The money goes to a slice of Carwow’s car sales business.
There are endless ways to spend your money irresponsibly. You could invest in crypto, buy a race team, buy a race car, or take out a 144-month loan on a supercar. Or, you could pay $185,000 to ride along with Mat Watson of Carwow in a YouTube drag race. Oh, and you get a piece of the Carwow’s car sales business.
Folks will know Carwow primarily through Watson’s YouTube antics, but that video operation exists to promote its real business of selling cars. It’s a U.K.-based company that doesn’t sell cars stateside, but I’m sure anyone who ponies up the cash will be able to get the ride along. Of course, Carwow’s drag races are famously silly, with one of the more memorable lineups being an old Red Bull F1 car, a Rimac Nevera, and a McMurtry Spéirling. For $185,000, that could be you in one of the cars.
If you don’t have that kind of scratch, there are a several options ranging from $12 for a small slice of the Carwow business pie to $3,100 for an evening dinner with Watson, all the way to the full-fat drag race invitation. So far, the company raised $3.2 million, blowing past its initial $1.7 million target in its quest to expand the business. Though, as Carscoops astutely notes, Carwow suffered a $36.3 million loss in 2022 and cut a fifth of its staff. Since then, the company claims that revenue is up and handles ten percent of all U.K. car sales.
Crowdfunding a car dealer is certainly a little strange, but it’s one way to get people involved with the business and drive sales. If you’ve always wanted to invest in a car sales business, perhaps Carwow is the one. But really, you shouldn’t spend $185,000 on a drag race. Even if it comes with some equity.
