Gridserve Leasing will continue to operate as an independent business unit. Credit: Yakov Oskanov/Shutterstock.

Carwow Group has acquired Gridserve Car Leasing from Gridserve, a British on-the-go electric vehicle (EV) charging company, for an undisclosed sum.

This move is part of Carwow’s strategy to “rapidly-accelerate” in the online car changing marketplace, with a particular focus on EV lease deals.

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The acquisition marks Carwow Group’s second major business move in 2024, following the purchase of Autovia, an automotive content and commerce media company.

This earlier acquisition brought established titles such as Auto Express and Carbuyer into Carwow’s expanding portfolio.

Carwow’s car leasing comparison engine is set to benefit significantly from the integration of Gridserve Car Leasing.

This will provide Carwow users with an even broader range of car leasing options from various brokers throughout the UK.

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The company plans to list its leasing offers alongside those from its existing partners.

Gridserve Leasing will continue to operate as an independent business unit within Carwow, under the leadership of Gridserve Leasing director Rob Buckland.

Carwow Group CEO John Veichmanis said: “Bringing Gridserve Car Leasing into the fold will enable us to develop a range of exciting new product experiences for those that are looking to lease their new car.

“We plan to substantially increase our overall investment into the leasing category and quickly expand our reach.”

While Gridserve has previously focused solely on leasing EVs, Carwow aims to broaden the service to include PHEVs and ICE cars.

The expansion is expected to take place later in the fourth quarter, coinciding with the launch of a new brand name and visual identity for the leasing operation.

Gridserve official Roy Williamson said: “We are delighted to announce that Gridserve’s car leasing business has been acquired by Carwow, under whose guidance and support the team will be able to accelerate their work to offer drivers a comprehensive range of leasing solutions.

“The acquisition follows Gridserve’s decision to focus on its core activities to deliver High Power charging, powered by renewables, in locations where drivers need it the most.”

In July 2024, Carwow Group secured $52m (£39.77m) in a funding round led by Bessemer Venture Partners.

This investment is intended to fuel the company’s strategic growth initiatives, which include scaling operations, expanding product offerings and pursuing further acquisitions.