Carwow accelerates momentum with record growth

• Revenue leaps 55% to £85.1m in financial year 2024 (2023: £54.8m)
• On track to surpass £100m revenue barrier in 2025, marking third consecutive year of strong growth
• 1.9bn annual views on all social platforms, including YouTube; unmatched combined reach of Auto Express, evo and other content brands

For the year ended 31 December 2024, group revenues rose by 55% to £85.1 million (2023: £54.8m), driven by rapid adoption of its Sell My Car platform and the integration of automotive media assets including Auto Express, evo and Driving Electric. Gross profit increased to £79.0 million (2023: £53.4m).

In 2024, Carwow’s car-selling service (Sell My Car) alone saw over 75,000 cars sold, generating £1.1bn Gross Merchandise Value (GMV), and surpassing the milestone of 200,000 cars being sold since it was launched in mid-2021.

Underlying profitability strengthened significantly. On an Adjusted EBITDA basis* losses narrowed to £6.7m, reflecting the scalability of its model and the capitalisation of technology development investment.

Carwow Group websites pulled in 115 million unique user visits in 2024, alongside more than 1 billion YouTube views across its network — making it one of the world’s largest automotive video publishers. Combined with hundreds of millions of social and print impressions, Carwow reaches more new car buyers than any other car marketplace in Europe.

Looking forward, Carwow expects to break the £100 million revenue mark in 2025, underlining the scale and resilience of the platform at a time of significant disruption in the global automotive industry.

John Veichmanis, CEO of Carwow Group, said: “2024 was another phenomenal milestone year for Carwow. Our integration of Auto Express and other leading content brands has created a unique ecosystem where trusted media and seamless car changing come together. Our scale is unparalleled, from the millions consuming our content to the hundreds of thousands changing their cars through our platform.

“In a time of great disruption in the automotive industry, from the UK’s new ZEV mandate to tariff pressures, drivers are turning to Carwow for clarity and confidence in their car buying and selling decisions. Our performance reflects an automotive tech success story, with Carwow delivering sustained, multi-year growth across the UK and Europe.”

2024 also saw Carwow strengthen its balance sheet through a $52 million equity funding round led by Bessemer Venture Partners, with participation from existing backers Accel, Balderton, Episode 1 and Vitruvian.

This investor base, which includes some of the world’s most respected technology funds, provides Carwow with the firepower to scale business units internationally and demonstrates the endorsement of leading venture capital firms who recognise the long-term potential of the platform.
Carwow closed the year with a strong cash balance, providing ample runway for growth and international expansion.

The group reported an operating loss of £16.5 million (2023: £13.0m), reflecting deliberate investment in product, engineering and international expansion on completion of its new funding round. Headcount grew from 338 to 509, reflecting this step-change in product investment and operational capacity.

Carwow also invested heavily in technology and brand integration in 2024, capitalising over £10m of intangible assets, including the Auto Express and evo brands. This reflects the group’s continued product innovation and the long-term value of its automotive media portfolio.

*Adjusted EBITDA excludes non-cash related transactions related to the group’s share-based payment charge and the costs of a renegotiated venture debt loan.