11:19 am, June 25, 2019
CAR-selling comparison website Motorway has launched a dealer stock acquisition platform and secured an £11m funding round from leading technology investors.
Through the Motorway Pro platform, consumer sellers with newer and higher-value used vehicles can now opt to see offers from dealers, alongside instant prices from online car buyers.
Sellers complete a detailed online profile of their car, which is then accessible to dealers on the Motorway Pro platform. Dealers can bid for the vehicle over the next 24 hours and the winning dealer is connected to the seller to complete the transaction.
The process removes middlemen from the sale process, making it much more efficient and resulting in a better deal for both the car seller and the dealer.
Motorway Pro’s innovative interface for dealers is built on mobile messaging: dealers are alerted about vehicles that fit their requirements via text message or WhatsApp, and can access detailed vehicle profiles on their phones in a single tap, before making a bid and closing the sale.
Motorway CEO Tom Leathes said: ‘Dealerships across the UK are finding it harder than ever to find high-quality, low-mileage stock at good prices.
‘Motorway Pro connects dealers directly to consumer sellers who want to sell fast, helping both the dealer and the seller get a great deal in minutes.’
Motorway has been working with a select group of buyers to test and develop its Pro platform, including Sytner, Inchcape, Jardine Motors and a number of independent dealers.
Motorway has also announced an £11m funding round from leading technology investors Marchmont Ventures and LocalGlobe, following rapid growth in the 18 months since it launched.
Motorway, which launched in 2017, has grown to over 100,000 monthly car sale inquiries, and it has already delivered more than £130m in successful car sales to its buying partners.
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