Carwow Group accelerates growth following transformative year

London, 30 September 2024: Carwow has today announced significant progress in its journey towards profitability and expansion. For the financial year ended 31 December 2023, Carwow reports:

• Revenue growth of 37% to £54.8 million (2022: £39.9 million)
• EBITDA loss down from £20.6m in 2022 to £5.4m in 2023
• Particularly strong performance of Sell My Car business, accounting for a major proportion of group revenue

Furthermore, the company’s growth trajectory has continued into 2024, with revenues increasing by 56% in the first half of the year.

Carwow’s Sell My Car service has been a particular success, having now sold 160,000 cars worth a combined £3 billion since its acquisition of Wizzle in 2021 and fundamentally transforming Carwow’s business model into a full service car-changing platform.

Carwow Group has achieved several key milestones this year. February saw Carwow make a strategic acquisition of Autovia Limited, including the renowned Auto Express, evo and Driver Power brands. This acquisition reinforces Carwow’s position as one of the UK’s largest online car-changing destinations, combining authoritative automotive content with vehicle marketplace functionality.

In July, the company secured an additional $52 million of investment from Bessemer Venture Partners alongside existing investors Accel, Balderton, Episode 1, and Vitruvian. This new funding validates Carwow’s unique business model and approach to the market and has accelerated its international expansion plans.

John Veichmanis, CEO of Carwow Group, said: “2023 marked a pivotal year for Carwow, as we significantly improved our financial performance and expanded our service offering. Our performance last year and the first half of 2024 demonstrates the strength of our tech-first, full-service car changing model. We’re making great progress on our journey to revolutionise how people buy, sell, and change their cars across Europe.”

Looking ahead, Carwow’s strategic priorities include:

• Accelerating the growth and scaling of the Sell My Car service in the UK
• Help retail partners to buy and sell more cars online by investing in technologies that help them connect more effectively with our ever-growing audience
• Continued investment in product innovation and technology to enhance customer experience
• Further development, Integration and leveraging the reach of our automotive media brands within the marketplace

The company is investing heavily in the expansion of its product and engineering teams with new senior hires, including a recently appointed new Vice President of Product, Ana Diaz Medio, underscoring Carwow’s commitment to attracting top tech talent.

More than 10 million customers have used Carwow to change their cars to date, with consumers purchasing nearly £3 billion worth of cars from our retailer partners in 2023 alone.
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About Carwow Group
Carwow Group is the pioneering force in car-changing, establishing the premier destination for drivers to buy, sell, and learn about cars. Following the acquisition of Autovia, we found Carwow Group which is now home to a diverse portfolio of influential brands, including Carwow, Auto Express, Evo, Driving Electric, Driving Power, and Driver Power.

As industry innovators, Carwow Group is committed to pushing boundaries and driving the automotive sector into new territory. We see possibilities where others see challenges, continually building innovative experiences that cater to drivers’ needs. Our unique blend of commerce and content expertise offers our audience choice, intelligence, and transformative car-changing experiences. We stand as passionate advocates for drivers, championing their needs and representing our partners with authority and expertise.

Key Stats:

• Annual YouTube views: 1.1 billion+
• Annual print reach: 1.2 million copies sold (Auto Express & evo combined)
• Annual social media reach: 651 million+