Carwow has made significant strides toward profitability and expansion, trimming losses to £16.2 million on the back of increased £54.8m revenues.
For the financial year ending 31 December 2023, the company reported a 37% increase in revenue from £39.9m in 2022 and reduced its EBITDA loss from £20.6m in 2022 to £5.4m in 2023.
Carwow’s Sell My Car service was a key driver, contributing significantly to the company’s overall revenue. Since acquiring Wizzle in 2021, Sell My Car has sold 160,000 vehicles, worth a combined £3 billion.
Key milestones for the Carwow Group in 2023 included the strategic acquisition of Autovia, which owns prominent brands like Auto Express, evo, and Driver Power. This acquisition solidifies Carwow’s position as one of the UK’s largest online car-changing platforms, blending authoritative content with marketplace functionality.
In July, Carwow secured an additional $52 million investment led by Bessemer Venture Partners, alongside existing investors Accel, Balderton, Episode 1, and Vitruvian. The business said this funding will accelerate international expansion and demonstrates confidence in Carwow’s innovative business model.
John Veichmanis, CEO of Carwow Group, said: “2023 was a pivotal year for us, as we significantly improved our financials and expanded our service offerings. Our strong performance, both last year and in early 2024, highlights the success of our full-service car-changing model. We’re well on our way to revolutionizing how people buy, sell, and change cars across Europe.”
Building on its 2023 success, Carwow says its momentum has continued into 2024, with revenues increasing by 56% in the first half of the year. Its strategic priorities for the year will include expanding the Sell My Car service in the UK, enhancing technology for retail partners to increase online car sales, continuing investment in product innovation to improve customer experience and leveraging the reach of newly acquired automotive media brands.
To support these goals, Carwow has bolstered its product and engineering teams, including the appointment of a new vice president of product Ana Diaz Medio.
