San Jose-based eBay Inc. has acquired Caramel, an auto transaction solution provider headquartered in Encino, to take advantage of the company’s “innovative technology and seamless transaction tools,” Chris Prill, general manager of eBay Motors, said. Terms of the deal were not disclosed.

“This acquisition strengthens our ability to innovate in the U.S. vehicles category, offering enthusiasts not just an unmatched selection of maintenance and performance parts, but also a safe, streamlined way to purchase vehicles with confidence,” Prill said.

Caramel was founded in 2021 with the goal of streamlining vehicle purchasing and selling while providing identity and title verification, financing, warranty, insurance and transportation services for online car transactions. According to its site, transactions can be completed in minutes.

Providing services as a selling point

Caramel’s ability to securely provide these services, on par with online dealerships, “while maintaining the competitive pricing of private-party sales,” was a big selling point for eBay, Prill said.

Craig Nehamen and Edward Brojerdi, co-chief executives and co-founders of Caramel, said they admire the trust eBay has built with users over the years, as well as its wide reach.

“We founded Caramel to simplify online vehicle transactions while reducing fraud and risk,” Nehamen said. “By combining forces, we can leverage our expertise to expand access to safe, reliable and hassle-free vehicle purchases.”

Prill said Caramel’s ability to provide an easy transaction experience for a wide range of sellers – “whether someone is selling one car or a thousand” – was also attractive to eBay.

As of now, there are no planned changes to Caramel’s team as a result of the acquisition.

“Both of our brands are committed to pushing the boundaries of automotive e-commerce, and together, we can deliver even more seamless, intuitive and accessible car-buying experiences for enthusiasts and everyday drivers alike,” Brojerdi said.