Cazoo, the new British auto vertical founded by Zoopla founder Alex Chesterman, plans to sell 217,000 cars each year in the U.K. by 2025, according to an investor presentation leaked to PA Media.

Car Dealer Magazine reports that the presentation, given to investors before its launch in December, shows ambitious scale-up plans, but expects to lose more than 70 million pounds ($90 million U.S.) in its first three years. It aims to take 5% of the U.K. used car market by 2025.

In year one, the company plans to sell 12,375 used cars. The company expects the number of cars sold to double each year until 2025, when it plans to hit the 217,000 target.

It expects to be profitable by 2024 and with profit growth accelerating in 2025.

Cazoo was the highest funded startup in U.K. history, raising 80 million pounds before even launching. It operates on an exclusive online model and customers can have a new car delivered within 72 hours with trade-ins collected and a 7-day money back guarantee.

The document reveals estimates financial projections are based on making an average of 1,500 pounds profit per vehicle sold.

Some analysts believe the projections are rather ambitious. Industry data shows that many of the largest U.K. car dealerships struggle to sell 30,000 cars a year. Marshall Motor Holdings made a profit of just 25.7 million pounds on 2.2 billion pounds in revenue in 2018 and sold 43,000 used cars.

Cazoo can point to lower fixed costs as one reason it expects to eventually generate better profit margins, with no dealerships and fewer holding premises for cars.

“Clearly if these numbers are achieved, this would be a very valuable business but it looks to be on the ambitious side,” said Mike Allen, head of research at investment bankers Zeus Capital. “We believe some customers will want to buy online, but others will want to visit the dealership and kick the tires. Further down the line with electric cars etc, customers also need to visit the dealership and be educated on new technology.”

The investment pack includes a disclaimer that warns: “By their nature, forward-looking statements involve risks and uncertainties because they relate to events that may or may not occur in the future. We caution you that forward-looking statements are not guarantees of future performance.”

Cazoo said that it is a private company and therefore doesn’t release forecasts or comment on projections.

“We launched just 12 weeks ago and have already delivered over 1,000 cars to customers all over the country so we are very happy with the way things are going so far,” said Cazoo communications director, Lawrence Hall.

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