Online car retailer Cazoo has confirmed the acquisition of Swipcar, a consumer car subscription platform based in Spain.
Cazoo acquired Swipcar for €30m for a mix of cash & Cazoo shares and the transaction is expected to have a negligible impact on Cazoo’s FY2021 operating results.
Founded in 2018, Swipcar has grown to a team of around 100 staff based in Barcelona and offers a selection of cars available from various leasing company partners for an all-inclusive single monthly subscription payment which includes the car, insurance, maintenance, service and tax. The firm also recently launched in Italy and Portugal.
Alex Chesterman, founder and chief executive of Cazoo, said: “Swipcar has built a market-leading car subscription marketplace in Spain adding hundreds of new customers every month. 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. I look forward to welcoming Julio and his team to Cazoo and to working with them to deliver the best experience to consumers looking for their next car in Europe.”
Julio Ribes, chief executive of Swipcar, added: “I am very proud of the platform and team we have built at Swipcar. We have developed strong partnerships with thousands of loyal customers and key industry players. Cazoo has a clear vision and strategy that is fully aligned with ours and we are looking forward to joining forces and accelerating the launch of Cazoo and the digital transformation of the car buying, selling and subscription experience in Spain and across Europe.”
Back in February this year, Cazoo announced the acquisition of Cluno – a German consumer car subscription service, for an undisclosed sum.
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At the time, Chesterman said: “Cluno has built a market-leading offering in the car subscription market in Germany with thousands of loyal customers and we are delighted to welcome Nico and his team to the Cazoo family.
“We will be launching the full Cazoo proposition in Europe later this year from our new European headquarters in Munich and we look forward to offering customers the option of purchasing, financing or subscribing to thousands of Cazoo cars.”