9:57 am, November 12, 2024
More than 7,500 dealers are now using Motorway to acquire stock, with the direct-to-seller site recording over £7.8bn of transactions since it was founded in 2017.
That is according to new data from the company which claims that two in three UK dealers are now using the platform to buy stock.
The firm says 64% of all car dealers now use its platform, with stock levels reaching 7,000 vehicles a week.
Motorway disrupted the traditional trade auction model at launch, allowing dealers to buy directly from customers rather than through traditional auctions such as BCA or Manheim, cutting out the middle-man and allowing a better return for private sellers who may otherwise have part-exchanged their car or used a car buying service offering a lower price.
Its system allows them to sell their cars directly to bidding trade buyers, removing the uncertainty of part-exchange for the owner and the auction process for the trade buyer, who gets much more information and decision-making time around any potential purchase than from a traditional auction house.
The Motorway platform also allows dealers to pay for and transport private vehicles online, having introduced an embedded payments service 18 months ago.
James Wilson, COO, Motorway (pictured), said: ‘Our mission has always been to provide the best online service for dealers to acquire quality stock quickly, easily and efficiently.
‘The number of dealers signing up and the amount of private stock going into auction each week, shows that we are really delivering on this mission.
‘Introducing a built-in payments process into the platform was an industry first last year and has been a real game changer for our dealers – with £2bn processed on their behalf. The time it is saving our dealers really can’t be underestimated – for every five purchases dealers are making through our system, they are getting back one hour of admin time.
‘When you think about how many purchases some dealers are making in a week, that really can make a huge difference to both their working day and bottom line.
‘We are proud to be the UK’s largest end-to-end, private used car marketplace, offering auctions, payment and transport all in one platform – with two thirds of UK dealers now buying stock on our platform, it is clear that this is exactly what dealers want and need to grow their businesses.’
