Pioneering UK car dealership with over 90,000 motors to close in just WEEKS – throwing over 100 workers into limbo
A HUGE car dealership with over 91,000 vehicles currently on sale will close within weeks putting over 100 jobs at risk.
The German online used car marketplace has made heavy losses since opening in the UK in 2019 when it looked to rival Auto Trader and Motors.
1
Heycar currently has over 91,000 motors for sale
Credit: heycar
Heycar's majority shareholder, Volkswagen Financial Services (VWFS), have pulled the plug leaving more than 126 employees across the UK, Germany, and France at risk of losing their jobs.
A large proportion of Heycar's employees are based in the UK.
They are expected to close in the UK shortly after their closure in Germany, expected to be in mid-May.
A VWFS spokesperson confirmed that they "expect we will have to let go of a large portion of Heycar's employees".
Read more Motors News
However, VWFS did confirm its plans to launch a "new subsidiary" which they hoped would "integrate the technology developed by Heycar' into its wider business".
They also said they were "considering whether some of the UK employees could be taken on by VWFS UK to further expand the user car business in the B2B sector".
Volkswagen Financial Services (VWFS) was originally the company's largest shareholder at 78 per cent followed by Volkswagen at 13 per cent and Renault at 9 per cent.
According to its most recent accounts, Heycar made a loss of £30m in 2022 followed by a £22.4m loss in 2023.
Most read in Motors
Its latest annual report also revealed a decrease of £7.4m in revenue for the firm.
According to
Heycar currently has over 91,000 cars up for sale on its website while market leader Auto Trader has 459,000 and Motors/Cazoo has 234,000.
On the firm's website, it describes itself as 'the place to buy your next car the feel good way' and has been described by a VWFS spokesperson as a 'pioneer in the online used car marketplace'.
It offered an alternative experience to customers by focusing on younger used cars in an attempt to shake up the used car advertising marketplace.
Former CEO, Matt Moakes, previously said of Heycar: "Other online listings businesses are just digital version of newspaper ads.
"That's not Heycar."
He added: "We have features and products that improve the experience whether you're a dealer or a consumer, the latest of which includes our worry-free money back guarantee, and our new Concierge service which helps car buyers take the stress and inconvenience out of car ownership."
Both Heycar and VWFS have been contacted for comment.
The news of Heycar's closure comes as many car dealerships continue to go out of business.
Why are so many car dealerships closing down?
By Summer Raemason
According to Business Rescue Expert there are multiple reasons why car dealerships are folding across the UK.
The first major factor is rising online car sales which are beating in-person sales at dealerships.
With an extensive range of comparison and second-hand sites to chose from, may car buyers don't even step foot into a dealership anymore.
Secondly, the actual cost to physically run the sites has soared.
Rent, wages and energy bills have all been increasing for roughly the past five years, putting many out of pocket.
Car manufacturing across the globe was also hit by a semiconductor chip shortage in 2022 which made it difficult to produce new motors.
The high demand with limited supply created a backlog, which although has eased, is still having an impact on the industry.
A third reason for recent closures is the shift to electric cars.
They are becoming more popular, given the Government initiative to be Net Zero in 2050.
The industry is also affected when companies merge or are bought by rivals.
This may lead to some independent names falling victim to the ongoing spate of closures.
In February,
Last month,
A family run car dealership in Cambridgeshire, TC Harrison, is
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Irish Examiner
11 hours ago
- Irish Examiner
Florian Friday: Wirtz seals Liverpool move from Bayer Leverkusen in club record deal
Liverpool have confirmed the signing of Florian Wirtz from Bayer Leverkusen. The German will cost a club record £100m and his price could rise with add-ons to £116m (€135), which would make him the most expensive British transfer. Leverkusen had wanted €150m (£127.6m) for the 22-year-old, who also attracted interest from Bayern Munich, but weeks of talks brought down the price. Wirtz, an attacking midfielder, scored 16 goals and provided 15 assists in the past season in 45 club appearances. Read More Liverpool agree deal to sign Milos Kerkez as Florian Wirtz undergoes medical Wirtz, who has played 31 times for Germany, succeeds Darwin Núñez as Liverpool's record signing. Núñez arrived from Benfica in June 2022 in an £85m deal but the forward is for sale after an underwhelming spell. Liverpool have also bought Jeremie Frimpong, a right-back, from Leverkusen for £29.5m and have agreed a £40m deal to buy the left-back Milos Kerkez from Bournemouth. Kerkez is due for a medical next week with a view to signing a five-year deal and Liverpool are also keen on the Crystal Palace defender Marc Guéhi. In a further part of the squad renewal the goalkeeper Giorgi Mamardashvili will complete his move to Anfield from Valencia in a £29m deal agreed last summer. Liverpool are in talks with Leverkusen over selling the England Under-21 defender to the Bundesliga club. Guardian
The Irish Sun
11 hours ago
- The Irish Sun
Liverpool SMASH British transfer record as champions confirm Florian Wirtz deal from Leverkusen for £116.5million
FLORIAN WIRTZ has officially joined Liverpool - and wants to "win everything" at Anfield. The Reds have forked out a whopping £116.5MILLION to recruit the attacking midfielder from 7 Liverpool have completed the Premier League record signing of Florian Wirtz Credit: GETTY 7 The Reds have paid Bayer Leverkusen a whopping £116.5million for the attacking midfielder Credit: GETTY 7 Germany international Wirtz has inked a five-year contract at Anfield Credit: GETTY That fee has shattered the £115million Liverpool have fended off stiff competition from Manchester City and Real Madrid to land The German told the club's website: "I feel very happy and very proud. "Finally it's done and I was waiting for a long time – finally it's done and I am really happy. READ MORE FOOTBALL NEWS 'I'm really excited to have a new adventure in front of me. "This was also a big point of my thoughts - that I want to have something completely new, to go out of the Bundesliga and to join the Premier League. "I would like to win everything every year! First of all, we have to do our work, I have to make my work. "In the end, we want to be successful. Most read in Football JOIN SUN VEGAS: GET £50 BONUS "Last season they won the Premier League so my goal is for sure to win it again and also to go further in the Champions League. I'm really ambitious." The German international is set to become one of the Premier League's highest earners during his Anfield stay. 7 He's reportedly been handed a contract worth That works out to an eye-watering £12.7m a year, nearly TWELVE TIMES what he earned on his last contract with Leverkusen. The midfielder is guaranteed to take home £10.2m of that figure each year, with the remainder being made up of individual and team performance bonuses. Wirtz's mammoth contract has made him Liverpool 's THIRD HIGHEST-PAID player. Only Mohamed Salah and Virgil van Dijk, who both penned new £400,000-a-week deals with the Prem champions last season, earn more than him. 7 He continued: "I will see how I can perform here. I hope I can do my best. "I spoke also with some players who played there and they told me that it's perfect for me and every pitch is perfect, you can enjoy every game. "I'm really looking forward to playing my first game." Florian Wirtz's TikTok star Wag is called 'the prettiest woman I've ever seen' ahead of his £116m move to Liverpool Wirtz will be joined in England by his She was first pictured with Wirtz last year and was also present as Leverkusen wrapped up the 2023/24 Bundesliga title. Aaliyah pictured cheering on the German at the Euros last summer. And Wirtz will have a familiar face to help him get adjusted to life at Anfield. 7 Wirtz with his girlfriend Aaliyah last summer Credit: Getty 7 She stunned in a Germany shirt at the Euros last summer Credit: Getty The Reds signed his fellow former Leverkusen star Kopites will be hoping the pair make their competitive debuts in the Reds' Premier League opener against Bournemouth on August 15. THIS IS A DEVELOPING STORY.. The Sun is your go to destination for the best football, boxing and MMA news, real-life stories, jaw-dropping pictures and must-see video . Like us on Facebook at
The Irish Sun
20 hours ago
- The Irish Sun
Best car for new drivers revealed as budget-friendly classic knocking premium motor off top spot
THE best car for new drivers has been revealed, taking the esteemed title away from the much loved Audi A1. Advertisement 4 The VW Golf has been crowned the best motor for new drivers Credit: Supplied 4 The Golf has been praised for its good value, safety, and stylish look Credit: Getty With the The BMW1 Series also narrowly missed the top spot, but by offering premium quality, plenty of space, a five-star Euro NCAP safety rating and low running costs, the Golf has a lot of appeal to Autotrader's Editorial Director Erin Baker, said: 'The Golf continues to prove its timeless versatility. 'It's the car of voice for new drivers looking for a fun, dependable set of first-time wheels that won't break the budget.' Advertisement Motors news The starting price of a new VW Golf is roughly £28,000, however they can be bought second hand for under £5,000. Beyond the Golf and Audi A1, other cars that have been proven popular among new drivers include the This year, over 225,000 people voted in the Driver's Choice Awards. Autotrader explained that each year they ask car owners to share what their car is like to live with to find out what the Advertisement Most read in Motors Exclusive Among the other motors recognised as the best to buy in 2025 were Kia's EV3, which was awarded the prestigious title of New Car of the Year, and the BMW I4, which was crowned Best Car for Families. Voters elected the Omoda 5 for Best Value Car, the Land Rover Defender 110 took the cake for Most Loved Car, and the Porsche Macan was chosen for the Most Fun Car to Drive. New Nissan Leaf tested - it's bigger, better and goes further In terms of the best brands in the business, Lexus was declared most reliable, Dacia was crowned the best value, and BYD was awarded the most loved. 4 The Audi A1 has been knocked off of the top spot Credit: Advertisement 4 The Golf has been dubbed reliable and very safe for new drivers Credit: Getty
