Cazoo Snaps up Swipcar for €30M to Hit the Gas on Growing Across Europe

Online car retailer Cazoo has acquired motor vehicle subscription platform Swipcar for €30 million in cash and Cazoo shares, according to a press release on Tuesday (Nov. 16).

Founded in 2018 and headquartered in Barcelona, Spain, Swipcar operates its car subscription platform across Spain, Italy and Portugal and offers an all-inclusive monthly subscription that includes the car, insurance, maintenance, service and tax.

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Founded in 2018, London-based Cazoo was among the pioneers that introduced online car buying and has sold more than 40,000 vehicles in less than 24 months. The public company operates across the U.K., Germany, France and Portugal.

The acquisition will combine Cazoo’s brand and platform with Swipcar’s proficiencies and relationships in southern Europe. As a combined entity, Cazoo can accelerate its move into Swipcar’s markets.

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“Swipcar has built a market-leading car subscription marketplace in Spain adding hundreds of new customers every month,” Alex Chesterman OBE, founder and CEO of Cazoo, said in the release. “This deal will enable us to accelerate our launch plans in Spain and Italy, offering consumers the option of buying, selling, financing or subscribing to a car entirely online.”

Cazoo employs more than 3,500 people and aims to ensure shoppers have a great car buying experience and are happy with their new vehicle.

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Julio Ribes, CEO of Swipcar, said that the company has developed a great platform, team, and “strong partnerships with thousands of loyal customers and key industry players.”

Ribes added that Cazoo has a “clear vision and strategy that is fully aligned with ours” and says that teaming up with Cazoo will help speed its expansion in Spain and across Europe and further drive the “digital transformation of the car buying, selling and subscription experience.”