Yahoo Finance Cazoo revenues up more than five fold as used car demand surges
The used car boom has helped sales at Cazoo to increase more than five fold, the newly listed online retailer has revealed.
The company, started by entrepreneur and Zoopla founder Alex Chesterman, recorded revenue of £248 million in the six months to June, up from £40 million a year earlier.
It sold more than 20,400 vehicles, compared with 4084 last year. The firm allows customers to choose a delivery or collection when buying.
Cazoo’s update comes after it was valued at $7 billion in a US listing last month.
The used car firm listed in New York through a Spac - a company set up for the one special purpose of buying, or investing in, another business.
Chief executive Chesterman said: “Consumers continue to embrace the selection, transparency and convenience of buying cars entirely online. Our gross profit per unit grew substantially during the first half, up £670 year on year, as a result of continued operational improvements.”
A series of acquisitions have also contributed to the performance, while the period also covers a time when demand for used vehicles has soared in the UK.
Global semiconductor production has slowed amid supply chain and logistics issues, stymieing production and supply of new cars.
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