London-based pre-loved car sales platform Motorway has raised £48 million in a Series B round led by Index Ventures. New investors BMW i Ventures and Unbound have also let out the clutch and now join existing investors Latitude and Marchmont Ventures. As part of the qualification weekend, Index Ventures’ Danny Rimer will be riding shotgun on Motorway’s board. The firm reports that the increased octane rating will be used to expand product and engineering teams to improve the overall buyer experience, as well as drop the hammer on marketing and awareness efforts. To date, Motorway has clocked £62 million over 4 funding laps.
Founded in 2017 by Alex Buttle, Harry Jones, and Tom Leathes Motorway has seen over 65,000 four, six, and eight bangers move through its doors and has seen a spike in activity in recent months. The company reports that £50 million in sales have occurred in May of this year alone. Motorway is witnessing over £2.5 million in transactions on a daily basis and completing more than 4,000 sales a month. Based on these figures, Motorway is projecting over £650 million in sales this year, a number that would triple its 2020 performance.
Cutting out the middleman, Motorway removes the haggling process and connects pre-loved car owners with dealerships. A vehicle can be profiled and in pole position via a smartphone within minutes. Over 3,000 professional car dealers can then name their price for said auto, with the highest bidder taking home the cup. Dealers then come and collect their prize, sometimes in less time than it takes to complete Le Mans.
“For half a century, inefficient offline processes have led to bad deals and a bad experience for both car sellers and car dealers. Motorway has fundamentally changed a broken experience where everyone ends up dissatisfied – and we’ve transformed it with a superior online experience where everybody wins,” concludes Crew Chief Tom Leathes.
Photo by Meritt Thomas on Unsplash
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