Online car sales marketplace Carwow Group has acquired Gridserve Car Leasing, the electric car leasing operation run by major charge-point operator Gridserve.
According to Carwow the purchase has been made as part of plans to be the leading online car-changing marketplace. The acquisition will allow further enhancement of its car leasing comparison engine, which provides consumers with access to a wide range of cars from brokers across the UK. Carwow will list its leasing offers alongside those from its existing partners.
The newly acquired leasing operation will run as an independent business unit and while Gridserve has historically focused only on leasing EV models, it is intended to relaunch the company later in 2024 with a new name and visual identity, and with plug-in hybrid and combustion-engined cars also available to lease.
Commenting on the acquisition, Carwow Group CEO John Veichmanis said that the addition of Gridserve Car Leasing will enable the development of new product experiences for those looking to lease their new car. “We plan to substantially increase our overall investment into the leasing category and quickly expand our reach – we want to serve more customers looking to lease a car, while also providing our existing broker partners with more enquiries on our pay-on-results model,” Veichmanis said.
Roy Williamson, Executive Chairman at Gridserve described the acquisition as enabling the Gridserve Leasing team to accelerate their work to offer drivers a comprehensive range of leasing solutions. “The acquisition follows Gridserve’s decision to focus on its core activities to deliver high power charging, powered by renewables, in locations where drivers need it the most,” he said.
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Carwow Group raised $52m in July this year in a new funding round led by global venture capital firm Bessemer Venture Partners to help its strategic growth plans including further scaling, product expansion and acquisitions. In February it bought Autovia, the automotive content and commerce media company, adding established print and digital titles including Auto Express, evo, DrivingElectric and Carbuyer to its portfolio.