eBay acquires Caramel auto sales platform
eBay Inc. continues increasing its commitment to its automotive marketplace.
The e-commerce giant has signed a definitive agreement to acquire Caramel, an end-to-end online automotive transaction solution provider. Caramel’s digital platform is designed to securely and seamlessly handle vehicle sales, including paperwork, ownership transfer, financing, and transportation.
“eBay’s acquisition of Caramel is about creating trust for vehicle buyers,” said Chris Prill, general manager, eBay Motors. “Buying a car is a big moment. Caramel's platform brings it all into one simple, seamless process: title and identity verification, insurance, financing – even shipping the car to the buyer after purchase.”
The platform supports transactions conducted on the Caramel site or app in all 50 U.S. states, through an independent dealer, or via Caramel's marketplace and auction partners.
Closing of the Caramel acquisition is subject to satisfaction of customary conditions and is expected to occur in the first quarter of 2025. Further details were not disclosed.
“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,” said Craig Nehamen, CEO and co-founder, Caramel. “Joining with eBay will enable us to continue bringing our seamless, safe solution to our current customers and new customers alike.”
eBay Motors revs its engines
eBay Motors, which the e-commerce giant launched as a separate mobile app in December 2019, has been adding new features and capabilities since that time. In June 2023, eBay provided a larger selection of searchable tire inventory and included seamless booking for the tire installation service it first introduced in 2017 and expanded in partnership with CarAdvise in 2019.
The e-tailer also offers automotive customers eBay Guaranteed Fit, which provides a green “Fits” compatibility checkmark on select parts and accessories listings to help customers determine whether the part will fit their specific vehicle.
[READ MORE: eBay rolls out guarantee for automotive transactions]
Other examples include the previous acquisition of myFitment, a provider of tools and support to assist online automotive and powersports parts and accessories sellers, as well as an interface called “My Garage” that lets automotive shoppers upload their vehicle’s make and model to discover corresponding parts and accessories.
All automotive parts and accessories listed on the eBay online marketplace are available for purchase in the eBay Motors app.
Founded in 1995 in San Jose, Calif., eBay enabled more than $73 billion of gross merchandise volume in 2023. Caramel was founded in 2021 and is headquartered in Los Angeles.