U.K.-based automotive ecommerce company Drivvn has announced that its gross merchandise value (GMV) rose 21% year-on-year to £709 million ($863 million U.S.) in 2022 and forecast that sales through its platform will reach £1 billion this year.
Drivvn added that it increased the number of online stores it ran by 50% to 75 during 2021. It is now working with 12 brands across 17 markets. Its clients include Honda and Jaguar Land Rover.
Drivvn connects manufacturers, retailers and consumers, aiming to help its clients improve the online car buying process. It analyses consumer behaviour to advise automakers on how consumers search for cars online and how they can adapt to their behavior.
The company said that some of its clients have a conversion rate of more than 26% from model choice to sale, with online now accounting for more than 20% of all sales for some.
“It’s clear that consumers are increasingly comfortable buying a car online,” said Peter Brown, chief executive of Drivvn.
“We use advanced data analytics to improve the customer journey to create a better experience and boost sales.”
“We believe that we are the biggest online seller of vehicles in Europe, and it gives us a great insight into emerging customer trends that benefit OEMs and retailers alike. In addition, our modular approach means any part of our platform can be quickly deployed to support an omnichannel sales journey.”
Founded on 1 Aug, 2020, Drivvn is a subsidiary of TCC Global NV. In its first year of operations (the 12 months to July 2021), it had revenue of £8.2 million and made an EBITDA loss of £88,000. It is due to submit its results for the 12 months to July 2022 to to Companies House by 30 April, 2023.