Carwow
{{Short description|UK based online car retail company}}
{{Advert|date=November 2019}}
{{Infobox website
| name = Carwow
| logo = Carwow logo.png
| company_type = Private/Group
| foundation = {{Start date|2011}}
| location = London, United Kingdom
| area_served = Worldwide
| founder = James Hind, Alexandra Margolis, David Santoro
| key_people = John Veichmanis (CEO)
| industry = Automotive
| owner = Balderton Capital, Episode 1 Ventures
| revenue =
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| programming_language =
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| language = English
| current_status = Active
| website = https://www.carwow.co.uk/
| screenshot =
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}}{{Infobox YouTube personality
| name = Carwow
| image =
| channel_handle = Carwow
| presenter = Mat Watson
| years_active = 2016-present
| genre = Car Reviews
| subscribers = 10.0 million
| views = 4.6 billion
| stats_update = March 2025
}}
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.{{Cite web|title = Can you save money buying a new car online through carwow?|url = http://home.bt.com/lifestyle/money/money-tips/can-you-save-money-buying-a-new-car-online-through-carwow-11364033061241|website = BT.com|access-date = 2016-02-18}} 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.{{Cite web|url=https://www.motortrader.com/motor-trader-news/automotive-news/carwow-raises-55m-invest-sell-yoir-car-service-06-12-2021|title = Carwow raises $55m to invest in Sell Your Car service|date = 6 December 2021}} 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.{{Cite web|title = Zoopla for cars: property site bosses back start-up carwow|url = https://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/10656157/Zoopla-for-cars-property-site-bosses-back-start-up-carwow.html|website = Telegraph.co.uk|access-date = 2016-02-18}} {{Cite web|title = Carwow YouTube subscribers leap to 2.7million|url = https://www.am-online.com/news/dealer-news/2019/04/15/carwow-youtube-subscribers-leap-to-two-million|website = AMOnline|access-date = 2019-04-25}}
The company has partnered with the RAC as part of RAC Cars' ‘search, buy, sell’ website.{{Cite web|title = Carwow and RAC partner to offer innovative new car-buying experience|url = http://cardealermagazine.co.uk/publish/carwow-rac-partner-offer-innovative-new-car-buying-experience/92494|website = Car Dealer Magazine|date = 3 June 2015|access-date = 2016-02-18}}
Carwow was co-founded by James Hind, Alexandra Margolis, and David Santoro and launched in May 2013.{{Cite web |last=Beauhurst |date=2022-03-10 |title=50 Female Entrepreneurs To Watch {{!}} 2022 |url=https://www.beauhurst.com/blog/female-entrepreneurs-to-watch/ |access-date=2023-07-10 |website=Beauhurst}}{{Cite web |date=2016-12-13 |title=Inspirational Woman: Alex Margolis {{!}} Founder, www.carwow.co.uk |url=https://wearethecity.com/inspirational-woman-alex-margolis-founder-www-carwow-co-uk/ |access-date=2023-07-10 |website=WeAreTheCity}} 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.{{Cite web|title = Car Buying Platform Carwow Raises £12.5M Series B Led by Accel|url = https://techcrunch.com/2016/01/13/the-series-b-stop/|website = TechCrunch|access-date = 2016-02-18|first = Steve|last = O'Hear}} The company had sold over 20,000 cars valued at £550 million by January 2016.{{Cite web|title = carwow celebrates one million users and £550m worth of cars sold - Startups 100 by Startups.co.uk: Start up a successful business|url = http://startups.co.uk/startups-100/news/carwow-celebrates-one-million-users-and-550m-worth-of-cars-sold/|website = startups.co.uk|date = 26 January 2016|access-date = 2016-02-18}}
History
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.{{Cite news|title = Car review: Porsche Cayenne S Hybrid|url = https://www.theguardian.com/technology/2010/nov/28/porsche-cayenne-s-hybrid-car-test|newspaper = The Guardian|date = 2010-11-27|access-date = 2016-02-18|issn = 0261-3077|language = en-GB|first = Martin|last = Love}}
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.{{Cite web|title = Balderton Capital Leads £1.3M Seed In UK Car Buying Platform Carwow|url = https://techcrunch.com/2014/02/23/carwow/|website = TechCrunch|access-date = 2016-02-18|first = Steve|last = O'Hear}}
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'.{{Cite web|title = Car Buying Platform Carwow Secures £4.6M Series A To Step On The Gas|url = https://techcrunch.com/2014/12/14/carwow-fuel-injection/|website = TechCrunch|access-date = 2016-02-18|first = Steve|last = O'Hear}}
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."{{cite web |title=ASA Ruling on Digital Blurb Ltd t/a Carwow |url=https://www.asa.org.uk/rulings/digital-blurb-ltd-a15-313003.html |publisher=Advertising Standards Authority |accessdate=29 November 2019 |date=25 November 2015}}
In January 2016, Carwow raised a further £12.5m in a Series B funding round led by Accel Partners.{{Cite web|title = London startup Carwow has raised £12.5 million from the investors behind Dropbox and Spotify|url = https://www.businessinsider.com/london-tech-startup-carwow-has-raised-125-million-2016-1|website = Business Insider|access-date = 2016-02-18}}
A £6m TV advertising campaign for Carwow was launched in December 2015, voiced by actor Michael Gambon.{{Cite web|title = Michael Gambon to become the voice of Carwow|url = http://www.am-online.com/news/digital-marketing/2015/12/18/michael-gambon-to-become-the-voice-of-carwow|website =AMOnline|access-date = 2016-02-18}}
In August 2019, Carwow announced a £25 million strategic funding round led by German car manufacturer Daimler, the parent company of the Mercedes-Benz brand. Daimler executive Axel Harries will also sit on the Carwow board of directors.{{Cite web |title=Daimler leads £25 million strategic financing round for London-based car marketplace Carwow |url=https://tech.eu/2019/08/05/daimler-leads-25-million-strategic-financing-round-for-london-based-car-marketplace-carwow/}}
In June 2021, Carwow acquired Wizzle, a consumer-to-business car-buying platform founded by entrepreneur Sebastien Duval. Wizzle was rebranded Sell Your Car, allowing Carwow to grow the business significantly by entering the used car market.
In 2022, Volvo Cars acquired a minority stake in the company.{{cite news | url=https://www.ft.com/content/3362bc93-ba10-4878-884f-a73878af8193 | title=Volvo takes stake in Carwow to help boost digital sales | newspaper=Financial Times | date=26 April 2022 }}
In November 2022, Carwow cut nearly a fifth of its total staff due to economic concerns. Around 70 staff members were released across the UK, Spain and Germany.{{Cite news |date=2022-11-25 |title=Online car sales platform Carwow sheds a fifth of staff |work=Financial Times |url=https://www.ft.com/content/19150de3-bbd4-42b3-acbd-52b228dc1bf1 |access-date=2023-02-06}}
As of 14 February 2025 Carwow has multiple YouTube channels in various languages, presented by Mat Watson (or Daniel Hohmeyer for the German channel), with a combined total of 10 million subscribers and over 4.5 billion views on the English main channel.{{Cite web |date=14 February 2025 |title=carwow's YouTube Stats |url=https://socialblade.com/youtube/c/carwow/monthly |access-date=14 February 2025 |website=Socialblade}}
In 2022, ITV invested in a partnership with Carwow in return for advertising inventory across ITV’s channels and the ITV Hub. ITV acquired a minority stake in Carwow, valued at £2.5 million in return for advertising inventory, as part of a media for equity scheme, with an option to invest a further £2.5 million.{{Cite web |title=ITV announces investment in Carwow |url=https://www.itvmedia.co.uk/news-and-resources/itv-invests-carwow |access-date=2023-07-10 |website=ITV Media}}{{Cite web |title=ITV and Channel 4 drive £17.2m Carwow investment round |url=https://www.am-online.com/news/supplier-news/2022/03/09/itv-and-channel-4-drive-172m-carwow-investment-round |access-date=2023-07-10 |website=AMOnline}}{{Cite web |title=ITV invests £2.5m stake in Carwow as part of media-for-equity scheme |url=https://www.campaignlive.co.uk/article/itv-invests-25m-stake-carwow-part-media-for-equity-scheme/1749143 |access-date=2023-07-10 |website=campaignlive.co.uk}}
In 2024, Carwow acquired Autovia, the publisher of former Dennis Publishing magazines Auto Express, Evo, DrivingElectric and Carbuyer.{{cite web |last1=Kirwan |first1=John |title=Carwow buys Autovia print and digital business for undisclosed sum |url=https://www.motortrader.com/motor-trader-news/automotive-news/carwow-buys-autovia-print-digital-business-undisclosed-sum-14-02-2024 |website=Motor Trader |access-date=8 June 2024 |date=14 February 2024}}{{cite press release |author= |title=CARWOW ACQUIRES LEADING AUTOMOTIVE TITLES |url=https://www.carwow.co.uk/news/7448/carwow-acquires-autovia |location=London, United Kingdom |publisher=Carwow Ltd. |agency= |date=2024-02-14 |access-date=2024-11-12}}
References
{{reflist}}
External links
- [http://www.carwow.co.uk/ Company home page]
{{Carwow Group}}
Category:Online automotive companies
Category:Retail companies established in 2013