Cazoo, the UK’s leading online car retailer, has announced a $7.0 billion business combination with AJAX I to accelerate its expansion and disrupt the European used car market.

Target Information

Cazoo, the UK’s leading online car retailer, has rapidly established itself as one of Europe’s fastest-growing digital businesses, boasting over 300% year-over-year growth. The company is poised to achieve revenues of nearly $1 billion in 2021, driven by its innovative platform that makes car buying as straightforward as purchasing any product online. Founded in 2018 by Alex Chesterman OBE, Cazoo has successfully delivered over 20,000 cars to consumers in the UK, showcasing the effectiveness of its user-centric approach.

The company is now the leading car subscription service in Europe, servicing over 6,000 subscribers across the UK, Germany, and France. With a dedicated team of over 1,800 members, Cazoo aims to expand its influence across the continent, focusing on offering a seamless car purchasing experience through an integrated platform that includes owning and reconditioning all vehicles prior to sale.

Industry Overview

The European used car market presents an enormous opportunity, valued at approximately $700 billion. Remarkably, less than 2% of transactions are currently conducted online, indicating a significant potent