The Kroschke group based in Ahrensburg near Hamburg has taken part in Carwow’s latest round of financing and helped raise a total of EUR 28 million. The start-up acts as an online interface between car manufacturers, dealers and buyers and aims to raise the transparency of purchasing new cars online. The strategic financing round was led by Daimler AG and included Kroschke and other car dealers. The Kroschke group specializes in digital solutions for car registrations and automotive-related services.
Digital transformation of car trade
“The digital transformation of the car trade affects important parts of our core business and many of our customers,” said Philipp Kroschke, the spokesman for the Kroschke Group. Customers are increasingly researching purchases and actually buying new cars online. Carwow wants to offer reports on tests, comparable offers and a selection of dealers.
Digitisation as an opportunity
Digitalization poses an opportunity to offer customers a unique digital shopping experience, said Philipp Sayler of Amende, CEO of Carwow Germany. Cars worth EUR 600 million have already been sold via Carwow since it launched in Germany. The fresh capital will be invested in marketing, employees and product development to accelerate growth in Germany, Britain and Spain. The start-up hopes to add stock vehicles, cars provided to employees on an annual basis, leasing and Original Equipment Manufacturer (OEM) products to its existing range of products.