What is the company?
Motorway is the UK’s fastest-growing used car marketplace. It connects people selling their cars directly with its network of more than 5,000 verified car dealers, matching each seller on the platform with the dealer who most wants to buy their car.
Motorway helps 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 its car dealer partners to easily acquire the best used car stock.
What are Motorway’s plans for growth?
Since the company was founded, Motorway has helped over 2.5 million customers value and sell their cars and its dealer network has grown to more than 5,000 verified UK dealerships, whilst its own team has grown to more than 350 people. In 2021, Motorway recorded a 286% uplift in full year sales to $1.15bn, and is set to more than double its sales in 2022.
In 2021, Motorway completed two successful funding rounds from global technology investors including Index Ventures and ICONIQ Growth, with Motorway valued at over $1bn in a funding round of $190m in November.
Motorway remains focused on building a new way to transact more efficiently online, and on delivering more value to both car sellers and car dealers. Its efficient online marketplace model offers something very different, and now that the team are hitting over 1,000 cars a day, they are really beginning to change how the UK car market works.
How has this funding been used for development?
In 14 months, Motorway has invested in growing its team. particularly its customer service team, from 130 to more than 350. To complement its existing team and meet the challenges of a fast-scaling business, Motorway further strengthened the leadership team in the last 18 months including the appointment of ex-Amazon director James Wilson as COO, former MoneySuperMarket CMO, Lloyd Page and ex-Trainline CCO, Victoria Biggs. This investment has paid off – in the first half of 2022, Motorway achieved more than £750 million in completed sales, an uplift of almost 200% versus the same period in 2021, all while maintaining its ‘Excellent’ rating by Trustpilot with over 30,000 reviews.
In H1 2022, the company 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. Expect even more innovations from the team over the next year as it breaks more records, drives more motorists to sell their car through Motorway and helps its dealers’ businesses win.
