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LONDON - Fast-growing UK startup Motorway has taken an asset-light, eBay-like online marketplace approach for consumers to sell used cars directly to dealers, a model the company hopes to expand to other countries and eventually lead to a public listing.
The startup never actually owns any cars, unlike online used-car sellers like Carvana in the U.S. market or Cazoo in the UK that have struggled with inventory problems that sent their stocks plummeting. Sellers upload interior shots as well as exterior photos of cars and are asked to include service history. The car undergoes an in-person inspection when it is collected.
In 2021, the startup hit unicorn status - unicorns are valued at $1 billion or more. It charges a fee per sale - ranging from 225 pounds to 1,000 pounds - and its revenue for 2022 more than doubled to 41.2 million pounds. Cars that been part of rental and business fleets make up a significant part of the used market, often sold after heavy use.
Nick Templeton, 60, recently sold a 2020 Tesla Model 3 with 33,000 miles, for 25,400 pounds on Motorway, around 2,000 pounds more than car-buying web sites offered.
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