Caramel's end-to-end online automotive
transaction platform enhances safety and convenience for every
vehicle sale through a modern ecommerce experience
SAN
JOSE, Calif., Jan. 13,
2025 /PRNewswire/ -- eBay Inc. (Nasdaq: EBAY), a
global commerce leader that connects millions of sellers and buyers
around the world, announced today that it has signed a definitive
agreement to acquire Caramel, an end-to-end online automotive
transaction solution provider. Caramel's innovative technology
platform provides a secure and seamless digital transaction
experience that handles all of the complexities of a vehicle sale,
including paperwork, ownership transfer, financing, transportation
and more, whether transacting on Caramel's site or app, through an
independent dealer, or via Caramel's multiple marketplace and
auction partners.
eBay Motors is the destination for enthusiasts looking to find a
huge selection of auto parts and accessories, and this acquisition
provides eBay buyers with a safe and trusted online platform to
conduct vehicle purchases. The addition of Caramel will make buying
and selling vehicles on eBay more simple than ever, regardless of
which US state the vehicle and the buyer are located in.
"eBay's acquisition of Caramel is about creating trust for
vehicle buyers. 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," said Chris
Prill, General Manager, eBay Motors. "With Caramel and eBay
combining forces, both buyers and sellers will be able to complete
vehicle transactions on eBay with greater peace-of-mind, and
Caramel can further establish itself across a myriad of
platforms."
"We founded Caramel to digitize and simplify the used vehicle
purchase process. Our platform has assisted the most prominent used
vehicle marketplaces and auction sites in delivering a fully
digital e-commerce experience," said Edward Brojerdi, CEO and
co-founder, Caramel. "eBay is the ideal partner for Caramel,
because its entire purpose is to reinvent the future of ecommerce
for enthusiasts, connect people, and build communities. I am
excited that our team and innovative technology will improve the
car buying experience for even more vehicle enthusiasts in the
US."
"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. Joining with eBay will enable us to continue
bringing our seamless, safe solution to our current customers and
new customers alike," said Craig Nehamen, CEO and co-founder,
Caramel.
Caramel was founded in 2021 and is headquartered in Los Angeles CA.
Details on the Transaction
eBay has signed a
definitive agreement to acquire Caramel as of January 11, 2025. Closing is subject to
satisfaction of customary conditions, and is expected to occur in
the first quarter of 2025. Further details are not disclosed.
About eBay
eBay Inc. (Nasdaq: EBAY) is a global
commerce leader that connects people and builds communities to
create economic opportunity for all. Our technology empowers
millions of buyers and sellers in more than 190 markets around the
world, providing everyone the opportunity to grow and thrive.
Founded in 1995 in San Jose,
California, eBay is one of the world's largest and most
vibrant marketplaces for discovering great value and unique
selection. In 2023, eBay enabled more than $73 billion of gross merchandise volume. For more
information about the company and its global portfolio of online
brands, visit www.ebayinc.com.
About Caramel
Caramel is a US-based software provider
that offers a seamless end-to-end vehicle purchase experience
including identity and title verification, financing, warranty,
insurance, transportation for online car transactions.
Forward-Looking Statements
Certain statements herein
are "forward-looking statements" within the meaning of Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the
Exchange Act. Such forward-looking statements are often identified
by words such as "anticipate," "approximate," "believe," "commit,"
"continue," "could," "estimate," "expect," "hope," "intend," "may,"
"outlook," "plan," "project," "potential," "should," "would,"
"will" and other similar words or expressions. Such forward-looking
statements reflect eBay's current expectations or beliefs
concerning future events and actual events may differ materially
from historical results or current expectations. The reader is
cautioned not to place undue reliance on these forward-looking
statements, which are not a guarantee of future performance and are
subject to a number of uncertainties, risks, assumptions and other
factors, many of which are outside the control of eBay. The
forward-looking statements in this document address a variety of
subjects including, for example, the potential benefits of the
acquisition, such as making buying and selling vehicles on eBay
more simple than ever, buyers and sellers being able to complete
vehicle transactions with greater peace-of-mind, Caramel further
establishing itself across a myriad of platforms, improving the car
buying experience for even more vehicle enthusiasts in the US and
enabling Caramel to continue bringing seamless, safe solution to
current and new customers. The following factors, among others,
could cause actual results to differ materially from those
described in these forward-looking statements: the possibility that
eBay may not fully realize the projected benefits of the
acquisition and business disruption following the transaction. In
addition, actual results are subject to other risks and
uncertainties that relate more broadly to eBay's overall business,
including those more fully described in eBay's filings with the
Securities and Exchange Commission, including its annual report on
Form 10-K for the fiscal year ended December
31, 2024 and subsequent quarterly reports on Form 10-Q. The
forward-looking statements in this document speak only as of this
date. We undertake no obligation to revise or update publicly any
forward-looking statement, except as required by law.
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SOURCE eBay Inc.