The turnover of CV Group, the manager of the Lithuanian car data platform “carVertical”, increased by half last year, reaching 17.7 million euros, while the company’s profit has not been published yet, the representatives of the platform inform.
carVertical explains that the supply chain crisis has hit automotive companies around the world, causing chip shortages and changing consumer habits.
According to carVertical CEO Rokas Medonis, the company’s revenue has increased due to the expansion of its operations in Central, Eastern Europe and the Americas due to various marketing strategies in the target countries. The company has also invested heavily in data processing, improving services and improving customer satisfaction. In 2021, only two new markets were added to carVertical’s portfolio: Denmark and the United Kingdom.
“Due to the global semiconductor crisis, the supply of used cars in certain markets has fallen by 40%. As we provide drivers with an overview of the car’s history, we have felt the effects directly. However, this has not stopped us from meeting our financial targets. the volume has increased from 36 to 76 employees since the beginning of 2021, “says Medonis.
Supply chain disruption is not the only crisis affecting automotive companies. The war in Ukraine has not only shaken the whole world, but has also greatly affected the markets in Central and Eastern Europe. With the outbreak of the war, carVertical immediately ceased operations in Russia and Belarus. According to Medon, the company provides financial support to Ukraine and hopes that the war will end soon.
In the most cautious scenario, carVertical expects to increase its revenue to at least € 25 million in 2022 and expand into new markets. The company has already started offering services in Australia, Spain and Mexico. In addition, carVertical expects to launch in countries such as South Africa, the Netherlands, Portugal, Brazil, Georgia, the UAE, Canada and Puerto Rico.
Since its inception, carVertical has focused on cars. However, this will change in the near future, as the company will also start offering services to buyers of used motorcycles.
“We have been preparing for this milestone for a long time. We are constantly interested in motorcycle enthusiasts. The time has come for us to take this opportunity. Buyers can check its history with a carVertical service before purchasing it. throughout 2022, “says Medonis.
The company has already received offers from venture capital funds, but at this stage of development plans to develop products gradually.
“Last year, we learned a lot about our customers, their needs, habits and what still needs to be improved. It has given us a tremendous amount of useful insight, allowing the company to gain a long-term vision. We want to become an ecosystem that goes beyond automotive. history, “adds Medonis.
CV Group’s turnover in 2020 was 8.526 million euros, but profit – 1.605 million euros.
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