SocGen acquires online car buying platform Reezocar

Societe Generale has acquired Reezocar, a French online platform for buying used cars. Financial terms were not disclosed.

Founded in 2014, Reezocar collects and centralises the millions of car listings from 10 European markets, streamlining the search process for buyers. The firm has a catalogue of seven million vehicle listings and attracts more than two million monthly visitors.

The acquisition comes after SocGen subsidiary CGI Finance bought a stake in Reezoacar and will see the platform make strides in the insurance sector through the backing of Societe Generale Assurances.

Claire Calmejane, chief innovation officer, SocGen, says: “Synergies with our different businesses are numerous and allow us to go further in our Open Banking strategy.”