Cazoo Launches Online Used Car Finance Marketplace
03 Dec 2019
Approx Reading time: 3 minutes
- Cazoo has launched a car finance platform making the purchase of used cars effortless
- Cazoo recently raised £25 million from venture capital firms to enhance its operations, marketing, and grow its team
- The marketplace offers fully inspected cars with home delivery and a seven-day money-back-guarantee
Cazoo has launched a car finance platform that will make buying and selling of used vehicles easier and convenient. The platform aims at delivering convenient, better value and selection of used cars to consumers across the UK. With the new platform, consumers can buy used cars online, eliminating the need to pay commissions on car finance deals.
Car finance marketplace raises £25 million
The firm is taking the process of car finance online, and it also includes home delivery of the used cars. The marketplace recently announced £25 million in funding led by venture capital companies Mubadala Capital and General Catalyst. With the latest funding round, the company has taken total funding from last year to £80 million.
Chesterman hopes that Cazoo can transform the space by taking used car finance, selling, and buying online. The used car market is huge, with over 8 million cars sold annually, and the market is currently worth around £50 billion. On the platform, consumers will be able to view 360-degrees photos of the used vehicles on offer. The cars on offer have gone through a 150-point inspection, and they are on offer at a fixed price.
Making the online purchase of used cars effortless
According to Chesterman, the used car market is one of the markets that are yet to experience digital transformation. As a result, they have moved to purchase used cars effortless like any form of online shopping. The company advertises the cars and gives comprehensive details of each car. It enables buyers to see all the features of the car from the comfort of their homes.
The CEO adds that Cazoo will take away the need to travel, spend several hours at dealerships, and bargaining. It is because the fixed prices meaning customers can complete the process online and wait for delivery of the car. With the platform, consumers can car finance or purchase a used car online and have it delivered at their doorstep.
The car comes with seven-day free insurance
One can have the car delivered in three days and get seven days to ensure it fits their lifestyle. The seven-day money-back guarantee replaces the conventional 7-minute test drive. Similarly, the cars come with seven-day free insurance as well as a 90-day free warrant and RAC roadside assistance. Interestingly if the consumer doesn't like the car Cazoo will go and take it back at no cost. Having gone through thorough inspection, the cars are in good shape with proper reconditioning before the sale.
The company’s online inventory includes over 1500 used cars that include a variety of electric cars, SUVs, and luxury cars. Cazoo owns all the cars on its site, and it reconditions them at its 55-acre Midlands facility before selling them.
Cazoo offers all forms of car finance, including collecting any exchanges when they deliver for convenience. The company is looking to grow its operations from recent funding, like enhancing marketing and building its team.