3:09 pm, March 7, 2024
Big Motoring World boss Peter Waddell has made an offer to buy Cazoo’s used stock after the online disruptor pulled out of second-hand car sales.
Car Dealer reported yesterday that Cazoo is ditching used car sales in favour of becoming a marketplace after it splurged millions of pounds on attempting to conquer the market.
The story has been on everybody’s lips at today’s Car Dealer Live conference, with attendees and speakers all eager to give their views.
Among them was this afternoon’s keynote speaker Peter Waddell, who revealed that former Cazoo boss Alex Chesterman had attempted to buy his business ‘many many years ago’ but was unsuccessful.
Waddell also told the audience that he has moved fast to get his hands on the coveted Cazoo stock, with a team of buyers currently working to secure the cars.
Speaking at the British Motor Museum, he said: ‘I phoned in the first minute I heard and offered to buy 3,500.
‘At the moment, I’ve currently got six buyers going through all the whole stock list now. I’m going to buy them.’
Despite being willing to do a deal for cars, Waddell was less keen when asked if he would be advertising stock on Cazoo’s new marketplace.
The Big Motoring World CEO laughed at the question about Cazoo’s change of direction.
‘What do you think?’ he said. ‘We won’t be advertising our cars with Cazoo. We’re quite happy with Auto Trader.
‘Many people have tried. I think the only people who will possibly do it is Google, because you have to go to them first before Auto Trader.’
As always fantastic to listen to the great legend that is , Peter Waddell
Love it ! #CDLive pic.twitter.com/oWs3sY2u6b
— Umesh Samani (@specialistcars1) March 7, 2024
In its bombshell announcement to investors yesterday, Cazoo said it would be ‘transitioning to a pure play automotive marketplace’.
The online used car dealer said it would be ‘unwinding’ its stock immediately and selling it via retail and wholesale channels.
It will also make further job cuts – following the large swathes of redundancies it announced last year – as it moves to being a marketplace.
Cazoo said it would be exiting fulfilment operations and reducing headcount to focus on its e-commerce technology platform, proprietary data, brand, plus digital marketing and commercial functions.
The number of job losses isn’t yet known.
Waddell previously bought 70 vans owned by Cazoo as the outfit looked to slash costs last year.
You can keep up to date with everything going on at Car Dealer Live 2024 by following our live blog from the auditorium.
The latest stories from the event are listed below:
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- Senior carmaker execs hit out at government’s EV approach amid ‘frustrating’ Budget
- Peter Vardy opens conference on how Chinese EVs and tumbling margins have led to change in business model
You can watch all the sessions from Car Dealer Live, which is headline-partnered by Auto Trader, as they happen by purchasing a streaming ticket now.
Alternatively, you can buy tickets to watch back the full event from tomorrow (Mar 8).
