Geely-owned Volvo Vehicles has taken a strategic minority stake in carwow, an on line marketplace for purchasing and marketing autos, by the Volvo Autos Tech Fund, its enterprise funds arm.
As a primary system in Europe for acquiring new autos and assisting shoppers provide their current auto online, carwow has experienced significant progress in the latest many years and is now one of the industry leaders in the United kingdom, Germany and Spain for on line revenue of new autos.
By the investment, Volvo Cars says it will obtain precious insights in locations this kind of as on the web gross sales, client acquisition and material development, which will help its shift in the direction of on line and direct customer relationships.
The equity expenditure is the subsequent action in the existing partnership amongst Volvo Autos and carwow, which consists of collaborations on Volvo Cars’ membership support as properly as driving website traffic and product sales prospects to Volvo Cars and trucks and its retail companions.
“Third-bash marketplaces perform a crucial position in any consumer marketplace, which consists of the aggressive landscape of Volvo Automobiles,” mentioned Lex Kerssemakers, main professional officer at Volvo Cars and trucks. “We ended up a person of the to start with car or truck companies committed to change to on the net product sales and through this strategic partnership, we will master and get insights into on the internet buying conduct. Our collaboration with carwow will enable us and our retail companions expand volumes and reach our target of offering all around 50 % of our volume on line by 2025.”
Volvo Cars’ shift towards on line income is integral to its purpose of turning out to be a international leader in the fast-rising top quality electric section with thousands and thousands of direct client relationships. Its on the web profits approach is dependent on altering client behaviours and field tendencies in mixture with its ambition to be a primary pure electrical automobile brand by 2030.
The company’s aim on on the internet revenue and immediate client interactions contains generating a straightforward and inconvenience-free of charge knowledge for ordering Volvo items and products and services, with transparent pricing and product information, as properly as clarity on shipping occasions by its on the net shop on volvocars.com.
“Volvo Cars and trucks and carwow have the similar ambitions: to make purchasing a auto online straightforward and seamless and help people switch to electrical vehicles,” said Alexander Petrofski, head of the Volvo Autos Tech Fund. “Our expense in carwow is a very good case in point of how the Volvo Cars and trucks Tech Fund aims to assistance the all round strategic way of the business.”
As one particular of the major on line market for new autos across the British isles, Germany and Spain, carwow is headquartered in London and employs more than 400 people throughout Europe.