LatamList – Kavak, a used car marketplace, launched operations in Argentina through the acquisition of Checkars, a similar platform based in Buenos Aires. The startup will also expand operations into three more cities in Mexico.
“International growth is of utmost importance for us. Argentina is an exciting market; in Mexico the sales of used cars generates around $60B, in Argentina it is around $20B,” said Carlos García, CEO of Kavak.
Kavak estimates an investment of around $10M into the Argentine startup. The funding will expand operations, including hiring 300 new employees and creating a technology hub. Kavak will also be growing its Mexico base with three new offices the country before the end of the year.
The company aims to increase its catalogue of vehicles from 2 million to 20 million in the next 12 months. They will also be making more personnel hires for the tech and marketing teams within their Mexico offices.
Kavak has experienced an increase in online sales in recent months as more people look to source their own means of transport and maintain social distancing. As a more affordable option, the demand for used cars is on the rise.
Read more on Forbes.