Motorway reveals continued, accelerated growth, achieving more than £750m in completed sales in the first six months of 2022
The used car marketplace sees a 200% uplift in YoY sales as motorists and dealers flock to platform to transact online
Motorway, the UK’s fastest-growing used car marketplace, today announced continued, accelerated business growth as record numbers of motorists sold their cars online through the platform in the first six months of 2022.
Between January and June 2022, Motorway achieved more than £750 million in completed sales, an uplift of almost 200% versus the same period in 2021. June saw a record number of cars going into Motorway’s daily online sales, almost double the total on sale in January, with daily sales of over 1,000 vehicles a day. These figures demonstrate strong and growing consumer demand for a more efficient online way to sell a car, and that Motorway has become the go-to platform.
This rapid growth follows continued development of Motorway’s market-leading service for car sellers and dealers. In H1 2022, the company launched its iOS and Android native photo apps, helping car sellers profile their vehicles more easily and accurately than ever before, and ensuring dealers have the best possible profiles on the condition of every vehicle for sale. The company has also started rolling out a range of personalisation tools and features on its dealer platform, to help dealers more quickly and easily find and buy the best stock for their needs.
Record stock levels, coupled with an ongoing focus on innovation to enhance the dealers’ experience and make the platform as simple and user-friendly as possible, has led to a marked increase in dealers signing up to use Motorway in the last six months, and participating in its daily sales. The number of verified dealers in Motorway’s nationwide network now exceeds 5,600 across franchised and independent dealerships, up from 3,000 in November 2021.
Tom Leathes, CEO of Motorway said:
“Motorway remains focused on building a new way to transact more efficiently online, and on delivering more value to both car sellers and dealers. We don’t buy, hold or sell stock ourselves. This means we continue to remain independent and transparent, and can grow sustainably while ensuring everyone gets the best deal possible. Our efficient online marketplace model offers something very different, and now that we’re hitting over 1,000 cars a day, I believe we are really beginning to change how the UK car market works.
“Our team works relentlessly to understand what our dealer partners need, and we are committed to providing an outstanding service – from delivering the highest quality selection of fresh cars for sale every day, to constant platform innovations making buying the UK’s best used car stock as easy as possible. You’ll see much more innovation from Motorway throughout the rest of the year and as we look to break more records and help our dealers’ businesses win.”
Motorway’s team has now grown to over 350 people in London, Brighton and around the world. Its continued rapid growth follows a Series C investment round of over $190m in November 2021, from global technology investors including Index Ventures and ICONIQ Growth.
Notes to Editors
Motorway is the UK’s fastest-growing used car marketplace. We connect people selling their car directly with our network of more than 5,000 verified car dealers, matching each seller on our platform with the dealer who most wants to buy their car. We help car owners sell their cars 100% online for the best price in as little as 24 hours, with their car collected from home for free, while supporting our car dealer partners to easily acquire the best used car stock.