Online car buying and selling platform Cazoo has announced it is transitioning to a marketplace business model.
The news comes after a capital and board restructure at the end of 2023.
It believes the shift will enable it to deliver new opportunities for dealers and consumers, supporting full online transactions. Cazoo will also offer dealers both customer and market insights to support their sales and marketing activities.
To achieve this transition, Cazoo is now unwinding its inventory through retail and wholesale channels, and will also make operational chances that will include reducing headcount and developing its ecommerce platform, proprietary data, and digital functions.
Paul Whitehead, Chief Executive Officer of Cazoo, said, “Transitioning Cazoo to a pure-play automotive marketplace business model leverages our key advantages: the nationally recognised and trusted Cazoo brand and the Cazoo ecommerce technology platform.
“Our transition means we can now offer the UK’s 13,000 car dealers the chance to put their forecourt stock in front of the one million potential customers on average who visit the Cazoo website every month.”
Meanwhile, Whitehead has also announced he will step down as CEO.
