Cazoo swerves the UK driver crisis as spending spree pays off
The boss of fast-growing vehicle-selling platform Cazoo backed moves to use emergency visas to ease the driver shortages now stalling the UK economy — while trumpeting a recent deal for logistics specialist SMH Fleet Solutions as part of its way around the labour market strife.
Cazoo, which buys up used cars from UK sellers, then stores, refurbishes and onsells them, said its gross profit per car sale is positive for the first time in its maiden results since listing in New York.
Some of the proceeds of that listing — which Cazoo’s boss Alex Chesterman insists was not a snub to London — meant it could snap up SMH for £70m and gain access to its 500-odd logistics and driver staff.
Chesterman said the acquisition meant Cazoo gained “a large pot of talent in one move, rather than going out and finding 500 workers [in these times] so it is always going to be a good move”.
Along with the recent SMH deal, Cazoo also snapped up motoring data company Cazana.
The platform sold more than 20,000 vehicles in the six months to 30 June, pushing revenues above $248m.
Gross profit per unit sold (GPU) swung from a loss of £355 per car last year to a profit of £315 now.