Car buyers browsing the heycar classified advertising portal will be able to sell their car completely online as a result of the website’s new partnership with fellow automotive sector start-up Motorway.
Visitors to the heycar site can now have their vehicle valued before being directed to Motorway to view a number of offers from car retailers and car buying platforms, before an acceptance triggers home collection of their unwanted vehicle.
Mat Moakes, chief executive of heycar, said: “Increasingly customers are moving towards completing more transactions online and rightly so, because it makes their lives easier.
“By partnering with Motorway we’re helping to fulfil this in the car-selling journey.
“Motorway have fantastic feedback from customers and have a shared ethos of creating a better car market for everyone, so it seemed like a natural partnership.”
Motorway chief executive, Tom Leathes, said: “Motorway are delighted to offer our car selling comparison service to heycar’s customers.
“We share similar aims to bring choice, speed and transparency to the car market with innovative online experiences - so this partnership felt like a perfect fit.”
Motorway 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 back in June.
At the time the business claimed to have delivered over £130m in car sales to its buying partners since its launch in July 2017.
Heycar launched back in August having been originally funded by Volkswagen but fellow German OEM, Daimler, bought into the business a year ago.
The platform now claims to have more than 2,500 dealerships signed up to use its online marketing service, with an inventory of more than 150,000 vehicles now live.
All of heycar’s listed vehicles come with a warranty, are less than eight years old and have fewer than 100,000 miles on the clock.
Speaking to AM at the launch of heycar, Moakes was asked about the opportunity presented by an online used car sales marketplace now populated by the likes of Auto Trader, carwow, CarGurus, Motors.co.uk, cinch and online retailer Cazoo, which launched earlier this month.
Moakes cited the Society of Motor Manufacturers and Traders’ (SMMT) valuation of the UK used car industry at £50bn and the UK used car finance point of sale market being valued at £17.6bn by the Finance and Leasing Association, adding: “There is enough scope in the market to accommodate new competitors like ourselves and, while I have every respect for the likes of Auto Trader and the job they do, we do want to offer something different and claim a part of the market.”