Kavak to expand its operations to Puebla - Mexico
Source:Mexico Business
From:Taiwan Trade Center Mexico
Update Time:2021/01/19
Mexican Unicorn Kavak started operations in Puebla with US$10.81 million investment. COO Federico Ranero, who is also former CEO of Uber Mexico, commented that Puebla is the fourth most important market for used vehicle sales in Mexico with a value of US$2 billion a year.
"Kavak's arrival to the state offers certainty to the people of Puebla to sell or purchase a pre-owned vehicle without the fear of being scammed in a market that performs an average of 300,000 transactions a year, 80% of which take place among individuals," said Romero on a statement. The company will have the capacity to store and process 4,000 vehicles per month, which represents direct employment for more than 200 jobs.
The Mexican company has aggressively expanded its operations during 2020. The four-year-old company ramped up operations in Mexico City. In July, Kavak first expanded its operations to Guadalajara, Mexico's third-largest city. Soon after it announced a US$10 million investment in Argentina. In the South American country, Kavak purchased Checkars, a platform also focused on online pre-owned vehicle sales.
In November -soon after the Kavak was valued as a unicorn- the company announced its expansion to Monterrey, Mexico's second largest city and the third one for the pre-owned vehicle sales. The US$18.36 million investment will allow kavak to process 7,500 vehicles per month while creating 200 local jobs. Now, with its expansion to Puebla, the company secures the top four markets for pre-owned vehicles in the country.
Source:https://mexicobusiness.news/