Online car retailer Cazoo has completed the acquisition of Smart Fleet Solutions (SFS), a UK vehicle reconditioning and storage firm, for an undisclosed fee.
SFS has a team of over 500 staff operating from four refurbishment facilities across Nottinghamshire, Staffordshire, Wiltshire and Scotland, processing more than 100,000 vehicles annually.
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Cazoo hopes the deal will allow both businesses to scale their national reconditioning and storage capabilities.
Alex Chesterman, founder and chief executive of Cazoo, said: “We are excited to have acquired SFS given its infrastructure and vehicle processing capacity as well as its dedicated team of over 500 vehicle preparation experts. It will remain a standalone business run by Theo and his team and we look forward to working with them and to investing in continuing to serve its customers and growing the SFS business further.”
Theo Kortland, managing director of Smart Fleet Solutions, added: “Our focus on innovation and efficiency has enabled us to win and retain a number of key customers over the years and we are delighted to be joining forces with the Cazoo team. They have a clear vision and strategy for our business and are fully committed to making the investments required to continue to serve our existing customers and to further grow and develop the SFS business over the coming years.”
This deal follows the recent acquisition by Cazoo of Drover, the UK car subscription platform which will enable Cazoo to offer its customers the option of purchasing, financing or subscribing to the cars on its website.
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By GlobalDataCazoo had planned to launch its own subscription service in late 2021 and this acquisition will accelerate its plans in the fast-growing Cars-as-a-Service (CaaS) market.
Chesterman said: “The acquisition of Drover will enable Cazoo to rapidly expand into car subscriptions and give our customers the option of purchasing their next car outright, financing it over a multi-year period or subscribing for a shorter, more flexible period.”
