Dealer bidding increases 48% at Q1 Carwow auctions

By automotive-mag.com 3 Min Read

Carwow‘s online daily auctions saw significant growth during Q1 of 2024, including a 48% rise in the number of dealers bidding and a 44% increase in the number of dealers buying.

Dealer profitability was also aided by lower buyer fees. Average sale price on Carwow auctions in Q1 were below CAP Clean for the fourth consecutive quarter.

Since 2021, Carwow auctions have added more than 135,000 used vehicles to dealer forecourts, with a combined value of over £1.8 billion.

The online marketplace has recorded a 37% year-on-year increase in the total volume of live listings. Private sellers listed around 50,000 cars and light commercial vehicles.

Q1 also saw the number of customers requesting an online vehicle valuation increase by 68% year-on-year.

Sally Foote, CCO – Sell my Car at Carwow said: “We offer dealers access to a broad range of ever-changing stock and a wealth of consumer data and insight. By facilitating dealers to make more informed decisions, we can help drive profitability and dealers are voting with their feet, demonstrating their growing trust in Carwow as a stock-sourcing partner.

“We constantly seek feedback from our dealer partners to improve our offering in practical ways, such as the recent BuySafe initiative, which offers peace of mind when buying from private sellers online.

Last year we changed to round-the-clock bidding which helps dealers access our daily auctions when it’s convenient for them, helping to quickly and reliably address sustained customer demand for quality used vehicles.

“We will be enhancing our dealer proposition further over the coming months with more exciting, value-added initiatives.”

Share This Article
Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *