Borusan Next has acquired Carvak, the Turkish brand of leading second-hand car platform Kavak, for an undisclosed amount. This corporate acquisition, distinct from a funding round, represents a significant strategic move for Borusan Next, marking its direct entry and expansion into the technologically advanced used vehicle market.
Carvak, established in Turkey, is the local presence of Kavak, a company founded in Mexico in 2016 that successfully disrupted the second-hand car industry. Kavak achieved unicorn status in April 2021 and reached an $8.7 billion valuation by September 2021, expanding its operations to Argentina and Brazil before launching Carvak in Turkey in 2022. Carvak’s core mission is to offer customers an unparalleled and reliable service for buying, selling, and trading pre-owned vehicles, ensuring a safe, transparent, and swift experience. The company leverages technology and a data-centric approach to create innovative services, drawing inspiration from the customer satisfaction standards of the hospitality sector.
The acquisition is highly strategic for Borusan Next, providing an immediate and strong foothold in the digital used car commerce segment within the Turkish market. By integrating Carvak’s established technological platform, its proven operational expertise in quality assurance, and its deep commitment to customer-centric service, Borusan Next is poised to significantly enhance its portfolio. This move allows Borusan Next to capitalize on Carvak’s innovative model for transforming the often-complex used car transaction process into a trustworthy and efficient digital experience.
Expected synergies from this combination include expanded market reach and the integration of Carvak’s innovative technologies, data capabilities, and customer experience philosophy. The combined entity is anticipated to strengthen its competitive position within the evolving Turkish automotive market. This acquisition is set to accelerate the modernization and digitalization of the used car ecosystem in Turkey, offering customers an even more robust and reliable platform for their second-hand vehicle needs, underpinned by quality and transparency.