The New York Stock Exchange (NYSE) has begun the process of de-listing warrants for online car retailer Cazoo as a result of “abnormally low” price levels.
Former Imperial Cars operations director and Cazoo retail operations director, Neil Smith has partnered with Autofinity.
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.
Cazoo, the online motor retailer, has reported UK revenues of £347m from Q3 trading, which is a 103% increase versus Q3 2021.
A trio of directors who previously helped drive Imperial Cars to rapid growth have accelerated the expansion of their Carsa used car retail business with the opening of a new showroom in Bradford.
Automotive data integration specialist One Auto API has appointed former Cazoo and Cazana vehicle data expert Rupert Pontin as its new commercial director.
Cazoo has confirmed that it will retreat from mainland Europe to focus on the UK used car market as part of cost-saving measures expected to deliver net savings of over £100m by end of 2023.
Online car retailer Cazoo announced a £243 million loss from the first half of 2022, and Cazoo is breaching New York Stock Exchange rules which risk delisting.
Cazoo’s acquisition of used car valuations data provider Cazana left a “gap in the market”, according to its former vice president of insight and analytics Rupert Pontin.
Cazoo has launched its online car retail offering in Italy in a move that completes its expansion into four countries in mainland Europe over the past six months.
Cazoo will begin its UK jobs cuts with the closure of a vehicle preparation centre acquired from SMH Fleet Solutions in September last year.
Cazoo has kicked-off its plan to cut its marketing costs as part of its bid to save £200 million per year with the loss of its high-profile Premier League shirt sponsorship deal with Everton FC.
It’s been a busy few weeks for headlines covering the demise of Carzam and a £200m cost reduction programme at Cazoo.
Has the online used car retail bubble burst or have the UK’s established car retailers’ disrupted disruptors like Cazoo and Carzam with their ability to evolve and adapt to cater for the digital car buyer?
The online car retailer Cazoo has revealed it wants to cut costs by £200 million by the end of 2023, which will include around 750 job cuts.
Cazoo has completed the launch of its online used car retail and vehicle subscription offering to the Spanish market, promising to offer “the best car buying experience to consumers”.
Cazoo has said that it cannot guarantee it will “achieve profit at all” in a newly-published document detailing the potential risks and pitfalls of its online car retail and vehicle subcription model.
Cazoo has revealed that its gross profits and profit-per-unit both declined as its online used car sales soared to deliver record revenues in Q1 2022.
Cazoo reported seeing a “clear path for significant Retail GPU improvement” from its online used car sales after reporting a £550 million loss in 2021.
A BBC Watchdog investigation has called into question online car retailer Cazoo’s 300-point check on all its vehicles after failing to uncover documentary evidence of such scrutiny being carried out.
