Islamabad June 23 2022: VavaCars, backed by Dutch energy and commodity trading company Vitol, has decided to wrap up its operations in Pakistan, two years after it entered the Pakistani market.
The announcement of the closure was made on the VavaCars website. “We regret to inform you that we have closed our operations permanently.”
Launched in Pakistan in January 2020, VavaCars operated as a used cars trader with a website presence to book appointments for buying and selling of cars, and brick-and-mortar offices for auto inspection services. The company made money from the difference in margins earned from buying and selling of cars.
Headquartered in the UK, VavaCars has operations in Turkey. The energy group that backs VavaCars, Vitol, owns and operates retail petrol stations in Turkey and has a stake in Pakistan-based petroleum retailer Hascol Petroleum.