Motorway has asserted that it has “vital funding reserves” to drive additional progress after greater than doubling its used automobile gross sales revenues to £1.7 billion in 2022.
The automotive market, which permits automobile retailers to bid on automobiles offered by personal prospects in an internet course of leading to assortment from their house or office, stated in a press release issued this morning that its acceleration in progress had made it the “go-to platform to transact on-line”.
Over 1,000 automobiles had been transacted on the web site every day, with over a million motorists partaking with the location every month in 2022, Motorway claimed.
And retailers have embraced the stocking supply in a time of used automobile shortages, with the variety of verified sellers in Motorway’s nationwide community up from 3,000 to over 5,000 final 12 months.
Motorway chief govt Tom Leathes, who was interviewed by AM shortly earlier than the enterprise’ 2017 UK launch and later profiled in a ’10 Minutes With…’ Q&A, stated: “Our progress this 12 months is testomony to each the nice workforce now we have constructed and our dedication to offering a greater solution to transact for automobile house owners and sellers.
“Promoting a automobile has all the time been exhausting, however we’re creating a brand new set of expectations – an important take care of a seamless consumer expertise the place everybody within the transaction wins.
“In a extremely unpredictable market, our market mannequin implies that even in rapidly-changing dynamics, we’re capable of safe one of the best deal reliably for sellers and sellers, and at ever-increasing scale.
“Our customer-first method has paid off – extra individuals than ever earlier than at the moment are coming to Motorway to promote their automobiles, which implies in flip we’re capable of supply extra used automobile inventory to our seller community, and to proceed rising effectively.”
Since Motorway’s 2017 launch as a rival to Constellation Automotive’s WeBuyAnyCar, carwow has additionally ramped-up its automobile shopping for platform with the assistance of a £41.5m funding spherical to assist upscale its Promote Your Automotive division.
To assist its speedy progress Motorway elevated its workforce from 227 to greater than 400 in 2022 whereas retaining an ‘Wonderful’ score by Trustpilot with over 40,000 opinions.
In 2021 Motorway set its sights on “additional huge alternative” within the automotive retail sector after attaining ‘unicorn’ standing with a $1 billion (£750m) valuation.
The enterprise is now anticipating additional speedy progress in gross sales and income in 2023.
Its assertion stated that it had “vital funding reserves to drive its onward progress and innovation” after a £48m funding spherical in summer time 2021 was adopted by completion of a Collection C funding spherical of over $190m (round £153.6m) in November that very same 12 months, from world expertise traders together with Index Ventures and ICONIQ Progress.
It additionally continues to drive its profile by way of tv promoting and its continued sponsorship of the Rugby Six Nations protection on ITV, which will get underway in February.
Leathes stated: “We’re delighted with the nice outcomes final 12 months, however we gained’t be resting on our laurels in 2023. Our prospects can count on to see much more innovation from us this 12 months, as we ship even higher methods to enhance the car-selling and car-buying expertise.”