10:30 pm, June 16, 2020
Online marketplace Motorway today (Jun 16) revealed a rapid growth in used car transactions – with more than £1m in sales a day and a record £1.39m achieved.
It halted trading during the lockdown but resumed its private stock auctions along with free, no-contact transport for dealers on May 11.
More than 250 new dealerships have been buying cars in its daily sales since the restrictions were eased, joining over 1,000 already using the platform, which Motorway said reflected their desire to embrace the chance to buy stock online.
The company said there had been a 100 per cent week-on-week growth in transactions, and it was now generating more than £1m in used car sales a day, including a record £1.39m on June 10, surpassing pre-lockdown figures and backing reports that the market is having a resurgence.
It added that the recent trading suggested strong growth ahead in the used car market and it expects the trend to continue throughout 2020.
Key statistics include:
- More than 60,000 private sale inquiries since the start of May
- £4.9m in weekly sales and a record £1.39m on a single day on June 10
- A 480 per cent increase in revenue over the past four weeks
- Strong performance in both the sub-£5k and £20k-£50k categories – both segments achieving at least 98 per cent of trade valuation estimates
- Sustained improvement in car sale valuations – on average, Motorway’s sellers are receiving £480 more for their cars in June than they were in May
It added that dealers on Motorway were stocking up with sub-£10K cars to meet the demand from people wanting to avoid public transport.
CEO Tom Leathes, pictured, said today (Jun 16): ‘Judging by the post-lockdown success of our daily sales for dealers, the used car market is looking stronger than it has been for months.
‘Dealers are now embracing the efficiency of buying online, purchasing more than £1m of stock on our platform every day.
‘Our unique offering of high-spec, privately owned cars to acquire in a few taps is now attracting a whole new audience.
‘We are seeing record numbers of buyers bidding online, preferring the speed, convenience and flexibility over visiting traditional physical auctions.
‘The coronavirus pandemic has been a catalyst for the shift to online stock acquisition for dealers, and there will be no return to how things were.
‘Motorway is delighted to be at the forefront of a rapid movement towards more efficient online stock acquisition for the long term, and we look forward to welcoming even more dealers to the platform in the months ahead.’
Motorway restarts daily online auctions and launches new no-contact transport service for dealers
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