8:24 am, February 9, 2016
CARWOW, one of the UK’s leading car-buying platforms, is celebrating the milestone of reaching a million users signing up to the website to compare quotes.
The news follows the announcement that the site has raised £12.5m investment in its latest funding round.
Launched in 2013, the London-based firm, who will be exhibiting at CDX on Tuesday, May 24, is aiming to improve the new car buying market by moving the sales process from the showroom to the web.
Carwow was launched by 29-year-old James Hind, along with Alexandra Margolis and David Santoro. The team has grown from 14 people last year to 55 in 2016.
The site enables users to research which new car they’d like to buy and request quotes from local and national dealers for the make, model and specification they decide on.
Users can then compare offers by prices, dealer location and ratings from other carwow buyers. According to the company, the average user saves £3,600 on their new car by using Carwow.
To date, more than £550m-worth of cars have been sold through the site and users have saved a combined total of £64m on their new car purchases.
There are currently more 1,000 dealerships on Carwow’s network, with users receiving up to five of the best offers when requesting a quote.
The start-up has raised more than £18m-worth of investment to date.
Carwow has also launched a £6m TV advertising campaign for 2016, which is being shown across all major television networks, voiced by the world-famous actor Sir Michael Gambon.
Hind said: ‘This is a really exciting time for us. The fact that one million people have now signed up to Carwow is a strong indication that change is ahead in the new car buying market.’
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