“During our years of existence, we have grown from a local company to a digital export company – currently our revenue in Lithuania is only 5% of the entire turnover of the business,” says Rokas Medonis, head of carVertical.
According to the report, 2022 has been a year of transition and the growth of a large number of companies has slowed down. The Lithuanian used car market is gradually showing signs of recovery – in the first quarter of 2023 quarter sales increased by 30% compared to the same period last year.
Since the demand for cars remains high, we should not expect a drop in prices in the near future.
“In 2022 we grew by almost a third, although we could have grown even more. However, global events such as the war in Ukraine have had a significant impact on the used car market, especially in Europe Even if the supply of used vehicles is still quite low, the situation should gradually normalize at the end of the year,” says R. Medonis.
Since its inception, carVertical has been known as a B2C company. In recent years, this has begun to change – the company has also expanded its activities in the B2B segment. in 2022 the company’s B2B sales increased by 79%, which shows great potential for the future.
Over the past year, carVertical has entered several new markets, started providing motorcycle history verification services and started developing new features, revamping the vehicle history report : new design, structure and functions.
in 2021 36 employees worked at the company, in 2022 – 76, and currently the number of employees already exceeds 100 people.
“We are no longer a 30-person startup. We are constantly improving global automotive data standards and see ourselves as market visionaries. With each quarter, we are becoming a stronger organization,” says R. Medonis.
Although the challenges that come with the corporate sector will continue this year, the head of carVertical is optimistic. Judging from the first 2023 quarter, the business is expected to reach at least 30 million by the end of the year. turnover in euros.
Source: The Delfi
