Online car dealer Cazoo on road to £1bn as sales rise five-fold in the first half of the year
Cazoo has increased the number of cars it sold five-fold in the first half of the year.
The online car seller, which promises to deliver used vehicles to customers in as little as 72 hours, was only founded in 2018.
Revenues at the firm, which is 16 per cent owned by Daily Mail owner DMGT, rose 521 per cent to £248m in the six months to the end of June.
Driving sales: Revenues at Cazoo rose 521 per cent to £248m in the six months to the end of June. The company sold 20,454 cars over period, up from 4,084 a year earlier
Cazoo sold 20,454 cars over period, up from 4,084 a year earlier. Bosses said they remain on track to achieve revenue approaching $1billion (£740million) in 2021.
Losses widened from £31million in the first half of last year to £102million this year, as the firm invested in its expansion.
Founder Alex Chesterman, the entrepreneur behind Zoopla and Lovefilm, said: ‘Consumers continue to embrace the selection, transparency and convenience of buying cars entirely online.’
Demand has risen so much Cazoo was unable to refurbish used cars fast enough for sale.
It is doing all of its own cars up in-house following its £70million acquisition of Smart Fleet Solutions (SFS), which can process more than 100,000 cars per year.