Business

$200 million investment in second-hand vehicle trading platform VavaCars

VavaCars, the online second-hand vehicle trading platform that stepped into the Turkish market in 2019, has increased its target. The total investment amount of the company, which is preparing to open Turkey’s largest inspection and vehicle renewal centers in 2022, will reach $200 million. The company, which will increase the number of its employees from 280 thousand, will commission inspection and vehicle renewal centers with its investments in Ankara, Istanbul and Izmir. VavaCars CEO Lawrence Merritt said, “This place offers great opportunities for us. We aim to have a 5% share in the market in 5 years. This is the investment amount we have planned for only 2022 in the first place. In the following years, we will continue to invest without interruption. We will increase our vehicle purchase points, which are currently 55, to 150.”

Source: Sabah / Translated by Irem Yildiz

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