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.
SOURCE eBay Inc.
