Carwow will give auto dealers the opportunity to bid on privately sold used vehicle inventories after the acquisition of the car purchase comparison portal Wizzle is complete.
With the addition of the Wizzle platform, car buyers who use the carwow platform can sell their current car as soon as they have configured their new car on carwow instead of negotiating a part exchange with a car dealer.
Carwow said that while it has had a “Sell Your Car” live feature for a number of years and has had over a million reviews in the past 12 months, it will now be able to offer multiple offers to customers and give cars priority to dealerships offer partner directly.
And a new pricing model means that dealers who buy and sell from the same customer only pay for one new car inquiry.
James Hind, CEO of Carwow, said: “We already simplified our new pricing model for cars in October last year and our partners now only pay for the first request they receive from a carwow user.
“Our partners have not only driven new vehicle sales, but have also benefited from participating in the exchange of parts at the same time, and we do not want to reduce this advantage.
“So if a dealer receives a new car inquiry that leads to a confirmed sale and they also bids on the current car of the same customer they want to buy, they only pay for the new car inquiry, which is only £ 38.”
Fixed fees for buying a used car on the platform start from £ 99.
Hind said that carwow’s auto dealership customers are now getting “the best of both worlds”. He said, “If you buy and sell to the same customer, you pay the same inquiry fee as always.
“But if you want access to more used vehicles from a much larger group of customers, you can log in and make an offer in real time.”
Yesterday, AM reported that used car portal Autoway raised an additional £ 48 million in a funding round led by Deliveroo, Etsy and Dropbox backer Index Ventures.
Motorway – a used car comparison site that matches car dealerships with private sellers – recently reported a tripling of its car sales volume in the past 12 months and forecast 300% further growth in 2021.
Founded in 2017, to date the company has sourced 65,000 used vehicles for retailers and claims to support the inventory needs of 3,000 dealers across the UK.
Wizzle is the brainchild of Sébastien Duval, who for the first time developed an app that helps car dealers evaluate and rate used cars that have been driven at used vehicle yards.
In 2016 the platform went online and reconfigured to allow customers to profile their own car so they can share it with potential dealers who might want to buy it.
Carwow said Wizzle now has more than 2,000 dealerships using its platform who buy more than 1,500 cars a month.
Hind said: “We are very excited to have the Wizzle team join the carwow family and look forward to rolling out the service in the UK and then Germany and Spain.”
Duval said, “With carwow’s reach, size and expertise from its 245-strong team, we are in pole position to build the largest used vehicle aggregator in the market and provide dealers with easier access to more branded, local, quality cars Offer .
“I can’t wait to combine our industry leading technology with the immense reach of carwow in the UK, Germany and Spain.
“Our companies are two sides of the same coin with the common vision of offering trust, transparency and high-quality services that give retailers an advantage in the digital world.”
