Motorway, the UK’s fastest-growing used car marketplace, today announced accelerated business growth in 2022 as record numbers of customers turned to its platform to sell their car online.
Motorway saw its sales more than double year on year from £841m in 2021 to £1.7bn in 2022. This rapid growth demonstrates continued demand for Motorway’s service, which matches people selling their car with car dealers looking to acquire stock. By removing the middlemen and bringing the process online, the platform delivers a better deal for both sides, with a more efficient experience, driven by technology.
Since the summer, Motorway has seen record numbers of cars going into its daily online sales, with volumes exceeding 1,000 vehicles a day. A car now sells via Motorway every four minutes, with over 1m car owners using the site a month. As quality used car stock becomes harder than ever for dealerships to acquire, this has meant Motorway’s network of dealers has had a strong stream of quality privately-owned cars to choose from, through a powerful new online experience. The number of verified dealers in Motorway’s nationwide network now surpasses 5,000 across franchised and independent dealerships, up from 3,000 at the end of 2021.
To support this rapid growth in 2022, the Motorway team has increased from 227 at the end of 2021 to more than 400 today. The company has also maintained its service quality through this growth curve – retaining its ‘Excellent’ rating by Trustpilot with over 40,000 reviews.
Tom Leathes, CEO of Motorway said:
“Our growth this year is testament to both the great team we have built and our commitment to providing a better way to transact for car owners and dealers. Selling a car has always been hard, but we’re creating a new set of expectations – a great deal with a seamless user experience where everyone in the transaction wins.
“In a highly unpredictable market, our marketplace model means that even in rapidly-changing dynamics, we’re able to secure the best deal reliably for sellers and dealers, and at ever-increasing scale. Our customer-first approach has paid off – more people than ever before are now coming to Motorway to sell their cars, which means in turn we are able to offer more used car stock to our dealer network, and to continue growing efficiently.
“We are delighted with the great results last year, but we won’t be resting on our laurels in 2023. Our customers can expect to see even more innovation from us this year, as we deliver even better ways to improve the car-selling and car-buying experience.”
Motorway is anticipating continued rapid growth in both sales and revenue in 2023. The company is on a strong path to profitability, and it has significant funding reserves to drive its onward growth and innovation. Motorway completed a Series C investment round of over $190m in November 2021, from global technology investors including Index Ventures and ICONIQ Growth.
The company has announced the continued sponsorship of the Rugby Six Nations coverage on ITV starting in February, and recently announced the launch of its new ‘Car Value Tracker’ tool, enabling consumers to get regular alerts on the value of their vehicle over time, so they can decide the right time to sell.