Details have emerged of the fate of another of the 15 out of 22 Cazoo sites that have been disposed of by the online used car dealer.
New and used franchised car dealer group Peter Vardy, based in Scotland, has acquired what was previously a Cazoo handover site in Grangemouth, Scotland that Cazoo spent around £1 million retrofitting after it acquired the site in 2020 as part of its acquisition of Imperial Car Supermarkets. It is already up and running under the new brand, with about 100 used cars available to buy from the site.
It operates as Carz, Peter Vardy’s brand for used car sales. It is a similar business to Cazoo – a used car sales site – but allows dealer purchasing as well as car buyers being able to browse cars at the site alongside buying online.
Peter Vardy was in talks with Cazoo to buy two of its sites. The other was a vehicle preparation center in Livingston, which Cazoo acquired when it purchased SMH Fleet Solutions for £70 million in February 2021. Negotiations for this second site acquisition for Peter Vardy did not work out.
The Carz network operates as a similar business model to Cazoo, except buyers can search for a car at a physical site under the Carz model. Customers select their car online, from over 2,000 models. They can value their current car for trade-in and arrange finance online. They can choose to have their new car delivered to their home or customers can collect it from one of nine Carz dealerships.
Last week, Cazoo published its 2022 financial results which showed it lost £704 million. The previous year, 2021, it lost over £500 million, prompting a realignment plan, the closure of its businesses in Spain, France, Germany and Italy and the sale of 15 of its 22 U.K. sites as well as hundreds of linked redundancies.
Another two of Cazoo’s sites has recently shut. Its customer center in Newcastle opened in 2021 and received £1 million of investment and employed 20 staff. It became a location where customers could collect or drop off cars bought from or sold to Cazoo.
Its Bishop Auckland site has also shut. It was acquired as part of the Imperial Car Supermarkets deal and opened in 2020.