carwow gears up for growth with acquisition
Posted on June 16, 2021 by Jonathan Symcox
Car buying comparison company carwow has acquired used car buying platform Wizzle.
Carwow connects online car buyers with dealers and has 12.5 million customers. Last year £2.5 billion of new cars were sold on the carwow platform and almost 80% of buyers then had a car to sell.
The acquisition of Wizzle will help carwow users sell their current car as soon as they’ve ‘configured’ their new car on carwow.
Wizzle is the brainchild of Sébastien Duval, who first set about building an app to help car dealers appraise and value used cars that had been driven onto used car forecourts. He quickly figured out that he could streamline the process for both dealers and customers by moving the entire process online, providing customers with the ability to profile their own car so that they could share it with prospective dealers who might want to buy it.
Wizzle customers answer a set of questions about their car’s general condition and upload six-to-eight photos which dealer partners around the UK can access before deciding whether to make an offer to buy it.
Wizzle now has more than 2,000 dealers using their platform who are buying more than 1,500 cars per month.
carwow plans to integrate the Wizzle used car selling service into its new car buying experience this week. While carwow has had a ‘Sell Your Car’ feature live for a number of years – driving over a million valuations in the last 12 months – it has only been able to provide a single offer from a single provider.
By leveraging Wizzle’s technology platform, carwow will be able to provide multiple offers to customers and prioritise offering cars to dealer partners directly.
James Hind, carwow CEO, said: “Our partners have told us that they want better direct access to high quality used car inventory and this acquisition will allow us to do just that quickly.
“Wizzle is already powering over 1,500 vehicle sales per month, which we’re aiming to grow exponentially by integrating the service into the main carwow platform.
“We’re super excited about the Wizzle team joining the carwow family and look forward to rolling the service out in the UK and then Germany and Spain.”
Duval added:: “With carwow’s reach, scale and the expertise of its 245-person team, we’re in pole position to build the biggest used car aggregator in the market, providing dealers with easier access to more in-brand, local and quality cars.
“I can’t wait to combine our class leading technology with the immense reach that carwow have in the UK and in Germany and Spain.
“Our companies are two sides of the same coin, with the shared vision to deliver trust, transparency and high quality services that gives dealers an advantage in the digital world.”