Based out of London, Cazoo is a developer of an online used car marketplace designed to transform the way people buy, finance, or rent used cars.
Recently, the online car retailer announced the acquisition of vehicle data insight firm Cazana for £25 million in cash. The transaction is expected to have an immaterial impact on Cazoo’s FY2021 operating results.
How does the acquisition benefits Cazoo?
The acquisition by Cazoo will combine its market-leading brand, proposition, and platform with Cazana’s extensive data, products, and expertise. This acquisition follows its recent listing on the NYSE.
This deal will enhance Cazoo’s data team and capabilities and allow it to further optimise its car buying and pricing across the UK & Europe for the benefit of consumers.
Tom Wood, CEO of Cazana 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.”
Cazana: Automotive data insight platform
Founded by Tom Wood in 2012, Cazana data helps motor retailers, insurers and lenders digitally transform with big data and machine learning technology.
The London-based built an extensive dataset of over 500 million vehicle transactions from over 40 countries including, the UK, Germany, France, Spain, and Italy.
Cazana’s products include real-time vehicle valuation, pricing, and stock management tools.
Cazoo: Transforming car buying and selling experience
Founded by Alexander Edward Chesterman in 2018, Cazoo has already sold over 35,000 cars in the UK since its launch less than 2 years ago.
The UK company has launched an all-inclusive monthly car subscription service for new cars as well as its used car buying service in the UK. The company is gearing up to launch its proposition later this year in both France and Germany.
Alex Chesterman OBE, Founder & CEO of Cazoo 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.”