Carzam has marked its first anniversary with the appointment of former Paddy Power chief executive Andy McCue as its new executive chairman.
Kirk O’Callaghan, chief executive of the online car retailer which last month announced the completion of a £112m external fundraising round set to propel it into its “next chapter”, described the appointment as “a reflection of the success the business has achieved to date”.
Cazoo and cinch rival Carzam claims to have sold 13,500 cars in its first year of trading and expects to achieve revenues of around £150 million.
McCue said that Carzam was “well-positioned to take significant market share in the fast-growing online car market”.
He added: “The business is steeped in motor industry experience. I’m looking forward to supporting the business in building out its product, technology and marketing capabilities to ensure Carzam customers receive a great product, with excellent value for money, as conveniently as possible.”
McCue brings experience of scaling businesses across multiple industries.
At Paddy Power he oversaw the merger with Betfair in 2015 and was later CEO of The Restaurant Group, where he masterminded the acquisition and integration of Wagamama to capitalise on the growth of online delivery.
He has also served on the boards of online consumer businesses Hostelworld plc and Betsson AB.
Carzam – founded by Big Motoring World chief executive Peter Waddell and former Cox Automotive International president John Bailey – operates nationwide, delivering cars to people’s homes and to collection centres in as little as 24 hours, offering a 14-day returns promise and a 100-day guarantee on all vehicles.
Funds raising int its recent funding round are set to be invested in expanding the stock of cars, developing technology to make the car buying and selling experience even more convenient, and scaling the business.
CEO Kirk O’Callaghan said: “Andy’s appointment marks the start of Carzam’s next stage of development. His track record speaks for itself and his growth expertise, combined with the team’s motoring heritage, will help to further accelerate our expansion.
“To have reached a stage where we can attract someone of Andy’s pedigree is a reflection of the success the business has achieved to date. Huge credit is due to every one of Carzam’s 150 employees.
“This month we mark the first anniversary of Carzam’s launch with a firm eye on a prosperous future and a solid roadmap to growth.”