At the end of May, the used car platform Instamotion, founded in 2015 by Darius Ahrabian, had to close its Insolvency Now, the Czech online used car dealer Carvago has taken over the entire business operations, including a large portion of the employees, retroactively to July 1, 2024. Carvago is a brand of the EAG Group, which aims to become the largest online used car dealer in the entire DACH region with the acquisition.
Jakub Šulta, founder and CEO of the EAG Group, wants to gain access to the German market with Instamotion:
"Instamotion has a similar business model to Carvago. It leverages strong relationships with leading car dealer groups and guarantees quality standards and a 12-month warranty for the end user. Unlike Carvago, which performs a vehicle inspection with its Car Audit service, Instamotion relies on contractual relationships with its partners and their own automotive expertise."
The Munich startup According to Šulta, Instamotion is well established in the German market. Therefore, the acquisition will make it easier for the EAG Group to gain a foothold in Germany. A renaming of Instamotion to Carvago is therefore not planned in the near future. The EAG Group had been monitoring Instamotion for some time in its search for acquisition opportunities.
"We began exploring cooperation or acquisition opportunities two years ago. In April of this year, we conducted extensive negotiations on a potential purchase and finally concluded the transaction in June through a tender,"
says EAG board member Pavel Svoren.
Nikolas Dešković remains CEO of Instamotion and comments:
"It was clear from the beginning that Carvago had a lot to offer Instamotion, and vice versa. After a period of uncertainty, we're back in the game, and I believe that with Carvago, we'll be able to offer our customers even better services than ever before."
