Online used car marketplace Motorway saw its losses more than triple in 2022, its annual report shows, as the firm discovered a £1.3 million ‘error’ in its previous accounts.
The London-based business saw a 237% rise in its pre-tax losses to £43.4 million, greater than its total sales for the year which stood at £41.2 million. Motorway put the losses down to increased costs associated with recruiting more staff and a splurge on marketing spend to “increase brand awareness and engagement from sellers and dealers on the platform.”
