CarVertical, a company that deals with used car history checks, increased its sales by 30 percent last year to EUR 23.3 million, or roughly CZK 550 million. In the Czech Republic, the company grew by almost 14 percent. It said in a press release today.
Decline in interest in used cars
Used car sales in the Czech Republic fell by more than a tenth last year. Although the current situation is still affected by the recession and the war in Ukraine, the market should slowly return to normal, according to the company’s CEO Rokas Medonis.
“Although our sales grew by 30 percent in 2022, I believe we could have grown even more. But events in the world, such as the war in Ukraine, have had a significant impact on used car sales, especially in Europe. Although the supply of used vehicles is still small, the market situation should slowly start to improve towards the end of the year,” he said.
Expansion to more than 30 countries
CarVertical plans to expand its operations from the current 28 countries to more than 30 by the end of the year. As well as providing services to private individuals, it also wants to focus more on corporate clients. This segment grew 79 percent last year at CarVertical.
Bailouts and other fraud in used car sales are a worldwide problem. According to studies by the European Parliament, about a third of cars offered in the EU have a twisted speedometer, and as many as half in cross-border car sales. This results in billions of euros of damage to customers every year.
Source Czech Press Office
