Motorway has launched a new ‘Pro’ version of its stock acquisition platform following the completion of an £11 million funding round to drive further growth for the business.
Having delivered over £130m in car sales to its buying partners since its launch in July 2017 the consumer-facing car valuation and sales comparison website has boosted its staff headcount to 40 and broadened its car retailer offering as it targets a wider roll-out into the market.
Leading technology investors Marchmont Ventures and LocalGlobe are now part of the next phase of growth after what Motorway has described as “one of the largest early stage funding rounds for any technology start-up in the auto sector in recent years”.
The business will now commence a television advertising campaign to attract more motorists keen to compare offers for their used car from Motorway’s car retailer partners and car buying groups as well as the launch of a ‘Pro’ platform which immediately alerts dealers to available cars via text message – allowing them to view full details and make an offer to buy.
Motorway chief executive, Tom Leathes, said: “Dealerships across the UK are finding it harder than ever to find high quality, low mileage stock at good prices. Existing routes are time-consuming and expensive.
“Motorway Pro connects dealers directly to consumer sellers that want to sell fast - helping both the dealer and the seller get a great deal in minutes. And we’re making things easier and more enjoyable using the power of instant messaging.
“Pro helps buyers to find high-spec stock that’s hard to get through traditional auctions and other usual routes.
“And because we simplify the process, we’re able to achieve new levels of cost efficiency and a far better experience.”
Motorway has been working with a select group of buyers to test and develop its Pro platform, including Sytner, Inchcape, Jardine Motors and a number of independent dealers.
The business is an end-to-end car buying service for motorists, offering an accurate valuation dictated by images and a full description of the vehicle for sales submitted via a phone app and promising to collect stock from a customers’ home.
Throughout the process, Motorway’s own Brighton call centre liaises with the care sellers and to deliver what Leathes described as a “concierge car stocking service”.
Leathes said that the platform delivers a far more varied stocking platform for car retailers who might otherwise be left with ex-fleet or manufacturer vehicles which are of a certain trim profile.
Co-founder Alex Buttle said: “We are able to get better values for motorists because we are linking them to the retailers that actually want their car and the dealers are getting the cars they want but might otherwise struggle to get access to.”
A wide variety of vehicles have been bought via the platform, the most expensive to-date being a £230,000 Lamborghini Aventador supercar bought by a retailer in early June.
The business is now aiming to broaden its appeal to consumers and dealers alike with a more mainstream offering, however.
It currently handles over 100,000 monthly car sale enquiries.
Leathes said: “Motorway has come a long way in a short space of time - but there’s still a huge opportunity to improve the car sale experience for both consumers and professional buyers, and we’ve really just got started.
“We believe in the power of transparency and technology to solve some of the industry’s biggest challenges, and Motorway is committed to helping drive improvements for everyone.
“This funding round will enable us to deliver even faster development of our technology platform and to expand the Motorway marketplace across the UK.”