G3 Vehicle Auctions is planning a ‘seven figure investment’ over the next 12 months to create a new 30,000 vehicle volume auction facility in Bedford following its Cazoo Wholesale acquisition for an undisclosed sum.

The team at G3 said it has “acted swiftly” to secure the former Cazoo premises, land and existing remarketing team, along with other software assets.

Cazoo called in administrators from Teneo Financial Advisory earlier this week despite the company's actions to restructure in 2023, including hundreds of redundancies and sell-offs of businesses Cazoo had acquired during its rapid growth phase.

G3 expects its new Bedford location, which will be rebranded to G3 Bedford, to be break-even by the end of 2024, with the ultimate aim to offer in excess of 30,000 vehicles each year, with a mix of existing and new vendors contributing their vehicles to used car dealers, both nationally and in this new region.

As well as a new auction footprint in a new area of the UK, G3 Bedford will become an additional drop-off centre for their network of finance house partners, while also offering onsite de-fleet and refurbishment facilities with many of the incumbent team having extensive experience in this sector, as well as offering secure fleet and in-life storage options.