Cazoo, an online marketplace for buying used cars in the UK, has acquired Imperial Car Supermarkets, one of the largest independent used car retailers in the UK. Just three weeks ago, the tech company reached unicorn status, its valuation passing $1 billion after a $31 million fundraising round.
The chain has 18 retail sites selling about 2,500 vehicles, as well as other brick-and-mortars that offer service and support. Such an infrastructure provides Cazoo with a national network of storage, distribution, ‘after-sales’ and collection hubs — which seems necessary if the company will keep up with its service-level agreements. The company owns and fully reconditions all cars before offering them for sale and delivering them to the buyer’s door, sometimes in just three days.
The leaders of Imperial Car Supermarkets will join the tech company. Commenting on the acquisition, Cazoo founder and CEO Alex Chesterman said: “This deal provides us with key infrastructure as well as a wealth of automotive expertise which will help accelerate our growth. Imperial has a highly dedicated team and I am delighted to welcome them to Cazoo along with Mike, Jon and Scott, who will take up key management positions with us.”
The terms of the deal were not disclosed.