eBay Inc. (Nasdaq: EBAY) has finalized its acquisition of Caramel, an online automotive transaction platform, strengthening its position in the digital vehicle marketplace. The deal, originally announced in January, aims to streamline vehicle sales by integrating Caramel’s end-to-end transaction technology into eBay Motors.
Caramel’s platform offers a secure and fully digital vehicle transaction experience, handling ownership transfers, financing, transportation, and paperwork. By incorporating this technology, eBay seeks to simplify vehicle transactions for buyers and sellers while maintaining transparency and security.
“At eBay, we know that buying a car is a significant decision, and trust is at the heart of that experience,” said Chris Prill, General Manager, eBay Motors. “By integrating Caramel’s seamless platform, we are underscoring eBay’s commitment to a more secure and transparent vehicle marketplace, which in turn makes it easier than ever for buyers and sellers to transact with confidence.”
Caramel’s services will remain available not only through eBay but also via its own platform, contracted independent dealers, and marketplace and auction partners. This approach ensures continued accessibility for users across various automotive sales channels.
“Partnering with eBay is a natural fit for Caramel, as they share our goals of fostering connections, building vibrant communities, and making it easier than ever for people to buy and sell the things they love,” said Edward Brojerdi and Craig Nehamen, co-CEOs and co-founders of Caramel. “I’m excited about the opportunity for our team and technology to elevate the car buying journey for even more vehicle enthusiasts in the United States.”
This article, “eBay Completes Acquisition of Caramel, Expanding Digital Vehicle Transactions” was first published on Small Business Trends