As an online used car retailer launched within the last decade, Cazoo was in many ways a poster child for the UK’s resurgent used car marketplace.
Established in 2018 by Alex Chesterman, founder of Zoopla and Love Film, Cazoo’s online used car marketplace was launched in December 2019, rapidly becoming the company’s primary operation.
Vertu Motors, a fellow listed car retail group, issued a profit warning at the end of last year, saying that its profitability in its current financial year was set to be lower than market expectations amid a “volatile” environment.
According to Vertu, a company that has undergone considerable organic and acquisitive growth over recent years, the three months ending November 30 2023 saw a "material change in the used vehicle market with UK wholesale values experiencing a significant reduction in October and November". This was attributed to higher supply into retail markets and the impact of higher interest rates and vehicle prices on affordability.
During the three month period in question, Vertu’s like-for-like used vehicle volumes fell by 2 per cent. Although this was an improvement on the 5.7 per cent drop that the company saw during the first half of 2023, gross profit generation from used vehicle sales was also below expected levels.
Vertu said in a trading update that it expected UK vehicle values to continue to weaken above historic norms in the near term" and Chief Executive Robert Forrester added: "The current consumer environment remains volatile and recent trends of sluggish new car retail demand and weakness in used car pricing are likely to persist for some months.”
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