Online car sales platform Carzam has secured £112m in its first funding round, as the company prepares to scale and improve its offering.

Carzam expects revenues to be close to £150m for its first year of trading, equating to 13,500 sales of used cars through its website. The company launched in December 2020 and now employs more than 150 people.

Founders Peter Waddell and John Bailey are joined by a US-registered global institutional investment management firm with more than $37bn in assets under management as the lead investor in Carzam’s first external fundraising round.

John Bailey, who is former President of Cox Automotive, said: “This is a pivotal moment in Carzam’s history. To attract investment at this scale just months after our launch is a huge achievement and is recognition of our rapid growth.”

Used electric vehicles (EVs) are currently selling faster than their petrol counterparts for the first time, according to the latest statistics from Auto Trader.

On average, a used EV is currently taking just 26 days to sell, which is two days faster than a used petrol vehicle (28), but two days slower than a used diesel (24). Used EVs are selling 41% faster than at the start of the year, leaving forecourts 18 days sooner than they did in January (44 days).

The Nissan Leaf (2017 registration) holds the current title of fastest selling used EV in the UK right now, taking an average of just 20 days to leave forecourts. It’s followed into second place by the French electric supermini, the Renault Zoe (2016), which is taking 23 days to sell, which is trailed by the Tesla Model 3 (2021), which is taking 27.

The Society of Motor Manufacturers and Traders (SMMT) has called for increased support to improve electric vehicle (EV) charging infrastructure.

In a statement, the trade body acknowledged that significant challenges remain, despite the commitment from manufacturers to decarbonise by 2035 – namely the semiconductor crisis that continues to impact production.

Additionally, the manufacturing sector is facing challenges from high energy prices, uncompetitive business rates and additional trade costs compared to global competitors.

The SMMT said long-term strategies and increased support are needed for these deficiencies, and close collaboration between industry and government will be critical if the industry is to remain internationally competitive.

George Gillespie, president and chairman of the SMMT, said: “We have invested billions in designing some of the most amazing electrified vehicles – over 115 zero-emission capable vehicle models are for sale in the UK right now. We have inspired the public to buy these exciting vehicles in numbers never seen before.”

Battery electric vehicles (BEVs) saw their market share grow to 18.8% of total car sales in November, more than double that of November 2020, new data from the Society of Motor Manufacturers and Traders (SMMT) has found.

In the wider market, new car registrations were up 1.7% in the month, marking an end to four consecutive months of decline. However, lockdowns in 2020 severely impacted registrations. When compared to the pre-pandemic average, the market remains down significantly, with 31.3% fewer vehicles registered during the month.

Mike Hawes, SMMT chief executive, said: “What looks like a positive performance belies the underlying weakness of the market. Demand is there, with a slew of new, increasingly electrified, models launched but the global shortage of semiconductors continues to bedevil production and therefore new car registrations.”

Maserati has unveiled its ‘online to offline’ (OTO) retail project, integrating virtual and traditional experiences in the purchase process.

The project adds digital tools to support sales, closely working with dealerships to personalise the experience for customers. Customers will be able to personalise their journey, deciding which aspects of the transaction should be worked on in a showroom and which can be completed digitally.

Bernard Loire, chief commercial officer at Maserati, noted: “The focus at Maserati is always on the customer, continuing the brand’s history of innovation and tradition, quality and exclusivity. We have therefore revamped our sales processes to arrive at an evolution of the customer journey.

“The brand wants to meet and exceed the expectations of customers, who will now be able to take advantage of an omnichannel experience.”

The appetite for buying used cars online remains relatively low, with customers still seeking to speak to a person before a sale, a survey from MotoNovo Finance has found.

The research found that comfort with apps is not as strong as often assumed, while comfort around car buying through an app is much lower. Appetite for buying used cars online is still relatively low – although willingness to do so is improving for used vehicles. Additionally, expectations for the ability to complete the car buying journey online is declining.

While the research phase of a car purchase by consumers is dominated by online marketplaces and other online search tools, the position is reversed entirely in the final decision-making processes.

Dealers are dominant when it comes to the purchase point with online (led prominently by OEM websites) and private purchases, both a considerable way back in sharing a little under 25% of the market.

These were findings within MotoNovo Finance’s long-term research assessing consumers attitude to car buying, assessing how the car buying journey and research has evolved over the last year.

Karl Werner, managing director of MotoNovo Finance, said: “What we can see in action is the classic marketing AIDA mantra; Awareness, Interest, Desire, Action, with dealers only performing well in the final Action stage. It presents a potential risk if online can bridge that final process hurdle.”

Online car retailer Cazoo has confirmed the acquisition of Swipcar, a consumer car subscription platform based in Spain.

Cazoo acquired Swipcar for €30m for a mix of cash & Cazoo shares and the transaction is expected to have a negligible impact on Cazoo’s FY2021 operating results.

Founded in 2018, Swipcar has grown to a team of around 100 staff based in Barcelona and offers a selection of cars available from various leasing company partners for an all-inclusive single monthly subscription payment which includes the car, insurance, maintenance, service and tax. The firm also recently launched in Italy and Portugal.

Alex Chesterman, founder and chief executive of Cazoo, said: “Swipcar has built a market-leading car subscription marketplace in Spain adding hundreds of new customers every month. This deal will enable us to accelerate our launch plans in Spain and Italy, offering consumers the option of buying, selling, financing or subscribing to a car entirely online.”

V12 Vehicle Finance has created 10 new sales roles in 2021, including five internal promotions, to keep up with the demand for used cars and finance.

The number of employees at the Solihull-based vehicle finance provider now stands at 193. Alongside this, five internal promotions have taken place including the appointment of Ciara Raison as the company’s new commercial director, a promotion from her previous role as sales and marketing director within the motor department.

Raison is also a founding member of the Secure Trust Bank equality and diversity steering committee. As a result, the motor finance department now boasts 57% of women in its motor team and 59% in its sales team, outstripping the industry average.

David Nield, managing director at V12 Vehicle Finance, said: “As the demand for used cars continues to rise, we have taken the opportunity to further invest in our team and bolster the skills and services we can offer for dealers.”