Internet car auction site Autoquake.com has raised £4 million
from its venture capitalist backers in order to fund expansion, it
announced.
Autoquake has seen its sales rise by 100 percent in the past six
months, and remarkets vehicles on behalf of 11 of the 20 largest UK
fleet lessors. Its prices are typically 17 percent cheaper than at
bricks-and-mortar dealers, thanks to low overheads.
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The site aims to triple the number of cars sold this year, with
a target of 15,000 – up from 4,700 in 2008.
Accel Partners and Highland Capital Partners are providing the
extra funds to Autoquake, which will allow the auction site to grow
its presence in the south of England, with plans to expand into
Europe in the future.
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