Tell us about the business
Motorway is the UK’s first price comparison site to sell your car. Sellers can compare prices from online buyers and specialist dealers. The site directly connects the car seller with the right buyer for the right price, so that everyone gets the best deal.
About the founders
This isn’t the first business these entrepreneurs have worked on – in fact, Tom Leathes, Alex Buttle and Harry Jones have worked as a team for more than a decade, working on three successful startups. One of these includes the country’s biggest broadband price comparison site, which was acquired by uSwitch, showing they are well and truly capable of creating an excellent price comparison website.
Motorway founders – Tom Leathes, Alex Buttle and Harry Jones
What is the company?
The team launched Motorway in 2017, with the aim of fixing a broken car market where, until now, everyone (car sellers and dealers alike) has suffered from low-quality experiences and bad deals. Motorway helps people find a good price from a professional buyer in a fast, easy way and helps buyers purchase the right stock for their business.
Car owners can enter their car’s reg to immediately compare offers from online car buyers and specialist dealers across the country in one place and get the best deal quickly. Dealers are connected to private sellers directly – with no middle man – so they get the best stock in a convenient and fast way. Without middle men eating into the price, consumers could sell their car for up to £1,000 more by comparing offers. The site provides complete transparency to both seller and buyer.
What are Motorway’s plans for growth?
Motorway has grown rapidly since launch just two years ago, with 60 people employed across its London and Brighton offices. The site now generates over 100,000 car sales enquiries a month (one every 30 seconds).
It drives thousands of successful sales to buyers and dealers across the platform every month.
In June 2019, Motorway secured £11 million in venture capital funding from Marchmont Ventures and LocalGlobe to further expand its used car marketplace, taking its total investment fund to £14m since launch.
How will this funding be used?
This new investment will facilitate further development of the Motorway team and its technology, as well as expansion of its network of car buyers and specialist dealers.
With 8m used car sales every year, the used car industry is already worth over £60bn a year – this investment puts Motorway in a great place to disrupt and drive this industry forward through technology, transparency and a focus on fairness.
For more information, visit: motorway.co.uk