CHICAGO, Sept. 17, 2021 /PRNewswire/ — carVertical, a fast-growing car history reporting platform, owned by IT company CV Group, expects to double its revenue by the end of this year. The firm’s sales revenue is anticipated to surpass 16 million euros, which is double of the 8.5 million euros back in 2020.
Shaping a new car buying practice
The platform, which provides data on car registrations, mileage readings, damage history, and other relevant information, is still focused on private car buyers in 2021, but will increasingly drive sales in the B2B sector in the second half of this year. According to carVertical CEO Rokas Medonis, "This move, along with other strategically important decisions, has ensured strong and stable growth for the firm."
"Until now, all our customers have been private car buyers. However, we started investing in business segment development in the second half of the year. We are setting up a B2B sales team and have already signed contracts with used car dealers, ranging from small businesses to official manufacturers dealerships and even credit companies all over Europe," says Medonis.
carVertical aims to ensure that the history of the car would be introduced to the buyer on the seller’s initiative. Rokas Medonis believes that this is the only way to take transparency standards in the used car market to a whole new level.
The platform is available in 25 markets
The car history check service entered a new country at the beginning of this year. It was the United Kingdom that joined the remaining 24 different markets. According to the company’s CEO, this has been a tremendous and meticulously planned project.
"The UK is a completely different market with its own special requirements if we compare it to the rest of Europe. The difference in the UK is the almost non-existent import and export of used cars. Also, there is fierce competition between car history check services in that market," adds Medonis.
The most significant growth for carVertical this year was in Poland and the Czech Republic. However, Medonis claims that these countries still have a lot of untapped potential.
Ukraine surprised the firm with an unexpected jump in sales while only minor inputs from the marketing team had been made. Medonis claims that this is an indicator for a clear direction of growth for the years to come.
Expansion beyond Europe
Europe is still the main focus of carVertical operations. Italy has recently been added to the platform’s map, but according to Medonis, it is not a priority market and therefore does not receive sufficient marketing resources at the present time.
Car history reports are also available in the United States, but by the end of the year, carVertical plans to enter another continent.
"The hardest work is already behind us. We have reached an agreement with our data suppliers, and as soon as we have solved the remaining technical issues, we will launch our services for car buyers in Australia," explains Medonis.
Medonis further points out that the firm is actively working with the South African market, as it will probably be the first African country to offer a car history check to consumers.
Thinking outside the box
Although carVertical’s car history check service is a digital product, Medonis recognizes that digital tools alone are insufficient to reach more consumers.
This year, the firm has gone beyond digital marketing and launched advertising campaigns on both TV and radio in Lithuania, Latvia, Estonia, Poland, and the Czech Republic.
This practice has proven to work well, and the company will implement this strategy for two more large Central and Eastern European markets.
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