Most of the used-car digital platforms are related to the recent Pandemic. The used car industry has been digitally transformed, as startups have flooded the market with easier-to-use platforms that the older ones lacked. The premium on used cars has gone up even as the supply of new cars has gone down.
In the last couple of years, there have been platforms that have arisen such as Autohero, which has jumped on the used car market.
The ‘used car boom’ is now spreading across Central & Eastern Europe with the news that Spotawheel, the CEE-focused used-car platform had raised a €100M in equity and asset-backed debt, he said: “Athens-based VentureFriends led the equity round, with participation from Adevinta Ventures, UNIQA Ventures, Rockaway Ventures, Velocity Partners, FJ Labs, Collective Spark, Endeavour Catalyst and, others. The debt side of the round was led by an unnamed UK-based credit fund together with some equally unnamed institutional investors. The credit fund subscribed to the equity round as well. Spotawheel estimates that the Central and Eastern Europe used car market is worth €100Bn, and claims it has attained leading market positions in Poland and Greece, and it is now launching Romania. The company claims it is on track to reach a €200M revenue run rate by the end of the year.
Charis Arvanitis, founder and CEO of Spotawheel said it had also launched a used-car subscription offering, aked what he thought Spotawheel’s competitive advantage was against competitors like Autohero in Poland, he said: “Our major competitive advantage is our proprietary sourcing engine blending technologies like big data, machine learning with human ingenuity.”” He said it also offers a written technical inspection of cars, 5 years warranty, 14 days money return policy, as well as country-wide vehicle delivery.
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