Cazoo sales rocket higher as SPAC listing approaches

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Cazoo, the online car dealer set to list in New York through a SPAC takeover said revenues jumped by more 600% in its latest quarter.


Alex Chesterman, the group’s founder and chief executive, said the group was on track to meet its target US$1bn in revenues in 2021 after revenues jumped 605% to GBP141mln in the three months to June.


The former Zoopla (LSE:ZPLA) boss added that the number of vehicles sold through the platform jumped 422% to more than 10,000.


Cazoo raised eyebrows when the business was valued at US$7bn in the SPAC deal at a time as its sales are still a fraction of UK car dealers listed already where valuations are in the hundreds of millions.


Chesterman said the business had turned a small profit in the quarter as the amount it made per sale jumped to GBP460 from GBP143 in the first quarter due to bringing vehicle refurbishment in-house amd giving it complete countrywide control of its service.


A new car subscription service offering both new and used cars has also been launched, said Chesterman.

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