# CarNext
CarNext was an Amsterdam-based pan-European digital marketplace for used cars, operating both a business-to-consumer (B2C) marketplace and a business-to-business (B2B) digital auction platform, carved out from the leasing company LeasePlan as an independent company in July 2021; it was acquired by Constellation Automotive Group three months later, in October 2021.[1](https://www.ayvens.com/-/media/ayvens/public/cp/files/leaseplan-documents-and-publication-archives/white-papers-and-reports/2021/06-jul-2021-press-release-carnext-europes-leading-online-b2c-and-b2b-used-car-marketplace-raises-eur.pdf?rev=c79e7b5c16f94a8b8f75dce51ef4c7b5) • [2](https://www.bloomberg.com/news/articles/2021-10-14/tdr-s-constellation-grows-online-auto-lead-by-acquiring-carnext)
| Key fact | Detail |
| --- | --- |
| Headquarters | Amsterdam, Netherlands[1](https://www.ayvens.com/-/media/ayvens/public/cp/files/leaseplan-documents-and-publication-archives/white-papers-and-reports/2021/06-jul-2021-press-release-carnext-europes-leading-online-b2c-and-b2b-used-car-marketplace-raises-eur.pdf?rev=c79e7b5c16f94a8b8f75dce51ef4c7b5) |
| Sector | Online used-car marketplace, B2C and B2B[1](https://www.ayvens.com/-/media/ayvens/public/cp/files/leaseplan-documents-and-publication-archives/white-papers-and-reports/2021/06-jul-2021-press-release-carnext-europes-leading-online-b2c-and-b2b-used-car-marketplace-raises-eur.pdf?rev=c79e7b5c16f94a8b8f75dce51ef4c7b5) |
| Origin | Carved out from LeasePlan, 6 July 2021[1](https://www.ayvens.com/-/media/ayvens/public/cp/files/leaseplan-documents-and-publication-archives/white-papers-and-reports/2021/06-jul-2021-press-release-carnext-europes-leading-online-b2c-and-b2b-used-car-marketplace-raises-eur.pdf?rev=c79e7b5c16f94a8b8f75dce51ef4c7b5) |
| Funding at carve-out | €400 million (about $476 million)[3](https://globalstocknews.org/car-marketplace-carnext-carved-out-from-leaseplan-raises-400-mln-euros/) |
| Owners at carve-out | TDR Capital, an ADIA subsidiary, GIC, PGGM, ATP, Goldman Sachs Asset Management[1](https://www.ayvens.com/-/media/ayvens/public/cp/files/leaseplan-documents-and-publication-archives/white-papers-and-reports/2021/06-jul-2021-press-release-carnext-europes-leading-online-b2c-and-b2b-used-car-marketplace-raises-eur.pdf?rev=c79e7b5c16f94a8b8f75dce51ef4c7b5) |
| 2020 volumes | 40,000 cars B2C and 200,000 cars B2B; €2.5 billion GMV[1](https://www.ayvens.com/-/media/ayvens/public/cp/files/leaseplan-documents-and-publication-archives/white-papers-and-reports/2021/06-jul-2021-press-release-carnext-europes-leading-online-b2c-and-b2b-used-car-marketplace-raises-eur.pdf?rev=c79e7b5c16f94a8b8f75dce51ef4c7b5) |
| Outcome | Acquired by Constellation Automotive Group, 14 October 2021, terms not disclosed[2](https://www.bloomberg.com/news/articles/2021-10-14/tdr-s-constellation-grows-online-auto-lead-by-acquiring-carnext) |
## History and the LeasePlan carve-out
CarNext grew out of LeasePlan, the car-leasing company whose fleet supplied the vehicles CarNext sold. The marketplace brand was operating by 2019 under the name CarNext.com, when on 18 July 2019 it acquired AutoManager, a digital vehicle-management technology platform that enabled onboarding of vehicles by their vehicle identification number (VIN); the terms were not disclosed. At that point CarNext.com ran B2C operations and Delivery Stores across 23 European countries and a B2B online auction platform for professional buyers in 30 countries, supported by a trader app, with cars supplied both by LeasePlan and by third-party suppliers.[4](https://www.ayvens.com/-/media/ayvens/public/cp/files/leaseplan-documents-and-publication-archives/white-papers-and-reports/2019/18-jul-2019-press-release--carnext-acquires-automanager.pdf?rev=534c4d8ddfb5457d8a6cdfe7f9c7d9f8)
**The July 2021 carve-out** made CarNext a fully independent business. According to the announcement of 6 July 2021, ownership passed to a consortium of TDR Capital, a wholly owned subsidiary of the [Abu Dhabi Investment Authority](https://www.edgepedia.org/abu-dhabi-investment-authority) (ADIA), GIC, PGGM, ATP, and Goldman Sachs Asset Management, and the company raised €400 million to fund its next growth phase.[1](https://www.ayvens.com/-/media/ayvens/public/cp/files/leaseplan-documents-and-publication-archives/white-papers-and-reports/2021/06-jul-2021-press-release-carnext-europes-leading-online-b2c-and-b2b-used-car-marketplace-raises-eur.pdf?rev=c79e7b5c16f94a8b8f75dce51ef4c7b5) Reuters reported the same raise as €400 million, about $476 million, saying CarNext was being established as a standalone business to pursue growth in Europe.[3](https://globalstocknews.org/car-marketplace-carnext-carved-out-from-leaseplan-raises-400-mln-euros/)
The carve-out came with two supply and financing arrangements. An exclusive Long-Term Service Agreement with LeasePlan guaranteed CarNext close to 300,000 used cars a year from LeasePlan's fleet of more than 1.8 million vehicles under management across 30 countries.[1](https://www.ayvens.com/-/media/ayvens/public/cp/files/leaseplan-documents-and-publication-archives/white-papers-and-reports/2021/06-jul-2021-press-release-carnext-europes-leading-online-b2c-and-b2b-used-car-marketplace-raises-eur.pdf?rev=c79e7b5c16f94a8b8f75dce51ef4c7b5) CarNext also secured an asset-backed facility to finance the working capital needed to scale, with the law firm [Linklaters](https://www.edgepedia.org/linklaters) advising on the transaction.[5](https://legaldesire.com/linklaters-advises-on-carve-out-of-carnext/) One trade report described the supply commitment as 250,000 cars annually rather than close to 300,000;[6](https://www.am-online.com/news/dealer-news/2021/10/15/constellation-achieves-unmatched-scale-across-europe-with-carnext-acquisition) the carve-out announcement's own figure is used here.
The carve-out followed a retreat from one market: in October 2020 LeasePlan said CarNext had closed its UK business, including its delivery store in [Milton Keynes](https://www.edgepedia.org/milton-keynes), and that it was in discussions to work with BCA and cinch in the UK instead.[6](https://www.am-online.com/news/dealer-news/2021/10/15/constellation-achieves-unmatched-scale-across-europe-with-carnext-acquisition)
## Marketplace model and technology
CarNext operated two channels. The B2C marketplace sold used cars to consumers online, supported by physical Delivery Stores. The B2B side was a digital auction platform and trader app for professional buyers such as dealers.[1](https://www.ayvens.com/-/media/ayvens/public/cp/files/leaseplan-documents-and-publication-archives/white-papers-and-reports/2021/06-jul-2021-press-release-carnext-europes-leading-online-b2c-and-b2b-used-car-marketplace-raises-eur.pdf?rev=c79e7b5c16f94a8b8f75dce51ef4c7b5) • [4](https://www.ayvens.com/-/media/ayvens/public/cp/files/leaseplan-documents-and-publication-archives/white-papers-and-reports/2019/18-jul-2019-press-release--carnext-acquires-automanager.pdf?rev=534c4d8ddfb5457d8a6cdfe7f9c7d9f8) The AutoManager acquisition underpinned VIN-based onboarding of vehicles into the cross-border marketplace.[4](https://www.ayvens.com/-/media/ayvens/public/cp/files/leaseplan-documents-and-publication-archives/white-papers-and-reports/2019/18-jul-2019-press-release--carnext-acquires-automanager.pdf?rev=534c4d8ddfb5457d8a6cdfe7f9c7d9f8)
At the carve-out the company described an asset-steering model driven by proprietary algorithms, deciding where each car would fetch the best price across its channels and markets. The company positioned itself against the €400 billion European used car market. Its team exceeded 600 full-time employees, including 150 software developers and data scientists, and it counted a network of more than 30,000 traders.[1](https://www.ayvens.com/-/media/ayvens/public/cp/files/leaseplan-documents-and-publication-archives/white-papers-and-reports/2021/06-jul-2021-press-release-carnext-europes-leading-online-b2c-and-b2b-used-car-marketplace-raises-eur.pdf?rev=c79e7b5c16f94a8b8f75dce51ef4c7b5)
## Scale
In 2020 CarNext sold 40,000 cars through its B2C channel and 200,000 cars through its B2B auction platform and trader app, a total of close to 250,000 vehicles generating €2.5 billion in gross merchandise value (GMV).[1](https://www.ayvens.com/-/media/ayvens/public/cp/files/leaseplan-documents-and-publication-archives/white-papers-and-reports/2021/06-jul-2021-press-release-carnext-europes-leading-online-b2c-and-b2b-used-car-marketplace-raises-eur.pdf?rev=c79e7b5c16f94a8b8f75dce51ef4c7b5) For 2021 it was expected to sell annualised volumes of 40,000 cars B2C and 210,000 cars B2B.[6](https://www.am-online.com/news/dealer-news/2021/10/15/constellation-achieves-unmatched-scale-across-europe-with-carnext-acquisition) At the carve-out its B2B operations spanned 22 countries and its B2C marketplace seven major European markets.[1](https://www.ayvens.com/-/media/ayvens/public/cp/files/leaseplan-documents-and-publication-archives/white-papers-and-reports/2021/06-jul-2021-press-release-carnext-europes-leading-online-b2c-and-b2b-used-car-marketplace-raises-eur.pdf?rev=c79e7b5c16f94a8b8f75dce51ef4c7b5)
## Acquisition by Constellation and competitive position
On 14 October 2021 Constellation Automotive Group, the used-vehicle group owned by the private equity firm TDR Capital, acquired CarNext; Bloomberg reported the deal as expanding Constellation's lead as Europe's biggest online auto marketplace, with terms not disclosed.[2](https://www.bloomberg.com/news/articles/2021-10-14/tdr-s-constellation-grows-online-auto-lead-by-acquiring-carnext) [Constellation](https://www.edgepedia.org/constellation) announced the deal on 15 October 2021, describing CarNext as present across 22 European countries.[6](https://www.am-online.com/news/dealer-news/2021/10/15/constellation-achieves-unmatched-scale-across-europe-with-carnext-acquisition) • [7](https://www.motortrader.com/motor-trader-news/automotive-news/constellation-automotive-group-acquire-used-marketplace-carnext-15-10-2021)
According to Constellation, combining CarNext with its existing BCA auctions and cinch online retail businesses would create Europe's largest digital used car marketplace, selling more than 2.5 million cars a year for a combined GMV of €21 billion (£17.8 billion), with group annualised volumes of over 100,000 cars B2C, two million B2B, and 600,000 C2B (consumer-to-business).[6](https://www.am-online.com/news/dealer-news/2021/10/15/constellation-achieves-unmatched-scale-across-europe-with-carnext-acquisition) • [7](https://www.motortrader.com/motor-trader-news/automotive-news/constellation-automotive-group-acquire-used-marketplace-carnext-15-10-2021) The acquisition also took Constellation into 22 European countries. Directory data lists AUTO1.com, AutoTrack, viaBOVAG, and Gaspedaal among CarNext's competitors, but this is unverified profile material rather than independent reporting.[8](https://www.cbinsights.com/company/carnext)
## Funding by the numbers
The only independently reported round is the €400 million (about $476 million) raised at the July 2021 carve-out from the investor consortium,[1](https://www.ayvens.com/-/media/ayvens/public/cp/files/leaseplan-documents-and-publication-archives/white-papers-and-reports/2021/06-jul-2021-press-release-carnext-europes-leading-online-b2c-and-b2b-used-car-marketplace-raises-eur.pdf?rev=c79e7b5c16f94a8b8f75dce51ef4c7b5) • [3](https://globalstocknews.org/car-marketplace-carnext-carved-out-from-leaseplan-raises-400-mln-euros/) supplemented by the asset-backed working-capital facility.[5](https://legaldesire.com/linklaters-advises-on-carve-out-of-carnext/) A directory profile lists total raised as $474.3 million across rounds, but this figure comes only from that profile and is not corroborated by any press or filing.[8](https://www.cbinsights.com/company/carnext) No round-by-round funding history is independently documented.
## References
1. LeasePlan press release, 6 July 2021: CarNext raises EUR 400 million. https://www.ayvens.com/-/media/ayvens/public/cp/files/leaseplan-documents-and-publication-archives/white-papers-and-reports/2021/06-jul-2021-press-release-carnext-europes-leading-online-b2c-and-b2b-used-car-marketplace-raises-eur.pdf?rev=c79e7b5c16f94a8b8f75dce51ef4c7b5
2. Bloomberg, 14 October 2021: TDR's Constellation Grows Online Auto Lead by Acquiring CarNext. https://www.bloomberg.com/news/articles/2021-10-14/tdr-s-constellation-grows-online-auto-lead-by-acquiring-carnext
3. Reuters (via Global Stock News): Car marketplace CarNext carved out from LeasePlan, raises 400 mln euros. https://globalstocknews.org/car-marketplace-carnext-carved-out-from-leaseplan-raises-400-mln-euros/
4. CarNext.com acquires tech platform AutoManager, press release, 18 July 2019. https://www.ayvens.com/-/media/ayvens/public/cp/files/leaseplan-documents-and-publication-archives/white-papers-and-reports/2019/18-jul-2019-press-release--carnext-acquires-automanager.pdf?rev=534c4d8ddfb5457d8a6cdfe7f9c7d9f8
5. Legal Desire: Linklaters advises on carve-out of CarNext. https://legaldesire.com/linklaters-advises-on-carve-out-of-carnext/
6. AM Online, 15 October 2021: Constellation claims 'unmatched scale' across Europe after CarNext acquisition. https://www.am-online.com/news/dealer-news/2021/10/15/constellation-achieves-unmatched-scale-across-europe-with-carnext-acquisition
7. Motor Trader, 15 October 2021: Constellation Automotive Group acquire used marketplace CarNext. https://www.motortrader.com/motor-trader-news/automotive-news/constellation-automotive-group-acquire-used-marketplace-carnext-15-10-2021
8. CB Insights: CarNext company profile (directory data, unverified). https://www.cbinsights.com/company/carnext
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*Topic: Encyclopedia › Society and history › Economics and business › Business and work › Business and work overview › Companies and corporations › Venture-backed startups and growth companies › Fintech, commerce, and consumer startups › Automotive commerce and marketplaces*
*Initially written Sep 17, 2026 · Edited: Oct 11, 2026; Oct 15, 2026*
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License: Edgepedia Community License 1.0, https://www.edgepedia.org/edgepedia/license