carwow has reported an almost 150% increase, year-on-year, in the number of used cars bought by dealers via the platform in March.
The volume of used stock available to dealers on the carwow platform has risen by over 230% since November 2022, when the company shifted to an auction model and introduced tighter controls on listings to maximise quality.
During 2022, the number of offers made by dealers for used stock via carwow increased by 45% compared to 2021.
Gordon lnglis, head of sales at carwow, said: “A primary driver for launching the consumer-facing Sell My Car service last year was to better address dealer demand for getting quality, used car inventory in a cost-effective way.
“Dealers now have thousands of fresh units to bid on each week; they aren’t seeing the cars they saw yesterday, let alone last week. It’s also quick and simple for dealers to review the condition of vehicles on the platform, make an offer in real-time and buy directly from the seller.”
carwow believes the improving situation is down to a gradual uplift in UK consumer confidence.
In February, it found that 56% of those polled using the site were planning to buy a car within the next month, and 67% said economic factors were having no impact on their plans for car ownership this year.