Heycar is celebrating its first birthday with the news that it is now driving £40m of used car sales a month to its dealer partners.
The online car marketplace launched in the UK on August 14, 2019, backed by Volkswagen and Daimler, after being established in Germany three years earlier.
It now has more than 150,000 cars listed and has had 20m website visits since it started.
CEO Mat Moakes said: ‘Our focus in our first year has been on gaining scale, showing that we’re different and setting out our commitment to supporting the industry on its digital journey.
‘We take immense pride in having become a truly meaningful source of lead generation for our partners in just 12 months.
‘It’s the result of our smart approach to driving rapid growth and the advantages we can leverage as a result of our shareholders.
‘And it’s only the beginning. We’re laser-focused on optimising our proposition and experience for both customers and dealers, getting deeper into the buying journey, to provide the shot of adrenalin this sector is crying out for.’
Moakes leads a team of 68 who worked from offices in Kings Cross until the pandemic struck. Business has grown so steeply that 18 people have been recruited during lockdown.
A new TV ad that was created in lockdown is about to air, backed by £5.5m of media investment.
‘Other online listings businesses are just digital versions of newspaper ads. That’s not heycar,’ said Moakes.
‘We have features and products that improve the experience whether you’re a dealer or a consumer, the latest of which includes our worry-free money-back guarantee, and our new Concierge service which helps car buyers take the stress and inconvenience out of car ownership.
“The investment we are putting into an above-the-line campaign at a time of great challenge across the sector is testament to our confidence in the strong continued potential for heycar, and our intent to create a meaningful and nationally recognised brand.
‘We’ve shown we can drive quality customer leads at attractive volumes to our dealer audience. So as car buyers become more familiar with the brand and come to us for an all-round better car-buying experience, we expect to end 2020 as a key player in the industry.’
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