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Motorway is a London-based next-generation used car marketplace that connects consumer sellers and professional car buyers via its price comparison website and apps. It was founded in 2017 by Tom Leathes, Alex Buttle and Harry Jones and has offices in London and Brighton.
Raised €12.3M funding
In a recent development, Motorway has announced that it has raised £11 million (nearly €12.3 million) in Series A funding round. This investment round was led by Marchmont Ventures managed by Hugo Burge and Alan Martin, the former CEO and CFO of Momondo Group. Also, the existing investor LocalGlobe took part in the investment.
This investment comes after raising £2.75 million (nearly €3 million) Seed funding from LocalGlobe and Marchmont Ventures last year. The company has grown rapidly since then and has over 100,000 monthly customer sales inquiries and achieved over £130 million (nearly €145 million) worth of completed car sales via its buyers in a period of 18 months.
Motorway gets new Chairman
Furthermore, Hugo Burge is now appointed as the non-executive Chairman of Motorway. Director of Marchmont Ventures, Hugo Burge said, “It’s an honour to be part of this exciting journey. I’m delighted to be taking on the role of Chairman to work more closely with the team at Motorway. They are bringing energy, transparency and exceptional technology into a complex and inefficient market, and the momentum is already quite breath-taking.”
Aims to expand its network
With this fund, the company aims to expand its next-generation used car marketplace. It will develop its current team of 40 members, its software platform, expand its network of car buyers and market services throughout the UK.
See live offers from multiple dealers
Motorway’s website lets consumer car sellers instantly see live offers from multiple specialist dealerships and car buying services. Users can compare the offers, read buyer reviews, collection options and fees to find the best deal. Typically, the price comparison website lets buyers save up to £1,000 than going directly to a buyer.
There’s no middlemen!
As the buyer platform of Motorway is a dual-sided marketplace, it provides a fast and efficient way for the car buying firms to purchase the best used car stock directly from consumers. This cuts the middlemen and helps buyers get a better deal.
There’s MotorwayPro, which is a higher priced option for the dealers to have 24 hours to bid for the vehicle. The Pro platform uses mobile messaging and dealers will be alerted about vehicles suiting their requirements via WhatsApp or text message.
How about competition
Motorway competes against the likes of other used car selling options such as AutoTrader, eBay and WeBuyAnyCar. Also, it is better than the option of having to visit multiple car dealers to sell a car or negotiate the deal.
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