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TODAY'S OTHER NEWS

Zoopla founder pledges digital disruption of used car industry

The man who founded Zoopla is now a second hand car salesman - but with a digital difference.

Alex Chesterman, who founded the property company in 2007 and launched the Zoopla portal the following year, is now behind a brand new business called Cazoo.

It pledges better selection, value, convenience and quality in the UK’s used car sector, which involves eight million transactions each year.

Cazoo has this week announced a further £25m of funding, taking the total raised since being founded one year ago to over £80m and making it one of the UK’s best funded new businesses ever. 

Investors in this latest funding round include leading venture capital firms and the additional funds will be used to grow the team and further invest in marketing and operations.

Cazoo has launched with over 1,500 cars in stock across all ranges, including  electric vehicles. 

Cazoo owns all its cars and reconditions each one at its 55 acre facility in the Midlands before offering them for sale.

It says that with no forecourts or sales people, Cazoo passes the savings on to its customers, effectively ‘Amazon-ing’ the used car market.

Buyers can inspect high quality, 360-degree images online along with details of features and the vehicle’s history. 

Prices are fixed and customers can purchase or finance a car entirely online and have it delivered directly to their door in as little as 72 hours. 

Every car comes with a seven-day money-back guarantee, destined to replace the traditional test drive. 

“And if customers don’t love their car, Cazoo will collect it for free, no questions asked” says a statement from the firm.

Cazoo cars will have passed a 150-point inspection and been fully reconditioned before being sold and have seven days free insurance and a free comprehensive 90-day warranty and RAC roadside assistance.

Alex Chesterman - who last year sold Zoopla and allied services including Hometrack and PrimeLocation to the US Silver Lake Partners for £2.2 billion, says: “Used cars are one of the last remaining consumer markets yet to benefit from any digital transformation. Cazoo makes used car buying simple and convenient like buying any other product online today. We take away the need to travel, to haggle, to spend countless hours at a dealership and to risk any buyer’s remorse.”

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