Carwow has introduced new updates to its portal and back-office operations to help make it easier for dealers to source used car stock.
As well as now checking every used vehicle listing, the company is creating a ‘Buy it Now’ function and is introducing a new ‘Enterprise concierge’ service to manage sales, vehicle collections and process all documents to help reduce administration for dealers.
The company said it has recruited a dedicated team to evaluate each online listing prior to it going live, to help maximise the quality of all stock advertised on Carwow.
James Hind, chief executive officer at carwow, said: “Dealers are still struggling to secure quality used car stock and so we are rapidly ramping up investment to meet the need.
“Carwow has now become a trusted partner for dealers to source used car stock, with dramatic improvements made in the last few months in the quality and quantity of stock. Our strategy is to establish Carwow as the alternative to traditional auction houses for sourcing used stock.”
Carwow said it is calling every potential seller to advise on an appropriate valuation, taking account of spec and condition - including any damage and confirm essential vehicle information, contact details, and establish that the user is ready to sell.
The Carwow trade portal also now includes a ‘Buy it Now’ feature, allowing dealers to secure stock immediately without having to wait for bids from other parties to be gathered and considered.
Carwow said a pilot of the facility indicated that more than 50% of sellers are willing to include this option within their listing, giving retailers instant access to preferred used car stock.
Also new is the sales brokering service offered by Carwow, as well as managing the collection of cars from sellers at any location within the UK. Carwow handles the processing and exchange of relevant documentation between the seller and the trade buyer.
The new service is initially only available to trade buyers sourcing larger volumes of stock through Carwow, it said.
Sell Your Car – the consumer-facing portal – has experienced growth since its acquisition under its former guise ‘Wizzle’ by Carwow and launched in an enhanced form to UK motor retailers in June 2021.
An average of between 500 and 600 cars are listed on the platform each day, and there are typically around 4,000 vehicles available to buy, Carwow said.
79% of users report they have a used car to sell, and dealer partners are prioritised in being able to bid on the user’s existing vehicle whenever they configure a new car on Carwow.
The average Cap HPI clean value for used vehicles available to dealers through Carwow is £15,000.
In December 2021, Carwow raised $55 million to invest in technology and platform development, international expansion and user growth.
The investment, coming in the form of venture debt from Hercules Capital, followed a year of strong performance across the rest of the Carwow business, which saw revenues increase 60%, year-on-year (YoY), despite the challenges faced in the new car market.