Cazoo, a UK-based online car retailer, is to buy Drover, a UK independent monthly car subscription service for consumers.
The amount of the deal was not disclosed.
Led by Felix Leuschner, Founder & CEO, Drover is an independent monthly car subscription service for consumers. providing fully flexible and hassle-free driving with contracts available from 1 to 24 months. It offers single monthly payment to include car, maintenance, service, tax & breakdown cover.
Founded in 2016, Drover has grown to a team of over 100 across London, Lisbon, Paris and Bucharest.
The acquisition combines Cazoo’s platform and brand with Drover’s subscription expertise & relationships. Drover’s brand & platform will be integrated into Cazoo and team will remain with the business. The deal will also accelerate Cazoo’s planned launch of its subscription service in first half of 2021.
Drover also has a nascent and fast-growing subscription business in France which will form the launchpad for Cazoo’s planned European expansion.
Cazoo has been rapidly rolling out its Customer Centres across the UK, opening 14 new sites in the past 14 weeks and once this acquisition is integrated its subscription customers will be able to choose between having their car delivered to their door or collecting it within as little as 72 hours.
Last month the company reached the milestone of delivering its 10,000th car since its launch a year ago. Led by Alex Chesterman OBE, Founder & CEO, Cazoo is one of the fastest growing UK businesses, generating revenues of over £150m in its first year, having grown to a team of over 800 people and achieving a valuation of over £2bn.
FinSMEs
17/12/2020