The purchase will further support Cazoo’s intention to expand into Europe next year. Swipcar was founded in 2018, is based in Barcelona but also operates in Portugal and Italy. The company employs 100 staff and offers customers a range of cars from a variety of leasing partners for an all-inclusive single monthly subscription payment which includes the car, insurance, maintenance, service and tax.
The partnership will enable Cazoo to build relationships with other companies who deal with Swipcar in southern Europe and help “accelerate the launch of Cazoo’s full proposition” into a new market in this part of Europe.
This year has seen Cazoo acquire several other companies as it looks to expand and use the money it has raised from investors. These include commercial vehicle retailer Vans365, data insights platform Cazana, Smart Fleet Solutions, SMH, a vehicle preparation, logistics and storage business, Drover which is being integrated into its new subscription service and Cluno, a German independent flexible car subscription service in February. The combined cost of these six acquisitions is around £260 million ($350 million U.S.).
“Swipcar has built a market-leading car subscription marketplace in Spain adding hundreds of new customers every month,” said Cazoo founder and CEO, Alex Chesterman.
“This deal will enable us to accelerate our launch plans in Spain and Italy, offering consumers the option of buying, selling, financing or subscribing to a car entirely online.”