Motorway eyes greater share of UK’s £100 billion used car market after posting 48% revenue growth

Used car marketplace Motorway has reported significant growth in revenue and a reduction in operating losses.

In total, sales through Motorway's platform reached £2.2 billion with improved operating margin rising from -93% in 2022 to -51% in 2023, through greater operational efficiency and enhanced revenue generation.

Throughout 2023, Motorway doubled down on its core strengths by enhancing its digital platform, strengthening relationships with consumers and dealers, and investing in product innovations.

Notable developments include the use of AI-driven tools for car valuation, dealer auction enhancements, and improvements in last-mile logistics, such as Motorway Pay for payment processing and Motorway Move for vehicle delivery.

CEO and founder Tom Leathes (pictured), commenting, said: "This marks an important step in our journey to profitability. In 2023, we focused heavily on building scalable infrastructure to support the entire used car transaction cycle."

CFO Liz Kistruck added: “Our strong growth and reduced losses demonstrate impressive momentum. With significant cash reserves and net assets, we are in a strong position to continue scaling and investing in innovation."