7:53 am, January 2, 2026
Online auction platform Motorway clocked up losses of £37.3m before tax in 2024 after a year of ‘deliberate investment’.
Accounts for the consumer-to-dealer auction site for the year ending December 31, 2024, show it generated revenues of £66.4m.
However, a £37.3m 2024 loss was still worse than the £31.8m loss it posted in 2023.
In a separate statement, released to time with the publication of the firm’s 2024 accounts, Motorway told Car Dealer that it now expects to ‘reach profitability in mid-2026’.
Unusually also detailing performance for the year ended December 31, 2025, the firm said accounts are likely to show an 18% revenue improvement to £78m. It added its operating losses in 2025 will also likely reduce by around 37% ‘to £22m’.
Tom Leathes, CEO and co-founder of Motorway, said: ‘We’ve built the UK’s largest marketplace for private car sales to dealers, and 2025 proved the model works at scale.
‘Accelerating revenue growth with sharply improving margins is exactly the foundation we need to reach profitability [in 2026].’
In 2025, Motorway says it has seen its revenues ‘accelerate 25%’ in the final quarter and has regularly been selling more than 2,000 cars a day in its auctions.
In its latest audited accounts, just published at Companies House, Motorway said the major area of focus during the 2024 year was the roll out of Motorway Pay – the firm’s payments platform that lets dealers pay customers and settle finance agreements instantly.
Motorway said: ‘This was a substantial undertaking and a critical step in enabling dealers to buy consistently at scale with greater speed, certainty and trust, while reducing administrative workload.
‘Alongside this, we invested in enhancements to our vehicle profiling journey, transport infrastructure and inspection technology, and in our brand and technology platforms, all aimed at improving the experience and scalability.’
The firm said its 2024 losses reflect a ‘strategic decision’ to ‘build the infrastructure needed to support sustainable long-term growth’.
It is now investing heavily in AI-guided imagery, damage capture, inspection technology and data validation to make its listing even better.
Motorway said dealer buying activity on the site in 2025 has also ‘hit record levels’ with bid volumes up 21% year on year.
And it explained that 2026 will see it release further upgrades following its recently rolled out new car grading system and ‘richer history data’.
The latter has faced some criticism in private dealer groups as Motorway has seemingly removed detail on the number of services a car has had up to the point of sale.
The business spent around £30m in cash during 2024, leaving £29.6m in the bank at the end of the year.
In 2025, after the 2024 accounts had been finalised, Motorway also secured a £25m growth capital facility, with £15m drawn immediately and a further £10m available from mid-2026.
The report shows it has 448 employees and the highest paid director received a total remuneration of £218,000. Payments in 2024 included a £111,744 ‘loss of office’ payout to one director, but no further details are given.
Leathes will be appearing at Car Dealer Live on March 19 for a fireside chat about his business. He’ll talk about how he’s scaled it and why profitability has been second to investment at the firm. Tickets are available at Early Bird prices until Monday.
