eBay Inc. (EBAY) announced on Monday its agreement to acquire Caramel, a comprehensive online automotive transaction solution provider. The acquisition is slated for completion in the first quarter of 2025, though specific terms of the agreement have yet to be revealed.
Caramel's advanced technology platform delivers a secure and streamlined digital transaction experience, managing the intricate aspects of vehicle sales such as paperwork, ownership transfer, financing, and transportation.
"eBay's acquisition of Caramel is designed to foster trust in vehicle purchases. Buying a car is a significant event. Caramel's platform unifies the entire process into one straightforward experience, covering title and identity verification, insurance, financing, and even the shipping of the vehicle to the buyer post-purchase," stated Chris Prill, General Manager of eBay Motors. "By joining forces, eBay and Caramel will enhance the vehicle transaction process on eBay, providing a greater sense of security for both buyers and sellers, while enabling Caramel to broaden its reach across various platforms."
