Description

CarNext is one of Europe’s leading online B2C and B2B used car marketplaces. Since its launch by LeasePlan in 2018, CarNext has established B2B operations in 22 countries and a B2C marketplace in seven of the largest markets across Continental Europe. CarNext’s B2C marketplace offers a fully integrated online platform that enables retail customers to buy high-quality used cars entirely online both from LeasePlan’s Car-as-a-Service fleet and a growing network of major trusted third-party suppliers.

CarNext offers a unique proposition to its customers, with a mission to transform the consumer’s used car buying experience by making it fun, easy, transparent and trustworthy. Customers are able to buy their next car in just two minutes entirely online, at the same time part-exchange their old car and access a range of ancillary services, such as financing and extended warranties. All cars on the platform come with fixed all-in pricing, a 228-point reconditioning check, 12-month warranty, home delivery and a 14-day no-questions-asked return guarantee.

Since its launch, CarNext has demonstrated strong growth and increase in its scale underpinned by a strong brand and a guaranteed supply of quality used vehicles. In 2020, CarNext sold approximately 40,000 cars B2C and approximately 200,000 cars via its digital B2B auction platform and trader app across Europe.

Transaction

Since our investment in LeasePlan we have spent a significant amount of time thinking about the used car aftermarket given the large number of used cars LeasePlan has returning on its books at the end of its client fleet management contracts. We identified an opportunity in the European B2C market given a lack of an integrated used car platform that would offer consumers an easy, transparent and trustworthy experience of buying a used car. Given LeasePlan’s supply of high-quality used cars (it sells approximately 300,000 used cars annually) it was in a good position to disrupt and lead the transformation of the €400bn European used car market.

Established in 2018 as part of LeasePlan, in July 2021, CarNext was successfully carved out into a fully independent business.

What we've done

We have supported CarNext with the development of its digital platform since 2018 through continued investment to build the business and to drive its growth. As part of the separation into an independent business, in July 2021 CarNext raised €400 million to supercharge the next phase of its growth. In addition, CarNext has entered into an exclusive long-term service agreement with LeasePlan, guaranteeing a supply of close to 300,000 high-quality used cars annually to sell through its B2C and B2B marketplaces across Europe, giving the company an excellent base for future growth. CarNext is also well positioned to accelerate vehicle sourcing from trusted third parties.