Cazoo’s brand and marketplace business are on the verge of being sold for a fraction of what the company invested in high-profile sports sponsorships, according to Sky News.
Administrators for the British online car retailer Cazoo, once valued at over £5 billion, are reported to be close to finalising a deal to sell its marketplace division, and the Motors used car platform is understood to be the leading contender.
Motors was first rumoured to be in talks with Cazoo last month.
Sky News said industry insiders had suggested the sale price will be significantly lower than the amount Cazoo spent on sports sponsorships to boost its brand awareness since its launch in 2018.
Cazoo entered administration in May after struggling to establish a sustainable business model despite a debt restructuring last year.
Login to continue reading
Or register with AM-online to keep up to date with the latest UK automotive retail industry news and insight.