With a SPAC merger, record Q2 numbers, and a seemingly unending round of acquisitions, it’s fair to say that it’s been a good year at UK-based car buying and selling platform Cazoo. With only 46 days remaining in the year, the company has decided it hasn’t had enough and announced yet another purchase. This time, it’s leading Spanish car subscription marketplace Swipcar for a cool €30 million for a mix of cash & Cazoo shares.
Active in Spain, Italy, and Portugal, Barcelona-based Swipcar was founded in 2018 and offers consumers a centralised location to compare and lease a wide range of vehicles. The firm then handles all the paperwork and provides an all-inclusive single monthly subscription offer that includes the car, insurance, maintenance, service, and tax. Basically, a find it, click it, pay for it, done with it, service.
As noted back in August, Cazoo is aggressively pursuing continental European expansion plans, and the acquisition of Swipcar falls right in line, now giving the company a presence in southern Europe.
Cazoo founder and CEO Alex Chesterman commented, “Swipcar has built a market-leading car subscription marketplace in Spain adding hundreds of new customers every month. This deal will enable us to accelerate our launch plans in Spain and Italy, offering consumers the option of buying, selling, financing, or subscribing to a car entirely online.”