UK Based Motorway Index Ventures Butcher Techcrunch – An Insight
The motorway is a U.K. base established to allow proficient car dealers to participate in selling privately owned cars. The startup quickly succeeded by removing many tedious processes and making them accessible.
Table of Contents
What is the motorway index?
The motorway is a U.K. platform on which expert car dealers can take part in selling privately possessed cars. The Top10 team started it with the mobile site, which is very exciting. It assists in making it simpler to access your used cars online. The website lets car sellers immediately see live offers from various car-buying experts and service dealers. You can also compare offers, buyer reviews, fees, and collection choices to get the best deal.
Furthermore, the Motorway, UK’s rapidly emerging used car marketplace, has achieved status with an estimated over $1bn following a $190m.
The motorway index allows consumers to sell their cars easily and quickly for the best value from the comfort of their homes using a smartphone.
Moreover, it has a network of 4,000 expert car dealers using this platform to bid on these vehicles directly. It also helps sellers sell their cars for up to £1,000 more in 24 hours or less and supports its car dealers’ partners to the best-used vehicles online.
In addition, it participates with other used selling options, including visiting various car dealers to negotiate a sale or websites like AutoTrader, eBay, and WeBuyAnyCar, which offer a quick clearance option, but the prices paid are very low.
Besides, the London and Brighton-based company recently launched a committed product for dealers called Motorway Pro, and sellers can complete their details online profile off their vehicles; if it is new or high priced, they can make it available to dealers on the Motorway Pro platform. Thus, dealers can have 24 hours to bid for the car, and after winning, the dear is connected to the seller for the transaction completion process.
The Pro platform is based on mobile messaging, where dealers get notifications about vehicles that fit their requirements through text messages or WhatsApp. This process excludes mediators from the sale process to make the process more efficient, resulting in a better deal for both parties, says Motorway.
The Motorway UK established forming connections between car sellers and buyers through its online platform, which secured £48 million in a series B round assisted by Index Ventures. The new investors, BMW I Ventures and current investors Latitude and Marchmont Ventures, joined the competition. The fund used to spread its platform and grow its 160 teams. It has raised £62 million with the help of 4 funding rounds.
Founded and based in London in 2017 by Alex Buttle, Harry Jones and Tom Leathes, Motorway connects sellers directly with dealers looking to acquire stock and allows used car transactions to be made faster, easier and more cost-efficient. Their website will enable customers to compare instant offers from over 3000 professional online car buyers and dealers and select their best offer whilst giving a sell-fast option for up to £1000 more than any other way could bring.
Alex Buttle, Harry Jones and Tom Leathes, were founded in London in 2017. Their website allows customers to compare immediate choices from over 3000 expert online car buyers and dealers and gets the ideal offer of up to £1000 more than any other means could bring. It helps dealers make used car transactions faster, easier and cost-efficient.
For a few years, due to inefficient and offline processes resulted in bad deals and the worst experience for both car sellers and car dealers, said Tom Leathes, CEO of Motorway. Besides, it has transformed its auction platform with an efficient online experience where everybody can win. Thus, cutting out the mediators results in a better deal for consumers, car dealers, and everything from home without the stress.
The firm reports that £50 million in sales made in May. The Motorway is noticing over £2.5 million in transactions daily and carrying out more than 4000 sales a month. These figures show Motorway is projecting over £650 million in sales this year.
Motorway said that its revenues have more than tripled in a year due to millions of clients preferring online to sell their cars and dealers turning their back to digital platforms.
Tom Leathes, CEO of Motorway, said: The car business is undergoing a massive change towards digital. The unbelievable growth we have delivered in the last year explains that Motorway is at the supreme heart of this.
With crucial investment in our technology, team and service, we’re completing over 4,000 successful car sales monthly for sellers and dealers.
Estimated Revenue & Valuation
- Motorway’s expected annual revenue is currently $100.7M per year.
- Its likely revenue per employee is $354,750
- Motorway’s total financial support is $276.1M.
- Motorway’s recent valuation is $1B. (November 2021)
UK based motorway index ventures butcher Techcrunch
Mike Butcher is the Editor at TechCrunch. He has written for UK national newspapers and magazines and known as one of the most significant people in European technology by Wired UK.
Mike interviewed Motorway’s CEO, and on November 29, 2021, Mike wrote a column about Motorway and stated that it is a UK-based used vehicle marketplace. He reported a few essential points on how the motorway transformed its used car marketplace with the digital platform, which resulted in one of the top used vehicle platforms currently in the UK.
Mike stated that Motorway raised $67.7 million in a Series B round and $190 million in Series C funding headed by Index Ventures and ICONIQ Growth, a primary Silicon Valley technology growth investment firm along with previous investors Latitude, Unbound and BMW I Ventures also participated in the round. The startup is claiming an estimation of over $1 billion.
The reason is the blow of the COVID on supply chains. Secondhand cars boomed because new vehicles made in smaller numbers.
Moreover, Motorway says it has 4,000 proficient car dealers using the platform and claims a 300% uplift in third-quarter sales to $411 million compared to $105 million last year.
The motorway is a prominent UK-based used car marketplace with more than 4000 expert car dealers network. Besides, it provides an online platform for dealers and customers to carry out smooth transaction processes by excluding the mediator from sitting at home.
Secondhand car auction platform Motorway(1)