The Turkish Competition Authority has approved the acquisition of digital auto retailer Carvak.com by dealership chain Borusan Otomotiv Group. Financial terms were not disclosed in the notice seen by the AIM Group.
The regulator authorized the takeover of Araba Sepeti Otomotiv Bilişim Danışmanlık Hizmetleri Sanayi ve Ticaret, which operates under the brand name Carvak.com, by Borusan Otomotiv Group.
Mexico-based digital auto retailer Kavak.com sold Araba Sepeti after acquiring the used-car specialist, also known as GarajSepeti, four years ago.
According to c-to-b-to-c Kavak’s website, the company operates in seven countries, including Turkey, where it established inventory, sales, and purchase centers in 21 cities within one year and invested $30 million to expand operations in the Middle East.
The AIM Group has contacted Kavak for details of the acquisition and will update the story when a response is received.
Last year, Borusan Otomotiv Group launched BorusanNext.com.tr, its online service for buying and selling used cars. The dealership chain provides sales and after-sales services through a network of more than 70 outlets nationwide and is jointly owned by industrial group Borusan Holding A.Ş. and Germany-based Giwa Holding GmbH & Co. KGaA.
