Motorway achieves used car sales of £750m in first half of 2022

Motorway reported a 200% increase in used vehicle sales through its online marketplace in the first half of 2022.

A record number of motorists turned to the online car shopping site during the period, with daily sales of over 1,000 vehicles helping to generate more than £750million in completed transactions.

Formed as a tech start-up launched in 2017 and profiled by AM in 2020, Motorway now claims to be the market’s “go-to” car-buying platform and employs 350 people in London, Brighton and overseas after winning ‘unicorn’ status with a $1bn (£750m) valuation at the end of last year.

Its continued rapid growth follows a Series C investment round of over $190 million in November 2021, from global technology investors including Index Ventures and ICONIQ Growth.

Motorway Managing Director Tom Leathes said: “Motorway remains focused on creating a new way to transact more efficiently online and creating more value for car sellers and dealerships. We do not buy, hold or sell shares 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 coming across over 1,000 cars a day, I think we’re really starting to change the way the UK car market works.”

Motorway increased its market visibility in 2021 with the launch of a high-profile television advertising campaign, later pledging to sponsor ITV’s Six Nations coverage.

In the first half of 2022, Motorway launched its native iOS and Android photo apps, helping passenger car sellers profile their vehicles more easily and accurately.

The company has also begun rolling out a range of customization tools and features to its dealer platform, to help dealers find and purchase the best stock for their needs faster and easier.

The number of verified dealers across Motorway’s national network now exceeds 5,600 among franchise and independent dealers, up from 3,000 in November 2021.

Leathes said, “You’ll see a lot more innovation from Motorway throughout the year and as we look to break more records and help our dealership businesses win.”