9:06 am, February 20, 2025
Carwow is aiming to improve customer experience with the launch of a new payment solution for dealers using its daily online auctions.
Carwow Wallet is a secure new digital payment option which allows dealers to speed up the stock buying process.
The service lets dealers pay for their auction wins at the click of a button, handling all payments, including money owed to sellers and finance providers.
Developed in partnership with leading global payments company, Airwallex, the platform also handles the management of any negative equity balance, in an effort to make life easier for Carwow’s retail partners.
Dealers who opt-in will be allocated a digital wallet built into their Carwow account, through which they can store, withdraw and transfer funds/
Partners who sign up for the service will be able to track the status of their payments, while sellers are notified when payments are sent, which it is hoped will bring ‘greater transparency, security, and efficiency’ to the process.
Commenting on the latest offering Sally Foote, chief commercial officer at Carwow, said: ‘We understand that particularly for many large dealer groups, despite best intentions, there are many operational hurdles that limit their ability to arrange same-day payments when purchasing cars from private sellers.
‘Our goal is to make it as quick and simple as possible for retailers to purchase stock. Our teams do the heavy lifting for dealers by collecting sellers documents, verifying sellers bank details with Experian and reviewing all information submitted by sellers.
‘So all the dealer now needs to do is add funds to their digital wallet and authorise the payment transfer.’
Among the dealers to sign up for Carwow Wallet is Fords of Winsford, which recently laid out its own bold expansion plans.
The company has been providing feedback to Carwow over recent months and says the new scheme can have major benefits for dealers.
Boss Edward Ford said: ‘This new payments structure is a very welcome addition to Carwow’s auctions. We have shared feedback about the service with Carwow over previous months, which has been actioned by their product team.
‘It has saved us massive amounts of time and resources that we can now invest elsewhere, whilst also enhancing the experience for the private sellers.’
Commenting on the partnership, Kai Wu, chief revenue officer at Airwallex, added: ‘We are delighted to see our embedded finance solutions helping Carwow’s dealer partners and private sellers benefiting from greater protection and a seamless payment experience – all within Carwow’s trusted platform.’
Carwow Wallet is available to enterprise dealer group customers and will be rolled out to independent retailers later this year.
Dealers who are interested in using the service are encouraged to get in touch with the Carwow team.
