Carwow increased group revenue by 22% to a record £104.2 million in 2025, although continued investment in its technology and products contributed to a £7.6m adjusted EBITDA loss.
Revenue for the year ended 31 December rose from £85.1m in 2024 as more consumers used the online marketplace to research, buy, lease and sell vehicles.
Marketplace income generated by the Get Your Car and Sell My Car operations increased by 26% to £74.3m, making it the principal driver of group growth.
The business operated across the UK, Germany and Spain during the year, with the UK remaining its largest market and the main focus for further platform development.
Marketplace income rises 26%
Carwow said it expanded its UK used car proposition during 2025 and added more leasing options to its consumer marketplace.
It also introduced Carwow Wallet and Carwow Collects 2.0, while investing in new dealer and manufacturer tools. Development work included artificial intelligence applications intended to improve the accuracy and efficiency of remote vehicle appraisals.
The company’s content operations generated 2.2 billion views across its markets during the year. Its UK YouTube channel reached 10.8 million subscribers.
John Veichmanis, chief executive of Carwow Group, said: “Breaking through £100m is a massive milestone for Carwow. Our business is flying; more people are coming to Carwow not just to research their next car, but to sell the one they have, compare their options and get their next one, whether that means buying new or used, financing or leasing.
“The car market has never offered drivers more choice, but more choice can also mean more complexity. New brands are arriving at pace, affordable electric cars are changing consumers’ practical lifestyle and financial considerations, and the old ways of buying and selling cars are being disrupted. That plays directly to what Carwow does best: giving people the confidence to make one of their biggest purchasing decisions.
“We’ve spent years building an audience that loves cars and a marketplace that actually helps people change them. Bringing those two things together is what makes Carwow different, and the UK is where we are pushing that model furthest.”
Investment keeps EBITDA negative
Despite the revenue growth, Carwow remained loss-making on an adjusted EBITDA basis, reporting a £7.6m deficit for 2025.
The company attributed the result to continued spending on technology and product development as it expanded its used car, leasing and appraisal capabilities.
Carwow’s adjusted EBITDA measure excludes its non-cash share-based payment charge and costs associated with its venture debt loan.
The company said it would now use the UK market to continue developing its platform for consumers, dealers and vehicle manufacturers.
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