Blog Post

Used Car Seller Get £4 Million VC Funding

imageDigital motors advertising was sliding even before the recession but investors are still willing to speculate on the sector. Online-only second-hand car retailer Autoquake has raised a hefty £4 million in VC funding from Accel Partners and Highland Capital Partners — adding to the £10 million those companies have already invested in Autoquake. The site will now look to further expand across the UK and internationally across Europe. The site has factored some genuine growth into its business plan: it sold 4,700 cars last year and hopes to sell 15,000 this year. Autoquake claims not having showy salesrooms or a large staff allows it undercut mainstream dealers by up to 17 percent and offer cars on average 10 percent cheaper than most online car supermarkets. Via