WeBuyAnyCar sales slump by nearly £1bn as used car prices tank

Revenue at Webuyanycar dropped nearly £1bn in the latest fiscal year as a marked decrease in used car values impacted the automotive marketplace.

Newly filed accounts with Companies House disclose that the company, part of the Constellation Automotive group, generated a revenue of £2.57bn for the year ending 31 March, 2024, as reported by City AM.

This figure is down from £3.51bn in the previous year and follows revenue of £5.15bn in the 12 months leading up to 3 April, 2022. Pre-tax profit also saw a decline, decreasing from £85m to £48.3m within the same time frame.

The board noted in a statement that: "The company’s performance is expected to continue throughout the next financial year and it is anticipated that the current performance levels will be maintained."

Meanwhile, Constellation Automotive Group, which includes brands such as Cinch, Marshall Motor Group, and BCA, reportedly cut its annual pre-tax loss significantly amidst challenges faced in 2023 due to the downturn in used car values. City AM reported that the Hampshire-based group recorded a pre-tax loss of £74.4m for the year to 31 March, 2024, a substantial decrease from the £135.3m loss from the year before.

Revenue likewise dipped from £9.68bn to £9.33bn over the corresponding period according to the figures filed with Companies House.

Constellation Automotive revealed that its momentum had been hampered by a "sharp correction" in the value of used vehicles during its third quarter. In a strategic move, the group offloaded its remaining 19.5% holding in Lookers for £96.8m in October 2023, following Lookers' acquisition by Global Auto Holdings.