4:47 pm, September 2, 2021
Less than a week after listing on the New York Stock Exchange, Cazoo has announced it’s snapped up used car data and pricing specialist Cazana.
The used car retailer has paid ‘approximately’ £25m in cash for the business, saying the deal will ‘enhance Cazoo’s data team and capabilities and allow it to further optimise its car buying and pricing across the UK and Europe for the benefit of consumers’.
The deal does not include Car & Classic, however – the classic car listings website Cazana acquired in 2018.
According to a statement issued by Cazoo, Cazana CEO Tom Wood and COO Chris Varin will remain with Car & Classic.
Cazoo also said the purchase will have an ‘immaterial impact’ on its 2021 full-year operating results.
Cazoo founder and CEO Alex Chesterman said: ‘Cazana has built one of the leading data insights platforms, providing tools which are used by manufacturers, lenders, fleet owners and insurers in the automotive space.
‘This acquisition will enhance our data team and capabilities and enable us to further optimise our buying and pricing of vehicles across the UK and Europe.
‘I am looking forward to welcoming the Cazana team to Cazoo as we continue our mission to deliver the best car buying and selling experience to consumers across Europe.’
Tom Wood, who appeared on Car Dealer Live last year (which you can watch above), said: ‘I am very proud of what we have built and what the Cazana team has achieved over the past few years.
‘We now have comprehensive vehicle data across Europe and our extensive dataset, products and tools are highly valued by our customers.
‘Cazoo has a clear vision and strategy to provide the best full stack car buying and selling experience across Europe and by joining forces, the Cazana team, data and products will continue to play a key part in accelerating the digital transformation of the industry.
‘Chris and I are excited to be continuing our journey leading Car & Classic whilst supporting the integration of the Cazana business with Cazoo over the coming months.’
On Friday (Aug 27), Cazoo completed its merger with special purpose acquisition company Ajax I to start trading on Wall Street, and in so doing formed a new holding company called Cazoo Group.
Cazoo said it would receive proceeds of more than $1bn (£728m) before expenses from the flotation – valued independently at between $7bn (£5.1bn) and $8bn (£5.8bn).
It finished the day with shares rising by nearly eight per cent.
