Volvo Cars has acquired a strategic minority stake in Carwow, a UK online platform for buying new cars. Volvo announced this today. The financial details of the investment have not been disclosed.
“Other people’s markets play an important role in any consumer industry, including the competitive environment of Volvo Cars,” said Lex Kersemakers, cco at Volvo Cars. “We were one of the first automakers to transform online sales and through this strategic partnership we will learn and gain knowledge about online shopping habits. Our partnership with Carwow will help us and our retail partners grow numbers and achieve our sales goal. about half of our online volume by 2025. ”
Stock investment is the next step in the existing partnership between Volvo Cars and Carwow, which also includes a joint venture to provide Volvo Cars registration service and drive traffic and sales leads the car manufacturer and its retail partners.
“Volvo Cars and Carwow have the same goals: to make car shopping online easier and without hassle and to help consumers switch to electric vehicles,” said Alexander Petrofski, head of Volvo Automotive Technology Fund. “Our investment in carwow is a good example of how the Volvo Cars Tech Fund aims to support the company’s overall strategic direction.”
Carwow claims to be one of the main online markets for new cars in the UK, Germany and Spain. The company is headquartered in London; the company employs about 400 people.