CarWow.es has announced it expects to sell €200 million ($225 million U.S.) worth of vehicles by the end of its first year in Spain. The site works with more than 1,000 dealers, EuropaPress reported, and 11 manufacturers, according to its website.
CarWow Spain was incorporated in Barcelona in July 2018, with CarWow LTD as its sole shareholder and co-founder and CEO James Hind as administrator. The British online auto marketplace also operates in Germany.
It offers a reverse-auction model for new car sales. CarWow aims to make the purchase process convenient and hassle-free. Users select the car they want, dealers offer their best price, and the buyer contacts the dealer to complete the sale.
In contrast to traditional classifieds, the site doesn’t charge dealers for listings; it provides them more exposure for free. The reverse-auction model means they have to price competitively to achieve a sale.
Spain country manager Borja Badiola told EuropaPress that the site uses its algorithms to select the best five offers for each client, drastically reducing the amount of comparison shopping required.
In Britain, CarWow is known for its content and reviews. Its YouTube channel has more than two million subscribers. The company hasn’t yet launched a reviews channel in Spanish — though given the success of its English-language version, this may be a future development.