Last year, we published a podcast episode with a segment on how used-car marketplaces were heating up across Europe (and that was about a year before fledgling UK startup Cazoo raised money at a $1 billion valuation). Fast forward to today, and consolidation is starting.
Founded in 2014, Reezocar aids in the process of purchasing and financing used cars in France as well as elsewhere in Europe. The startup currently reports 150 employees, and boasts a catalog of 7 million car listings and over 2 million website visitors per month.
Société Générale says the acquisition enables Reezocar to offer its customers a more complete offer around the use of a recent or second-hand vehicle, in particular in financing and insurance, and to rely on the group's reach to accelerate its development in France and internationally.
Terms of the acquisition were not disclosed.
The banking and insurance giant earlier acquired fintech companies like Fiducéo, and more recently Shine and Treezor. The aforementioned Cazoo, which is enjoying incredible growth, earlier this year acquired Imperial Car Supermarkets, one of the largest independent used car retailers in the UK.