Changelog
Showing the latest 10 of 47 total updates. The last update was made on November 22nd, 2024.
Revenue updated for Bring a Trailer
Revenue updated for MOTORMIA
MOTORMIA had its URL changed
MOTORMIA was added to Automotive Dealerships
Revenue updated for Broom ID
Broom ID had its URL changed
Broom ID was added to Automotive Dealerships
Revenue updated for TrueCar
TrueCar had its URL changed
TrueCar was added to Automotive Dealerships
In this report we're tracking $5.1B in monthly recurring revenue and $97M in funding.
#1
Motorist: $4.2M in Annual Revenue
Simplifying vehicle ownership and management
Motorist is a vehicle ownership management platform which was founded in 2015 by Damian Sia, who witnessed firsthand the complexities of selling a car.
The website and app support users in buying and selling used vehicles and aid in additional services such as vehicle scrapping and export, car loans, insurance, roadside assistance, and many more.
The business initially served customers exclusively in Singapore but has since expanded to over 130 staff and now operates in Malaysia, Thailand, Vietnam and the Philippines. Supporting more than 1.1 million customers complete over $2 Bn worth of vehicle transactions in the process.
In their latest financial reports, Motorist reached annual revenue of $4.21 million, an almost 20% increase on the $3.51 million hit in the previous year.
#2
CarMats.co.uk: $6.9M in Annual Revenue
Fully tailored carpet and rubber car mats
CarMats.co.uk provides car mats to customers in the UK and was founded by Ash Young.
The company supplies UK made tailored mats, for every make and model of vehicle, which can be customised to include different colours, cloths, trims, and stitching.
CarMats.co.uk recently celebrated a huge milestone with their 300,000th order on Shopify, and generated 129,000 orders in 2023 alone.
This has resulted in the business achieving £5.5 million (~$6.9M) in revenue in 2023, which was a 25% increase YoY.
Ash shared that he aims to grow the business to £1 million in sales per month in 2024, and had already achieved £2 million (~$2.6M) in sales within the first three months of this year. This helped drive their total sales for the business beyond £20 million (~$26M).
#3
MOTORMIA: $8M in Funding
Custom car modification service
MOTORMIA is an AI-powered car modification support service which was founded by Isaac Bunick in 2023, and publicly launched in 2024.
Users can create a custom build of their vehicle by entering the car's details along with images, setting modification goals, and then receiving recommendations for personalisation and upgrades from AI bot Mia and the MOTORMIA community.
Essentially, the AI platform analyses the desired performance levels and creates a build planner with suggested modification parts based on the owner's mechanical experience.
The service has now been used by hundreds of thousands of car owners, and the business raised $8 million in funding in October 2024 to continue its early traction.
#4
Car and Classic: $25.5M in Annual Revenue
Classic automotive auction website
Car and Classic showcases classic vehicles for sale. Having originally been founded in 2005, the business was acquired by Cazana owner Tom Wood in 2018, three years after he initially tried to buy the company.
The website hosts a range of automobiles available for sale by auction. In addition to classic cars and bikes, their auctions feature electric vehicles, racing cars, and automotive memorabilia, amongst other categories.
Those looking to sell their vehicle can provide details and a reserve price for it to be listed in the auction. The business facilitates the transaction with buyers and receives a service fee from the winning bidder.
To date, Car and Classic, with its 80+ staff, has supported with the sale of more than 18,000 motorcycles and 113,000 classic cars in regions such as Australia, Europe, South Africa, the United States, and the UAE.
In their latest financial reports, Car and Classic showed annual revenue of €24.2 million (~$25.5M), a considerable increase from the €4.5 million (~$4.8M) reached just three years prior.
#5
CARiD: $35M in Funding
Online supplier of parts and accessories for cars, trucks, SUVs and Jeeps
CARiD is an eCommerce platform for automotive parts and accessories which was launched in 2008.
The business currently sells more than 17 million products from over 2,800 different brands including mechanical and body parts, wheels, interior products and tools.
The site also features a range of articles and videos to guide users through replacing parts and completing repairs on their vehicles. It’s due to this kind of detail that makes the online store accessible to not only professional mechanics, but regular drivers and car enthusiasts as well.
In March 2024 it was announced that CARiD had raised $35 million in a funding round. The aim of this investment is to grow the range of products and the level of customer service, as well as to improve the online shopping experience by introducing AI-powered product recommendations.
#6
Vanarama: $52.2M in Annual Revenue
Car and Van leasing
Autorama is a vehicle leasing platform which operates under its Vanarama brand. The business was founded by Andy Alderson in 2004, initially as a used vehicle dealership.
Visitors to the website can explore car, pickup and van leasing deals for personal or business purposes.
In 2022, UK company Auto Trader acquired the business in a deal worth £200 million (~$253.5M). Though, Vanarama.com continues to operate as a separate website.
To date, Vanarama has completed more than 120,000 vehicle transactions and last year delivered over 7,800 lease vehicles. However, this figure would have likely been higher if the market had not been restricted by limited supply.
In 2024, the business generated £41.2 million (~$52.2M) in annual revenue, which was a 51% increase year over year. We’ll be following its progress closely under the new ownership and will continue to provide updates.
#7
Broom ID: $54M in Funding
Digital Growth platform for car dealerships
Broom supports car dealerships in Indonesia to digitalise their business. The business was founded by Pandu Adi Laras and Andreas Sutanto in 2021.
The showroom-focused service, which is used by more than 7,700 companies, helps manage car inventory and enables vehicle trading with other dealers. The platform also features a Buyback offering, which allows customers to sell and then repurchase their inventory in order to generate working capital.
In Q4 2023, Broom introduced a leasing platform, resulting in 2,300 transactions and over $17 million in revenue.
In October 2024, the business raised $25 million in series A funding, taking the total investment in Broom to $54 million.
#8
TrueCar: Q2 2024 Revenue of $41M
New and used cars for sale
TrueCar is a car-buying, financing, and selling platform founded by Scott Painter and Tom Taira in 2008.
Customers can browse thousands of new and used vehicles and discover finance options available to support their purchase. The website also features a car selection quiz, reviews, rankings, and comparisons to help users find the right vehicle for them.
The business also provides online valuations in minutes for those looking to sell or trade in their car.
In 2023, TrueCar generated $158.7 million in annual revenue, which was down 1.7% year over year. This decline was reversed in Q2 2024, with revenue growing 6.4% YoY to reach $41.8 million.
The company, which has received $340 million in total funding, has a target to hit $300 million in annual revenue by the end of 2026.
#9
Auto Trader: $671M in Annual Revenue
A platform for users to buy and sell vehicles
Auto Trader features new and used cars for sale within the UK. The business was initially launched by John Madejski as Thames Valley Trader in 1977 before rebranding to Auto Trader Magazine in 1988. The first version of the AutoTrader.co.uk website was released in 1996.
Visitors can search online for cars, motorcycles and vans to buy based on age, make and model, mileage, valuation and several other factors. Those looking to sell their vehicle can receive a free valuation and then advertise on the site from £9.95, with prices increasing for more expensive vehicles.
The platform, which averages 445,000 cars for sale each month, also provides in-depth vehicle reviews and car leasing deals.
In fact, in 2022, Auto Trader acquired leasing company Autorama, which operates under its Vanarama brand, to maximise the opportunities associated with the growing UK demand for vehicle leases rather than purchases.
In 2024, AutoTrader.co.uk generated £529.7 million (~$671.6M) in annual revenue, resulting in a 12% increase YoY. This income meant the business reached £378.6 million (~$480M) in operating profit, which was 14% higher than the previous year.
#10
CarParts.com: $675M in Annual Revenue
Automotive eCommerce store supplying millions of parts
CarParts.com is an automotive parts store which was founded more than 25 years ago.
The eCommerce business features more than 50 million car parts such as brakes, catalytic converters, headlights, interior accessories and maintenance equipment.
As well as allowing customers to purchase from the website, CarParts.com actively promotes their app which features the full range of products that can be purchased with ease.
The business also has a substantial number of resources focused on educating and supporting customers with a range of vehicle maintenance guides and car parts selection resources. These include topics such as cooling systems and tire treads.
The company has recently revealed that Q4 2023 revenue reached $156 million, resulting in over $51 million in profit. This saw annual revenue for 2023 hit a record high of $657 million, with $229 million profit.
However, they've reported that early 2024 sales have been slower than hoped which has contributed to the loss of 150 jobs globally.
#11
Cars.com: $689M in Annual Revenue
showcasing new and used cars from private sellers and dealerships
Cars.com is a digital marketplace for car shoppers and sellers which was launched back in 1998.
The website, which attracts 150 million monthly visits, features new and used cars for sale, and also provides in-depth automotive reviews and comparisons for car buyers to make more educated purchasing decisions.
The platform powers over 6,300 dealerships and OEMs with their technical solutions, and the Cars.com family includes several other acquired and launched brands such as Auto.com, NewCars.com and PickupTrucks.com.
The business announced record traffic of 614 million visitors last year, which helped drive $689.2 million in annual revenue for 2023, a 5% YoY growth. Cars.com has reported strong revenue growth of 8% year over year in Q1 2024 and 6% YoY for Q2, suggesting an even stronger current financial year for the business.
#12
CarGurus: Q3 2024 Revenue of $231.4M
Vehicle reviews and used car deals
CarGurus, the online platform for buying and selling cars, recently announced Q3 2024 revenue of $231.4M. A 5% increase year over year.
While we're big fans of third-party tools, it's great to get traffic metrics direct from the source, and CarGurus revealed to investors they averaged 42 million monthly unique visitors.
There are currently around 31,000 paying dealers on the site.
As a fun (and impressive) side note, CarGurus was founded by Langley Steinert, who just so happened to cofound another company you're likely familiar with: TripAdvisor.
#13
Bring a Trailer: Facilitated $1.4 Billion in Annual Sales
Online vehicle auction site
Bring a Trailer is an online vehicle auction site operating in the United States.
The website allows users to buy and sell modern, vintage and classic cars. As well vehicles in other categories including hot rods, racing cars, RVs, motorcycles and even boats, to name but a few.
As we type this there are over 900 vehicles currently up for auction, and the brand facilitated over 30,000 sales in 2023, which was up 19% on the previous year.
Bring a Trailer has grown user numbers to 1.2 million, a significant increase from the 880,000 12-months prior. The business generates revenue by charging these customers $99 to list a vehicle for sale, as well as 5% of the final sale price up to $5,000.
The auction site was acquired by Hearst Autos back in 2020, and in 2023 Bring a Trailer was responsible for more than $1.4 billion in vehicle sales. A 2% increase on the previous year, despite the average selling price of cars on the site being lower.
It should be clarified that this $1.4Bn is not the money they generated for themselves.
#14
Copart: $4.2B in Annual Revenue
Motor vehicle auction platform
Copart is an online vehicle auction website. Willis J. Johnson founded the business in 1982 with a single salvage yard in California. The website was launched in 1996, and the brand later introduced online-only auctions in 2003.
The site features repairable, salvage and used cars, motorcycles and boats, that are available for sale in live weekday auctions worldwide.
The business sells over 3 million vehicles each year and has around 1 million members located in more than 185 countries. Users can browse auctions and receive vehicle alerts for free. However, to bid for vehicles, customers must become paid members, of which there are two tiers: $99 and $249. The latter provides priority support and larger auction bid allowances.
In its latest financial report, Copart declared annual revenue of $4.2 billion, an increase of 9.5% year over year. During this period, gross profit also grew by 9.8% to $1.9 billion.
#15
Advance Auto Parts: $11.3B in Annual Revenue
automotive parts and accessories
Advance Auto Parts, as the name suggests, is a car parts and accessories retailer. The business was initially founded as Advance Stores Company in 1929.
The company supplies customers with a wide range of vehicle replacement parts, such as batteries, brakes, oil filters, spark plugs, and specialist performance components.
Customers can shop in-store at one of their 4,000 locations or order online and select home delivery or store collections. The Advance Auto Parts branches also provide services such as bulb replacements and wiper installations.
In 2023, the company, which has 69,000 staff members, generated annual revenue of $11.3 billion. This represented a 1.2% increase year over year. And although gross profit fell, the brand still reached $4.52 billion for the year.
#16
Carvana: Q3 2024 Revenue of $3.6B
Used car buying and selling service
Carvana is a used car platform which was founded in 2012 by Ernest Garcia III, Ben Huston and Ryan Keeton.
Customers can use the website to buy used vehicles from tens of thousands in stock, which can be delivered to home or collected locally. The company also offers support with car financing and insurance.
In addition, the business enables users to sell their vehicles for cash or trade-in credit. Visitors to the site can receive a purchase quote in under two minutes and use the brand’s vehicle valuation tracker to monitor the price of their vehicle.
In 2023, Carvana sold 312,000 units, resulting in annual revenue of $10.77 billion and gross profit of $1.72 billion. Fast-forward to Q3 2024 and the business posted quarterly revenue of $3.65 billion, a 32% increase on the same period last year.
#17
CarMax: $26B in Annual Revenue
Automotive buying, selling and finance
CarMax is a used car buying and selling platform which was founded by the late Richard Sharp in 1993.
Visitors to the site can read reviews and buying guides and then choose from over 60,000 cars available to buy, either online or in-store. The business also purchases used vehicles and provides users with online valuations in minutes.
In addition, CarMax offers customers vehicle financing, service, and repairs at one of its 200+ locations.
In 2024, the company sold more than 1.3 million cars, resulting in annual revenue of $26.5 billion. Although this was 10.6% down on the previous year, the business still achieved a gross profit of $2.7 billion.
