Motorway has today announced the launch of its dealer stock acquisition platform Motorway Pro, as well as an £11m funding round from technology investors.
Motorway Pro platform allows consumer sellers to see offers from dealers, alongside instant prices from online car buyers.
Dealers can bid for a vehicle submitted by seller over a 24 hour period and the winning dealer is connected to the seller to complete the transaction.
This removes middlemen from the sale process, to make it more efficient and getting a better deal for both the car seller and the dealer.
Dealers are alerted about vehicles that fit their requirements via text message or WhatsApp, and can access detailed vehicle profiles on their phones before making a bid and closing the sale.
Motorway has been working with a select group of buyers to test and develop its Pro platform, including Sytner, Inchcape, Jardine Motors and a number of independent dealers.
The funding round has come from technology investors Marchmont Ventures and LocalGlobe, following growth in the 18 months since it launched.
Motorway’s CEO Tom Leathes said: “Dealerships across the UK are finding it harder than ever to find high quality, low mileage stock at good prices. Existing routes are time-consuming and expensive.
“Motorway Pro connects dealers directly to consumer sellers that want to sell fast, helping both the dealer and the seller get a great deal in minutes without leaving their seat. And we’re making things easier and more enjoyable using the power of instant messaging.
“Pro helps buyers to find high-spec stock that’s hard to get through traditional auctions and other usual routes. And because we simplify the process, we’re able to achieve new levels of cost efficiency and a far better experience.”
He concludes: “Motorway has come a long way in a short space of time, but there’s still a huge opportunity to improve the car sale experience for both consumers and professional buyers, and we’ve really just got started.
“We believe in the power of transparency and technology to solve some of the industry’s biggest challenges, and Motorway is committed to helping drive improvements for everyone.
“This funding round will enable us to deliver even faster development of our technology platform and to expand the Motorway marketplace across the UK.”