NEW start-up Cazoo, which offers used cars delivered to your door via an online platform, has bought Imperial Car Supermarket.
The sum was undisclosed.
Imperial is one of the largest independent used car retailers with 18 locations across the UK. Cazoo said the acquisition would provides a national network of storage, distribution, after sales and collection hubs, while also creating a combined inventory of 5,000+ nearly new and used cars available for sale.
David Kendrick, corporate finance partner at UHY Hacker Young, commented on LinkedIn:
Cazoo the online used car retailer snaps up Imperial Car Supermarkets in a surprising deal announced this morning…is this suggesting their online click and buy model was struggling and they needed retail locations? Was it an opportune time to purchase Imperial who we believe did not reopen after lockdown? A potential outlet for part-ex vehicles? Not a move anyone expected and will be interesting to see the price paid.
Cazoo owns and fully reconditions all its cars before offering them for sale. Cars are delivered in as little as 72 hours with a full seven-day money-back guarantee and comprehensive 90-day warranty.
The company recently raised additional funding of £25m of funding, and has announced two major football sponsorship deals with Everton and Aston Villa and appointed Stephen Morana as its chief financial officer.
Automotive and fleet writer for Broker News