Investment

OLX to invest $400M in Frontier Car Group

LatAm ListOLX Group, the Argentine online marketplace, recently announced a $400M investment in an online used-car platform, Frontier Car Group, which operates in Chile through VéndenosTuAuto.com and Autobastas.cl.

Two of Frontier’s founding partners are Chilean, Ricardo Donoso and Ignacio Detmer. The company focuses on developing used-car markets within emerging market economies.

“Since cofounding FCG, the company has sought to revolutionize an industry that is not used to innovation. Through the incorporation of technology and always having our client in the center, we have accomplished our goal of positioning our value proposition and becoming a benchmark company,” said Detmer.

Frontier operates in almost 90 countries, including its main markets in Nigeria, Mexico, Chile, Pakistan, and Indonesia.  Currently, the company sells close to 30M used-cars a year and expects to have a $700M turnover for 2019.

Read more on La Tercera.

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