Motorway, the U.Okay. used automotive market, has raised £11 million in Sequence A funding. Main the spherical is Marchmont Ventures, the fund managed by Hugo Burge and Alan Martin (the previous CEO and CFO of Momondo Group, respectively), together with participation from present backer LocalGlobe.
Based by the staff behind Prime10 — the cell and broadband comparability web site that exited to uSwitch in 2011 — Motorway has got down to make it simpler to promote your used automotive on-line. The web site lets automotive sellers immediately see stay provides from a number of automotive shopping for companies and specialist dealerships. You may evaluate headline provides, purchaser critiques, and charges and assortment choices to search out the very best deal.
It competes with plenty of different used automotive promoting choices together with having to go to a number of automotive sellers to barter a sale, or checklist privately on web sites like AutoTrader or eBay. The opposite possibility is to make use of certainly one of plenty of on-line automotive consumers, resembling WeBuyAnyCar, that present a fast disposal possibility however the place costs paid are usually low. Motorway says that by evaluating provides, shoppers can rise up to £1,000 greater than going direct to at least one purchaser.
The London and Brighton-based firm has additionally launched a devoted product for sellers, dubbed “Motorway Professional”. Sellers full an in depth on-line profile of their automotive and whether it is comparatively new or increased priced they’ve the choice to make it accessible to sellers on the Motorway Professional platform. Sellers then have 24 hours to bid for the car, after which the profitable supplier is linked to the vendor to finish the transaction.
The Professional platform is constructed on cell messaging: sellers get alerted about autos that match their necessities by way of textual content message or WhatsApp. “The method removes middlemen from the sale course of, making it far more environment friendly, leading to a greater deal for each the automotive vendor and the supplier,” says Motorway.
In the meantime, Motorway co-founder and CEO Tom Leathes tells me the startup is now driving over 100,000 gross sales enquiries per 30 days — a gross sales enquiry each 30 seconds, apparently. A yr in the past that sat at 25,000 per 30 days, representing 4x development. “We’ve closed over £130 million in accomplished automotive gross sales,” he provides.
To assist obtain this, Motorway on-boarded on-line consumers to the location, together with Arnold Clark and Motor Depot. The startup additionally has partnerships with main automotive shopping for web sites resembling motors.co.uk and Parkers. Final month, Motorway’s first TV advert launched too.