In today’s world, a car is an important mode of transport, especially in post-COVID era where people are advised to use personal transport instead of hopping on public transport for the daily commute. This is where used car startup Cazoo based in the UK has come up with a solution. It promotes car buying confidence and is all set to disrupt the used car market.
Cazoo is now a unicorn!
As Cazoo has made buying cars online hassle-free and convenient, it has transformed the way users buy used cars. And, as a result, this fast-growing digital business has joined the list of unicorns within a short time span. Cazoo becomes the fastest British business to have reached the coveted and rare unicorn status.
Alex Chesterman OBE, Founder & CEO of Cazoo said, “We have an amazing team who are dedicated to reinventing the used car buying experience by providing the best selection, value, quality, and convenience for UK car buyers. Despite the current challenges many businesses are facing, Britain remains a market leader for talent and innovation and a great place to start a business.”
How does Cazoo work?
Cazoo aims to transform the way people buy used cars by providing them better selection, convenience, value, and quality. It intends to make car buying as simple as buying any other product online. Once you make a buying decision, you can get the car delivered to your doorstep in as quickly as 72 hours.
You can search for the right car and complete the purchase right from the comfort of your home and a convenient way. The marketplace assures that you get your hands on high-quality used cars as all the vehicles that it lists are fully reconditioned.
Additional add-ons for your benefit
Besides delivering high-quality cars, all the cars that are listed on Cazoo are priced competitively and transparently. There isn’t any hidden cost or fees, touts the unicorn. It offers the best price for the car upfront thereby helping you save money. Also, Cazoo provides free home delivery by one of its qualified delivery specialists. In addition to high-quality used cars at competitive price points, you will also get a free 90-day warranty along with RAC roadside assistance, a 7-day Money Back Guarantee, and 7-day free drive away insurance.
The UK-based used car marketplace lists hundreds of models from numerous makes that are available at any time. Each car that they sell are touted to be checked thoroughly checked and subjected to a recent service. Furthermore, this marketplace lists the number of previous owners and doesn’t sell cars with insurance issues or outstanding finance.
Who’s behind Cazoo?
Cazoo is the brainchild of Alex Cheterman, who also founded Zoopla in 2018. He is one of the leading digital entrepreneurs in the UK. In 2003, he co-founded LoveFilm, which brought a transformation in the DVD rental market in the UK. Later, in 2008, he came up with Zoopla, which brought transparency and efficiency in the proptech market.
Later, Darren Bentley from MoneySuperMarket joined the company as the Chief Customer Officer to make Cazoo a household name in the UK. The other notable names behind the success of this UK-based user car marketplace are Paul Whitehead (Chief Commercial Officer) who was with ZPG Plc as the Chief Strategy Officer. Next in the list is Piers Stobbs, the Chief Data Officer, who joined Cazoo from MoneySuperMarket. Then, there is Ned Staple, the General Counsel again from ZPG Plc.
Recently, the company roped in Fern Wake (Chief of Operations), who was the Chief Operating Officer at Farmdrop. And, Stephen Morana (Chief Financial Officer) joined Cazoo. The company has a great team of over 300 staff who are passionate about delivering great customer experiences.
Paul Whitehead, Chief Commercial Officer of Cazoo said: “We are delighted to welcome Fern to the Cazoo team. Her extensive operations and logistics experience will add real value to the team and ensure we deliver on our promise to make buying a used car no different than buying any other product online today and that our customers love the process of buying a used car as much as they love the car itself.”
Secures €28M in latest round
In a recent move, Cazoo bagged £25 million (nearly €28 million) funding led by new investor Draper Esprit along with existing investors DMG Ventures and General Catalyst. With this investment, the total funding raised by the company goes to €245 million, which positions it among the best-funded UK tech companies ever.
Recently, the company announced that it would be the new shirt sponsor of Premier League football Club, Everton from the start of next season. This marketing campaign is touted to accelerate the shift of online car buying in the UK.
COVID-19 spiked Cazoo’s growth?
While the COVID-19 outbreak has left a dent on many businesses, Cazoo seems to have witnessed unexpected growth during the crisis. Over the past few weeks, the company has witnessed record sales levels although the number of cars sold during the lockdown remains unknown. As people prefer commuting in their own vehicle as the lockdown is easing out, it works out for those who want used cars. Also, it lets them avoid public or shared transportation so that they are not exposed to the virus.
Moreover, Cazoo takes special safety measures for customers. The company’s website notes that all the cars they sell are thoroughly sanitised and the handovers are made at a safe distance to adhere to the new normal. Given that people avoid going out unnecessarily, the COVID-19 pandemic appears to have made things it rosier for the online used car marketplace.
What do you think about the online used car marketplace? Does this idea interest you? Do share your thoughts with us.
Main image picture credits: Cazoo