and flexible purchasing options like financing or leasing. By partnering with heycar Group, Allianz is further committing to digital business models with potential to disrupt the mobility sector.
Working closely with the Allianx X in-house team and German legal advisers SMP (now YPOG), the Fox Williams team was led by Head of Corporate Richie Clark, corporate senior associate Sarah Carlton and associate Priya Mattu, with assistance from tax director Jo Varia, financial services regulatory partner Chris Finney, IP partner Simon Bennett and associate Charlotte Kong, data protection partner Kolvin Stone and associate Ben Nolan and employment partner David Murphy and legal director Daisy Jones.
Richie Clark said: “We were delighted to help Allianz X complete this successful strategic investment, which also creates an exciting partnership with heycar in the insurance space. The deal further highlighted Fox Williams’ expertise in disruptive tech sector transactions.”