ONLINE used car retailer Carzam has gone into voluntary liquidation.
While the UK prepared for the long bank holiday ahead to celebrate the Queen’s platinum jubilee, Smith & Williamson LLP were appointed receivers of the business on 31 May.
Founded by Big Motoring World chief exec Peter Waddell and former Cox Automotive International president John Bailey in 2020, the used car operator offered consumers the promise of their car delivered to home or workplace within 24 hours.
Following a round of funding in November 2021, when the business raised £112m and was due to write the company’s “next chapter”as it became a challenger in the expanding online used car market, six months later Carzam has run out of cash.
Rumours suggest that the founders had fallen out and were not prepared to invest further in the operation.
Carzam’s two biggest rivals in the online used car market are big spending cinch and Cazoo.
Ralph Morton is the leading journalist in the leasing broker sector and editor of Broker News, the website which provides information and news for BVRLA-registered leasing brokers. He also writes extensively on the fleet and leasing market in both the UK and Europe.
