UK online car retailer Cazoo is reporting a stellar second fiscal quarter, generating £141 million in revenues, a figure up 605% year-on-year. Gross profit per unit numbers were up from £143 in Q1 to £460 per unit in Q2, and an increase of 429% in the number of vehicles sold via the platform.
Q2 saw a few big moves from the London-based platform. In addition to launching a subscription service, the company moved its reconditioning operations in-house. Now hosting 5 centres across the UK, Cazoo has full autonomy over the process as well as the associated logistics operations.
In anticipation of a mainland European market entry, Cazoo has begun purchasing and reconditioning cars in both France and Germany, and reports building out teams on the ground.
If the positive numbers weren’t enough to break out the champagne, on July 26th Cazoo received the green light from the US Securities and Exchange Commission regarding the AJAX SPAC merger that was announced 4 months prior. Barring no objections or complications, the closing is anticipated to take place in the last week of this month.
AJAX founder Dan Och commented, “We are delighted with Cazoo’s record performance over the past two quarters. The team have had another great quarter and this once again confirms the significant opportunity that lies ahead for the business as they continue to grow at pace and drive to increase digital share in the $700 billion European market, which we believe will create compelling shareholder value.”