Cazoo has a mission to transform the car buying and selling experience across Europe through offering better selection, value, transparency and convenience. The idea is to make buying and selling cars as simple as any other online transaction, where consumers can buy, sell, finance or subscribe to a car online in as little as 72 hours.
The young company, founded by Alex Chesterman, is one of the fastest-growing businesses in Europe, having sold over 40,000 cars online since its launch. It is also swiftly becoming one of the leading consumer car subscription players in Europe.
Swipcar, also founded in 2018, has a team of 100 based in Barcelona. Offering a selection of cars from various leasing company partners, the company provides an all-inclusive single monthly subscription payment which includes the car, insurance, maintenance, service and tax. As well as operating in Sapin, Swipcar recently launched in Italy and Portugal.
Cazoo acquired Swipcar for €30 million for a mix of cash and Cazoo shares. As a result, Cazoo’s market-leading brand and platform will be seamlessly combined with Swipcar’s expertise and relationships in Southern Europe. Alex Chesterman OBE, Founder & CEO of Cazoo has stated how the deal will enable Cazoo to accelerate their launch plans into the car retail and subscription market in Southern Europe.
Julio Ribes, the CEO of Swipcar, said: “Cazoo has a clear vision and strategy that is fully aligned with ours and we are looking forward to joining forces and accelerating the launch of Cazoo and the digital transformation of the car buying, selling and subscription experience in Spain and across Europe.”