Used car online marketplace Motorway revealed today (Apr 22) that sales in the last week of March hit a record £10m.
It said it was now generating £2.5m of sales a day – and had more than tripled its revenue in a year, completing more than £500m in sales transactions, which worked out at over 4,000 sales a month.
There are now 2.5m registered UK consumers on the Motorway platform and the number of verified dealers in its network has doubled to more than 3,000.
As a result, the three-year-old start-up has now agreed a referral partnership with MoneySuperMarket.
Visitors to MoneySuperMarket who want to sell their car can click straight through to Motorway for an instant valuation based on the latest data.
Motorway then finds them the best offer from its dealers and will sell the car for free in as little as 24 hours.
Tom Leathes, chief executive of Motorway, said: ‘The car industry is undergoing a massive transformation towards digital, and the incredible growth we have delivered in the last year demonstrates that Motorway is at the absolute heart of this.
‘Providing car sellers with a fast and convenient way to sell their car for the best price without leaving home has resonated with millions of people across the UK.
‘And now, through our new partnership with MoneySuperMarket, we will bring our service to an even greater audience, as we continue our mission to ensure selling a car becomes more efficient and enjoyable for everyone involved.’
Kate Devine, head of car insurance at MoneySuperMarket, added: ‘Our mission is to help households save money and our new partnership with Motorway gives us another way to do just that, expanding our offer.
‘Motorway are reinventing the way people sell their cars online, helping those selling their cars to find a great deal by comparing offers from thousands of dealers.
‘It simplifies the process of selling a car, taking away the hassle with their innovative approach.’
Hugo Burge, investor and non-executive chairman of Motorway, said: ‘The global pandemic has forced companies everywhere to be more agile, more relevant and more customer-focused.
‘Internet brands are built on these pillars and Motorway is a powerful example of how to do it right.
‘This impressive financial performance demonstrates that their commitment to making the market more transparent to find everyone a good deal is really paying off.’