Cazoo, the used car retail portal, has launched in the UK following yet another round of funding which brings the total amount invested in the business to £80m as it seeks to bring “digital transformation” to the world of Arthur Daley.
Backed by Lovefilm and Zoopla founder Alex Chesterman, the firm has revealed the additional £25m of funding – which has come from venture capital firms General Catalyst and Mubadala Capital – will be used to further strengthen its team and invest in marketing and operations.
The platform is aimed at transforming how 8 million used cars are bought each year by putting the entire process online and allowing vehicles to be delivered direct to the customer’s door within 72 hours.
Cazoo has launched with over 1,500 cars in stock, ranging from family SUVs to hatchbacks, including a wide range of electric vehicles. Cazoo owns all its cars and claims to thoroughly recondition each one to the highest standard at its 55 acre facility in the Midlands before offering them for sale.
Buyers can inspect high quality, 360-degree images from the comfort of their home as well as the car’s features and history. Prices are fixed, so there is no haggling and customers can seamlessly purchase or finance a car entirely online.
Each vehicle comes with a 7-day money-back guarantee, and, if customers decide they do not like their car, Cazoo will collect it for free, no questions asked.
The firm has been on a major hiring spree over the past few months, with Moneysupermarket data boss Piers Stobbs the most recent to join as chief data officer.
Stobbs has been reunited with a number of former Moneysupermarket executives, including chief customer officer Darren Bentley, digital marketing director Ercan Kamil and brand director Lucas Bergmans. Meanwhile Katherine Hurst was hired as customer experience director from Paddy Power Betfair, where she was CRM director.
Chesterman said: “The process of buying a used car is outdated and not fit for purpose for today’s consumer. Cazoo is reimagining used car buying to make it simple and convenient whilst adding transparency and quality to an industry which suffers from a lack of consumer trust.
“We take away the need to travel, to haggle, to spend countless hours at a dealership and to risk any buyer’s remorse. With Cazoo, you can purchase or finance a used car entirely online, have it delivered to your door in as little as 72 hours and have 7 days to make sure it fits your lifestyle. And if you don’t love your Cazoo car, we’ll come and collect it for free.”
Engine and Goodstuff are working on the creative and media business respectively.
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