Motorway generates over £2m a day in used car sales as auto trade moves online
Rapid growth leads to referral partnership with MoneySuperMarket
- 4x YoY sales growth: Mar 20 – Mar 21
- Over £500m in sales transactions in the last year – £2.5m in car sales a day
- Upwards of 4,000 car sales a month
- Record of £10m in weekly sales in Mar 21
- 2.5m consumers registered on the platform
- Doubled headcount in a year to 130
Motorway, the UK’s fastest-growing online marketplace for used cars, today reveals its revenues have more than tripled in size in a year as it plays a key role in the digital transformation of the auto trade industry.
The three year old startup connects consumers looking to sell their car with car dealers looking to acquire stock. By removing the traditional middlemen and moving the process entirely online, Motorway’s service gets the best deal for both parties rapidly.
As millions of consumers go online to sell their car and dealers turn their back on physical auctions in favour of a digital alternative, Motorway has seen rapid YoY sales growth, generating £2.5m of car sales a day and completing over £500m in sales transactions in the last year. This translates to upwards of 200 sales a day and 4,000+ sales a month, with sales in the last week of March hitting a record £10m.
While national lockdowns due to COVID-19 have accelerated its growth, Motorway’s continued efforts to improve the customer experience through its powerful technology platform have ensured sales have tripled in just 12 months. There are now 2.5m registered UK consumers on the platform and the number of verified dealers in its nationwide network has doubled to over 3,000.
Motorway’s strong financial performance has been matched with increasing its headcount to 130, double that of the previous year.
On the back of this growth, Motorway has now agreed a referral partnership with MoneySuperMarket that will drive visitors to sell their car through Motorway. Visitors to MoneySuperMarket interested in selling their car can click straight through to Motorway to receive an instant valuation based on their latest data. Motorway will then find the best offer from over 3,000 verified dealers and will sell the car for free in as little as 24 hours.
Tom Leathes, CEO of Motorway, says:
“The car industry is undergoing a massive transformation towards digital and the incredible growth we have delivered in the last year demonstrates that Motorway is at the absolute heart of this. Providing car sellers with a fast and convenient way to sell their car for the best price, without leaving home has resonated with millions of people across the UK. And now, through our new partnership with MoneySuperMarket, we will bring our service to an even greater audience, as we continue our mission to ensure selling a car becomes more efficient and enjoyable for everyone involved.
“With major investment in our technology, team and service, we’re now completing over 4,000 successful car sales a month for sellers and dealers, completely remotely. So why would anyone ever go back?”
Kate Devine, Head of Car Insurance at MoneySuperMarket said:
“Our mission is to help households save money and our new partnership with Motorway gives us another way to do just that, expanding our offer. Motorway are reinventing the way people sell their cars online, helping those selling their cars to find a great deal by comparing offers from thousands of dealers. Motorway’s product simplifies the process of selling a car, taking away the hassle with their innovative approach, meaning many people can sell their car in as little as 24 hours, with free home collection and instant payment.”
Hugo Burge, Investor and Non-Executive Chairman of Motorway, says:
“The global pandemic has forced companies everywhere to be more agile, more relevant and more customer-focused. Internet brands are built on these pillars and Motorway is a powerful example of how to do it right. Rather than with a huge marketing spend to date, their accelerated growth has been driven by combining a great product with amazing reviews and incredible word of mouth. This impressive financial performance demonstrates that their commitment to making the market more transparent to find everyone a good deal is really paying off.”