Cazoo announces transition to a marketplace business model and departure of CEO

Cazoo Group announces its intention to transition to a marketplace business model, leveraging the strength of the Cazoo brand and the market-leading ecommerce platform it has built in online automotive retailing for the benefit of the 13,000 car dealers operating in the UK’s highly fragmented used car market. On December 6, 2023 Cazoo completed a series of transactions to restructure its capital structure and a new Board of Directors was appointed. Since their appointment, the members of the Cazoo Board have reviewed the strategic options for the Company and believe that a pivot to a pure-play marketplace business model is the best direction for Cazoo and all its stakeholders. The company said, “To achieve this transition, beginning March 6, we will be unwinding our inventory through retail and wholesale channels. We will also make changes to our operations in line with a pure-play marketplace model, such as exiting fulfilment operations and reducing headcount to focus on our ecommerce technology platform, proprietary data, brand, and our digital marketing and commercial functions.” Following the conclusion of the Board’s review of the business and with a new strategic direction agreed and in place, Paul Whitehead has made the decision that now is the right time to step back as CEO. Paul has been with Cazoo for more than five years, having joined at its inception as COO. Cazoo has a highly experienced Board and Executive team who have been through operational restructuring processes and will navigate the business through this transitional period. As previously disclosed, in connection with the Company’s debt/equity exchange in December 2023 the Company committed that it would remain listed on the NYSE until at least March 20, but would have no obligation to remain listed or registered with the SEC after that date. The Board also continues to review strategic initiatives and focus on satisfying Cazoo’s liquidity needs.