Schibsted Acquires AutoVex
Summary
Schibsted, an Oslo, Norway-based digital brand, acquired a 79% stake in AutoVex, a Helsinki, Finland-based consumer-to-business (C2B) used car auction marketplace. With the acquisition, Schibsted continues to grow in the Finnish market, as well as to strengthen its marketplace position already established through Oikotie and Tori with new verticals. Founded in 2018 by Sebastian Frick, AutoVex is a used car C2B auction marketplace in Finland, allowing consumers to get offers for their used car from their home via a digitally managed auction directed exclusively towards car dealers. The company was currently employs around 20 people in Helsinki. Led by CEO Kristin Skogen Lund, Schibsted already has several brands in the Motor vertical across the Nordics, including names such as FINN, Nettbil, Carweb and Honk in Norway, Bilbasen and DBA in Denmark and Blocket and Bytbil in Sweden.