Zuto outpaces used car market growth
Car finance marketplace, Zuto has had a great start to Q4 with record growth and financial performance. October 2022 saw the Manchester-based fintech celebrate 40% year on year revenue growth, against a backdrop of a seasonal downturn which often impacts the car finance market in Q4.
Despite challenging economic conditions, the company saw an uplift in market share of 7% in the twelve months to September 2022, with the amount of customers driving cars financed through Zuto up by 14%. This growth outperformed the used car market as a whole, which grew by 6% in the same period.
Zuto’s strong performance has been driven by improving the customer experience and integrating more lenders and products into the platform, to deliver even more choice to our customers.
2022 also marked the year Zuto achieved B Corp certification and a number of industry accolades, including featuring in the Tech Nation Future 50 and winning the Best Workplace award at the Prolific North Tech Awards 2022. Zuto’s CEO, James Wilkinson, was also accepted into the Automotive 30% Club, which recognises companies that commit to having a strong gender balance within leadership positions.
The company continues to hire for roles across the business including software engineering and analytics. Its focus on staff wellbeing has seen a range of initiatives; from creating market leading family friendly policies and rewarding their continued commitment to cost of living salary increases for everyone in the business.
James Wilkinson, CEO at Zuto said: “We are seeing incredibly strong trading performance, despite a challenging macro-economic environment. Seasonally, the used car market typically experiences a slight downturn from October so we are delighted to be bucking the trend, particularly when there are so many other external factors at play.
“Beyond the numbers, we remain focused on changing our industry for the better while proving it is possible to combine profit with purpose. We’re doing that by providing transparency to customers and making sure our people have the best possible experience at work.”