Cazoo buys SMH Fleet Solutions for £70m
Online car retailer Cazoo has bought SMH Fleet Solutions, a vehicle preparation, logistics and storage business for £70 million (€82m).
SMH has six vehicle preparation centres in the UK and processes more than 70,000 vehicle refurbishments annually. The acquisition doubles Cazoo’s overall vehicle reconditioning, logistics and storage capabilities in the UK, and when SMH is fully integrated Cazoo will have the capacity to recondition and deliver hundreds of thousands of cars per year and store tens of thousands of cars.
Cazoo has sold more than 35,000 used cars in the UK since it launched two years ago, and will open in France and Germany later this year.
The company has also recently launched an all-inclusive monthly subscription service for new cars.
Alex Chesterman, founder and CEO of Cazoo, said: “Buying or selling a car entirely online from the comfort of your home and having it delivered or collected in a matter of days, just like any other product today, is clearly resonating with consumers and our record growth continues as they embrace the selection, value, quality and convenience of our proposition.”
Image: Business Wire