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G3 Vehicle Auctions told the story of how it bought Cazoo’s bankrupt wholesale arm.
Yesterday, Car Dealer reported that the used-car dealership-turned-marketplace had been forced to appoint administrators and would seek to liquidate the company.
Among the announcements, it revealed that G3, called G3 Remarketing, had purchased the Bedford-based wholesale division of Cazoo on Monday, May 20, with the relocation of its 28 employees.
G3 told Car Dealer today that it has scrambled to protect the 14 acres, facilities, staff and software so that it can create a new auction centre as part of its ongoing expansion plan in the UK.
It will be a sister site to G3’s flagship centre in Castleford, which was purpose-built and opened in 2021.
Outlining its plans for the Bedford site, the reseller claims it will spend a “significant seven-figure” sum on it over the next 12 months, with the aim of turning it into an EV auction hub.
He expects the Bedford market to break even by the end of this year. A sales calendar will be released soon.
Ultimately, G3 aims to sell more than 30,000 vehicles each year there, with a set of new and existing dealerships directing their vehicles to used car dealerships nationally and in the Bedford area.
The Bedford site will also become another depot for its network of associated money companies, while also providing on-site stock refurbishment and liquidation facilities, as well as a secure fleet and lifetime garage options.
G3 said it intends to move its existing pool fleet there due to its strategic location and diversity of facilities, adding that it will also look to expand existing relationships within the industry.
Co-owner Matt Dale said: “This year marks G3’s 15th anniversary and, following the recent progression of our G3 Castleford centre and the adoption it has had in the industry, we have been actively looking for the right opportunity to expand our network across the UK. .
“We are excited to add an organization of experienced Americans to the team and co-lead the branch we know at G3 in a new region, with new expansion opportunities underway lately. “
He added: “We are proud to have a trusted partner for many suppliers in the industry and look forward to adding the conveniences of G3 Bedford to our portfolio to bring more cars back to market to new consumers and dispose of their assets efficiently.
“With the addition of G3 Bedford, this facility will give us the ability to offer more than 80,000 cars each year to dealers of all shapes and sizes for sourcing. This will make the G3 Group the truly independent remarketing provider. Recruitment provider in the UK.
G3 was involved in the transaction, for an undisclosed amount, through Duncan Firman of Leeds-based law firm Gordons LLP.
Firman said: “It’s been exciting to assist the G3 team in the transaction, from start to finish, and it’s wonderful to have helped move this task forward. “
“The addition of a new remarketing center in Bedford will be for G3, and the expansion represents a basic step in allowing the control team to continue to drive the business forward.
The main symbol shows what the G3 Bedford will look like
John has been with Car Dealer since 2013 after spending 25 years at the newspaper as a journalist and then deputy editor/deputy editor of regional and national titles. John is the Deputy Editor of the Editorial Department, works at Car Dealer, and manages social media.
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