Kowloon Austin Station parking lot
Image Source: Rutger van der Maar

Online car seller increases revenues by 600% with "significant" sales growth

An online car retailer has announced that its revenues have increased by more than 600 per cent in the second quarter of the year.

Cazoo, based in London, saw revenues increase by approximately 605 per cent compared to the same period last year, rising to around £141m.

The company said that the increase was driven by “significant” retail sales growth, with the amount of vehicles sold in the period up by 429 per cent.

Alex Chesterman, founder and CEO of Cazoo, commented: “Our rapid growth trajectory continued in Q2 with record revenues of around £141m, up 605 per cent year on year, as consumers embraced the selection, transparency and convenience of buying cars entirely online.

“We remain on track to achieve revenues approaching $1bn in 2021 and expect operational efficiencies to continue to drive further gross margin improvements.

“During the quarter, we brought our vehicle refurbishment in-house and now have 5 vehicle preparation centres in operation across the UK, giving us a significant infrastructure advantage and complete control of our extensive UK-wide reconditioning and logistics operations.

“We also launched our new car subscription service, now offering consumers both new and used cars with the option to purchase, finance or subscribe, all entirely online.

“We continue to be very excited about our launch into mainland Europe later this year and have started buying and reconditioning cars and started to significantly build out our teams on the ground in both France and Germany and will accelerate our investment and rollout plans if we believe it is right to do so.”

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