The Stellantis-owned used car retail business Aramis Group has acquired Cazoo’s Italian operations as the online retailer continues its withdrawal from Europe to focus on cost savings and the UK market.
Aramis Group, which is majority owned by the carmaker behind the likes of Citroen, Fiat, Peugeot and Vauxhall is also a majority shareholder in the UK-based Carsupermarket.com and Motordepot.com used car supermarket businesses.
It will rebrand Cazoo’s recently-launched online retail offering as brumbrum as it integrates the operation into a business in mainland Europe which generates annual revenues of nearly €2 billion (£1.72bn), selling more than 90,000 vehicles, and claims to attract more than 80 million visitors across its digital platforms.
As reported by AM, Cazoo appeared to set-aside its bid to scale-down in order to save around £200m annually when it proceeded with the launch of its online car retail offering in Italy in June.
The move completed its expansion into four countries in mainland Europe, including Germany, France and Spain, in the space of just six months.
It had also employed a familiar high-profile marketing strategy in entering the Italian market, becoming the lead shirt sponsor for Serie A football team Bologna FC for the 2022/23 season.
An official statement detailing the transaction with Aramis Group, which takes place with immediate effect, claimed that Cazoo Trading Italy “sells around 1,600 used vehicles B2C each year with annual revenues of around €30 million”.
It added: “For Cazoo, this transaction provides the opportunity, in line with its previously announced plans to withdraw from mainland Europe, to quickly exit from the Italian market, contributing to its plan to reach profitability without the need for further external funding.
“For Aramis, it is a great opportunity to enter, at attractive financial conditions, a strategic market in continental Europe, representing 20 billion euros of annual transactions, and where Stellantis, Aramis Group’s majority shareholder, has a very strong presence.”