Acquisition of car subscription platform accelerates online retailer's plan to become 'Netflix of cars'
An online automobile retailer has announced that it is acquiring a car subscription platform as it accelerates its plan to become the ‘Netflix of cars’.
Cazoo, based in London, has agreed to acquire Drover, a car subscription platform also based in the capital, for an undisclosed sum.
The deal will combine Cazoo’s brand, platform and funding with Drover’s expertise and relationships in car subscription.
Drover’s business in France will also form the launchpad for Cazoo’s planned European expansion.
Alex Chesterman OBE, founder and CEO of Cazoo, commented: “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.
“I am looking forward to welcoming Felix and his team to Cazoo and continuing to deliver the most innovative and best options for consumers across the UK looking for their next car.”
Felix Leuschner, founder and CEO of Drover, said: “I am very proud of what we have achieved with Drover in such short time.
“We have built a great team and developed a sizeable and loyal subscriber base with strong revenues.
“Alex and the team at Cazoo have a very clear strategy and vision and I am very much looking forward to accelerating the growth of car subscriptions as part of Cazoo and to continuing to develop the business beyond the UK.”
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