EBay plans to make it easier to buy and sell vehicles on its platform by acquiring online automotive transaction solution provider Caramel.
Caramel’s platform facilitates vehicle sales on its own site or app, through independent dealers, or through its marketplace and auction partners, eBay said in a Jan. 15 press release.
Ebay signed a definitive agreement to acquire Caramel Jan. 11 and expects closing to occur during the first quarter, subject to customary conditions, according to the release.
“With Caramel and eBay combining forces, both buyers and sellers will be able to complete vehicle transactions on eBay with greater peace of mind, and Caramel can further establish itself across a myriad of platforms,” eBay Motors General Manager Chris Prill said in the release.
Caramel’s technology platform streamlines vehicle sales by handling paperwork, ownership transfer, financing, transportation and other complexities of these transactions, according to the release.
The addition of Caramel to eBay will provide a safe and trusted online platform for buying and selling vehicles and will make the process simpler, regardless of the U.S. state in which the vehicle and the buyer are located, per the release.
“Caramel set out to make buying or selling a vehicle online as simple and convenient as buying or selling anything else online, minimizing fraud and risk, and all with just a few clicks or taps,” Caramel CEO and co-founder Craig Nehamen said in the release. “Joining with eBay will enable us to continue bringing our seamless, safe solution to our current customers and new customers alike.”
EBay has also been growing its presence in the car parts business, PYMNTS reported in May. At that point, the company had added about 5 billion pieces of incremental fitment data to its selection of auto parts and had seen a double-digit increase in conversion on those listings.
While eBay looks to expand its used car offerings, Amazon said in December that it is looking to bring the Amazon experience to the car-buying process, starting with new Hyundai vehicles.
With Amazon Autos, the company aims to partner with a growing number of automotive dealers and brands.