Last year, the UK used car market generated 7.9M transactions with London coming in sixth position with 160K sales, just behind South West (171K) and ahead of Yorkshire region (153K). On top of that, the demand in alternatively fuelled vehicles rose by 23% and petrol and diesel car sales remained stable. At a time when the government plans to stop selling new polluting cars by 2035 as part of its nationwide initiative to reduce carbon emissions, there is clearly still opportunities.
Founded by Alex Chesterman, Cazoo, the startup that sells used cars online raised a £100M investment by DMG Ventures, General Catalyst, CNP, Mubadala Capital, Octopus Ventures, Eight Roads Ventures and Stride.VC is transforming the way people buy cars in the UK.
“It’s clear that UK consumers are ready to buy cars online in a convenient, hassle-free way. Cars are an important form of transport for many in our society, whether conducting deliveries or getting to essential jobs and we want to ensure that those who need one can continue to get one. This new round of funding is a strong signal from investors of the scale of the opportunity. Our mission is to deliver the best experience for car buyers across the UK by delivering better selection, value, convenience and quality.” – Alex Chesterman, Founder & CEO of Cazoo