12:06 pm, May 8, 2024
Used car marketplace Motorway is celebrating notching up £1.2bn in completed payments via Motorway Pay since the platform was launched a year ago.
Hailed as an industry-first product at the time, Motorway Pay has seen more than 99% of private car sellers receive their payment within seconds and dealers saving 13 minutes per transaction on average, according to the company.
The platform lets dealers make one-click payments to private car sellers, with Motorway handling seller bank details and instant payment, seller documentation and clearing of any finance with finance providers, all in one immediate payment triggered by the dealer.
Now it has launched two more features that it says will make buying from private sellers easier than ever, at any volume, and will give dealers more flexibility and control.
Real-time payments mean dealers can now transfer payment for vehicles at the point of purchase, along with funding a wallet for future purchases.
Meanwhile, online withdrawals will let them move money in and out of their Motorway Pay wallet at any time. Their funds are fully protected at all times and only authorised users will be able to withdraw funds.
James Wilson, chief operating officer at Motorway, said: ‘When we launched Motorway Pay last year, our mission was to build a powerful, secure and robust solution that makes buying cars on Motorway easier than ever before.
‘It’s clear, one year on, Motorway Pay has been a game-changer for our partners and truly a first for the industry.
‘But with everything we do at Motorway, we continue to innovate and enhance our services, to give our customers – dealers and private sellers – the best possible experience.
‘With real-time payments and online withdrawals, our aim is to provide even greater flexibility and control when buying stock online with Motorway.
‘This is just the start of more to come, as part of our ongoing commitment to maximising value through technology and supporting our dealer partners to grow their businesses profitably.’
Motorway quoted Fords of Winsford director John Ford as saying: ‘I’ve been using Motorway Pay since launch and can honestly say it’s been a game-changer for my dealership.
‘With Motorway Pay, we’ve been able to drastically reduce the admin time on each individual vehicle purchase, completing payment with one simple click. We know we can trust Motorway to ensure the payments are sent to the right people, quickly and securely.
“Now, with the added flexibility and control with these new features, it feels like Motorway has evolved the payments solution to work even harder for dealers like us and our business needs.’
