Online-only used car marketplace Motorway cut its pre-tax loss in 2023 as the Six Nations TV coverage sponsor handled more than £2.2bn in sales transactions in the year.
The London-based business, which has a network of more than 7,000 car dealers, has reported a pre-tax loss of £31.7m for its latest financial year, down from the £43.2m loss it incurred in 2022.
The firm, which sponsored ITV’s coverage of the Six Nations this year, also saw its revenue grow from £41.1m to £60.9m in the 12 months, according to newly-filed accounts with Companies House.
Motorway added that its gross merchandise value increased to more than £2.2bn in 2023, up from £1.7bn in 2022 “despite significant market headwinds reducing valuations and used car supply.
In July 2023, Motorway acquired vehicle data provider Total Car Check.
During the year the average number of people employed by the company in the year rose from 318 to 440.
Motorway was founded by Tom Leathes, Alex Buttle and Harry Jones in 2017.
A ‘strong year of growth’ for Motorway
A statement signed off by the board said: “The year 2023 has been a strong year of growth, efficiency and continued innovation for Motorway.
“Despite facing a challenging market environment, we have successfully navigated through uncertainties by doubling down on our core strengths: a robust digital platform, a loyal customer base and a commitment to innovation in used car transactions.
“As we look ahead, our focus remains on scaling operations efficiently, further enhancing user experience and driving sustainable growth in our core business in the UK.”
Motorway added: “Despite challenging market conditions, Motorway achieved [a] strong financial performance in 2023.
“revenue growth was driven by an increase in transaction volume and transportation service offerings.
“Gross profit margins expanded through operating efficiencies and the operating loss reduced significantly, demonstrating careful cost management and efficient scaling.”