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Carwow
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Carwow
Carwow is an online marketplace for buying and selling cars. It uses the reverse marketplace model to remove the need for customers to negotiate with dealers when buying or selling their cars. When buying a new car, users choose the car they want, along with the various specifications and features, and then receive offers directly from dealers. When selling a car, users upload some basic details about their car (such as the registration number, mileage, and some photos), after which different car dealers are invited to bid to buy the car directly from them. It also provides information to prospective purchasers and gives feedback on rogue dealers. The company has a YouTube page, run by motor journalist and Carwow's Chief Content Officer Mat Watson, where different cars are reviewed.
The company has partnered with the RAC as part of RAC Cars' ‘search, buy, sell’ website.
Carwow was co-founded by James Hind, Alexandra Margolis, and David Santoro and launched in May 2013. While operating Carbuzz, James Hind came across the concept from a company that used the reverse tendering concept called My Best Deal. My Best Deal was the concept of David Paterson, formerly in the motor industry. David Paterson operated at a management level within the motor industry, providing finance and insurance services to clients. Carwow’s investors include Balderton Capital, Episode 1 Ventures, Samos Investments, and Accel Partners. The company had sold over 20,000 cars valued at £550 million by January 2016.
The company was originally launched in 2010 as a car research site, Carbuzz. It offered aggregated expert reviews, user reviews, statistics, videos and images to help consumers looking to purchase a new car find the best vehicle for their taste, budget and requirements.
In May 2013, it was re-launched as a car-buying platform. The company then raised £1.3m in venture capital finance from Balderton Capital, Episode 1 Ventures and Samos Investments, and several angel investors, including Alex Chesterman and Simon Murdoch, in February 2014 to fund growth.
In 2014, its investors provided a further £4.6m of capital so the company could 'expand the team further, roll out above-the-line advertising campaigns and start exploring new markets'.
In August 2015, following a complaint from a competitor, the Advertising Standards Authority found that the competitor "had been providing the same service since 2003", and therefore, the ASA "told Carwow not to claim that they were the first or only company to offer the advertised service."
In January 2016, Carwow raised a further £12.5m in a Series B funding round led by Accel Partners.
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Carwow
Carwow is an online marketplace for buying and selling cars. It uses the reverse marketplace model to remove the need for customers to negotiate with dealers when buying or selling their cars. When buying a new car, users choose the car they want, along with the various specifications and features, and then receive offers directly from dealers. When selling a car, users upload some basic details about their car (such as the registration number, mileage, and some photos), after which different car dealers are invited to bid to buy the car directly from them. It also provides information to prospective purchasers and gives feedback on rogue dealers. The company has a YouTube page, run by motor journalist and Carwow's Chief Content Officer Mat Watson, where different cars are reviewed.
The company has partnered with the RAC as part of RAC Cars' ‘search, buy, sell’ website.
Carwow was co-founded by James Hind, Alexandra Margolis, and David Santoro and launched in May 2013. While operating Carbuzz, James Hind came across the concept from a company that used the reverse tendering concept called My Best Deal. My Best Deal was the concept of David Paterson, formerly in the motor industry. David Paterson operated at a management level within the motor industry, providing finance and insurance services to clients. Carwow’s investors include Balderton Capital, Episode 1 Ventures, Samos Investments, and Accel Partners. The company had sold over 20,000 cars valued at £550 million by January 2016.
The company was originally launched in 2010 as a car research site, Carbuzz. It offered aggregated expert reviews, user reviews, statistics, videos and images to help consumers looking to purchase a new car find the best vehicle for their taste, budget and requirements.
In May 2013, it was re-launched as a car-buying platform. The company then raised £1.3m in venture capital finance from Balderton Capital, Episode 1 Ventures and Samos Investments, and several angel investors, including Alex Chesterman and Simon Murdoch, in February 2014 to fund growth.
In 2014, its investors provided a further £4.6m of capital so the company could 'expand the team further, roll out above-the-line advertising campaigns and start exploring new markets'.
In August 2015, following a complaint from a competitor, the Advertising Standards Authority found that the competitor "had been providing the same service since 2003", and therefore, the ASA "told Carwow not to claim that they were the first or only company to offer the advertised service."
In January 2016, Carwow raised a further £12.5m in a Series B funding round led by Accel Partners.