Cazoo has bought its own service centres to repair and clean used cars before shipping them to the driveways of buyers.
© 2021 Bloomberg Finance LP
British online used car dealership Cazoo has raised $1 billion from a reverse merger with billionaire Dan Och’s blank check company to help fund its bid to become the Carvana of Europe.
The merger with the New York Stock Exchange listed AJAX I values the group at $8 billion ($6 billion) and comes just 20 months after the startup was launched by founder Alex Chesterman. The British entrepreneur, who has made a career out of copycatting successful American startups, now plans to launch its online car buying service into France and Germany, and expand its car subscription business.
Cazoo shares rose 6.54% to $9.29 after Chesterman rang the opening bell at the New York Stock Exchange but remains below the $10 per share the SPAC went public with. “We remain obsessed with delivering the best car buying and selling experience for consumers across the UK and mainland Europe and the capital raised from this…
