eBay signed a definitive agreement to acquire Caramel, which it said would make buying and selling vehicles on eBay simpler, “regardless of which US state the vehicle and the buyer are located in.”
eBay said Carmel handles all of the complexities of a vehicle sale, including paperwork, ownership transfer, financing, transportation, whether transacting on Caramel’s site or app, through an independent dealer, or via Caramel’s multiple marketplace and auction partners.
Chris Prill, General Manager of eBay Motors, was quoted in today’s announcement as saying:
“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. 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.”
Caramel was founded in 2021 by Ed Brojerdi and Craig Nehamen and is headquartered in Los Angeles, CA. eBay’s announcement did not specify whether the pair would continue or for how long, but they were both quoted in the press release in a manner that indicates they plan on staying with Caramel.
It appears too early to determine how eBay might integrate Caramel into eBay Motors. eBay did not disclose the value or details of the transaction beyond stating the following: “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.”