Motorway’s 2023 Performance: A Sudden Surge & Sharper Racing
Who says used cars need to be boring? Motorway, the UK’s fastest‑growing marketplace for second‑hand cars, just dropped its 2023 financials and the numbers are roaring. Think of it as a turbo‑charged engine, but for business.
Sales & Revenue: Hit the Gas!
- Total sales via the platform surged to £2.2 bn, a clear sign they’re taking a hefty toll on the market.
- Annual revenue shot up to £60.9 m, a staggering 48 % jump from last year’s £41.2 m.
Profitability: The Leaner, Meaner Car
- Gross profit climbed 52 %, landing at £54.5 m from £35.9 m the previous year.
- Operating losses fell sharply to £30.8 m from £38.2 m, an improvement that turns the -93 % margin of 2022 into a -51 % margin for 2023.
Long story short: the company is pulling the rent in while scaling up its engine, thanks to better process tweaks and smarter product features.
Strategic Moves: Doubling Down on Digitisation
Motorway kept pushing its digital muscle:
- Built a stronger platform that lets sellers cash in in a flash and helps dealers grab the best desks on the market.
- Invested in AI‑powered valuations and profiles—now your old cab can actually brag about its mileage at site speed.
- Enhanced dealer auction tools for smoother, quicker deals.
- Rolled out first‑class last‑mile logistics with payment processing (Motorway Pay) and end‑to‑end transport (Motorway Move), making the whole cycle safer and more scalable.
Words from the Commanders
CEO Tom Leathes said, “We’re proud to have delivered such strong growth and a significant drop in operating losses. This marks a major step toward profitability, proving we’re building the best experience for everyone. In 2023, we focused on scalable last‑mile infrastructure—Motorway Pay for smooth swipes and Motorway Move for quick deliveries. These innovations let us support every part of the used‑car journey, from valuation to payment to delivery.
CFO Liz Kistruck added, “Our recent accounts show impressive growth and momentum. With rising revenue, shrinking losses, and robust cash reserves, we’re ready to scale, innovate, and seize new strategic opportunities.
Bottom Line: The Road Ahead
In a market worth over £100 bn, Motorway’s unique model is a scalar advantage, steering straight into new market shares while nudging behaviours toward smarter transaction ways.
So, buckle up. The used‑car road is wild, but Motorway’s horse—now turbo‑charged—seems ready to lead.
