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A car store has announced the acquisition of one of the UK’s largest independent used car dealers.
Cazoo, which is located in London, announced that it had acquired Imperial Car Supermarkets, which has 18 outlets across the UK.
The agreement, which combines virtual functions and the Cazoo platform with Imperial’s infrastructure and expertise, is expected to drive the transformation of the UK’s used car market by offering Cazoo a national network of storage, distribution, after-sales and hubs.
Over the next month, Cazoo has raised another 25 million pounds of funding, joining the exclusive list of corporations known as “unicorns” with valuations of more than $1 billion by signing two major football sponsorship agreements with Everton and Aston Villa.
Alex Chesterman OBE, founder and CEO of Cazoo, said: “The acquisition of Imperial Car Supermarkets will enable Cazoo to better serve its consumers and meet our growing number of deliveries in the UK.
“This agreement provides us with a key infrastructure and rich automotive experience that will allow us to drive our growth.
“Imperial has a very committed commitment and I am very happy to welcome you to Cazoo with Mike, Jon and Scott, who will occupy key leadership positions with us.
Neil Smith, chief operating officer of Imperial Cars, added: “Jon, Scott and Mike are proud of what they have accomplished during the 15 years they have worked with Imperial Car Supermarkets.
“They have built a wonderful team and a perfect infrastructure network and now is the time to move on to an exciting bankruptcy in our adventure.
“Alex and his team in Cazoo have a very transparent vision and we look to the future to make Imperial part of this story and create the most productive virtual car store imaginable for consumers across the country.”