Bristol-based Van365 is expecting a revenue of over £14m in 2021’s buoyant CV market, with an EBITDA margin in excess of 9 per cent, according to a statement issued by Cazoo

Cazoo has agreed for the £6.5 million acquisition of online commercial vehicles retailer Van365. The company plans to launch into the van market later this year.

The New York Stock Exchange-listed business is expected to gain approval from the Financial Conduct Authority (FCA) to complete its latest acquisition in the coming weeks. Bristol-based Van365 is expecting a revenue of over £14m in 2021’s buoyant CV market, with an EBITDA margin in excess of 9 per cent, according to a statement issued by Cazoo

 The cazio has a team of expert in-house technicians and service specialists and they currently have excellent customer feedback with a 4.8 Trustpilot score, the company statement by Cazoo stated. Alex Chesterman OBE, the founder, and chief executive of Cazoo, is taking initiatives to further accelerate Cazoo’s growth with its shift into the CV sector as it taking initiatives to expand the retail offering into Europe.

Cazoo Car

Alex Chesterman OBE, the founder, and chief executive of Cazoo, is taking initiatives to further accelerate Cazoo’s growth with its shift into the CV sector as it taking initiatives to expand the retail offering into Europe.

Commenting on the Van365 acquisition, Chesterman said, the market for commercial vehicles is worth £16bn annually, with over one million vans sold each year in the UK. This expands the addressable market and is a natural product extension for us. The acquisition of Vans365 will accelerate our planned launch of buying and selling commercial vehicles online later this year. It will enhance both the customer proposition and team, according to the official statement.

Jordan Franklin, Vans365’s managing director, said that like Cazoo, customer obsession is at the heart of Vans365’s success. Jordan Franklin further said that Vans365 is delighted to join the Cazoo team to take the online proposition to the next level. He added that Vans365 had built strong supply relationships. The company has also achieved excellent customer feedback with a great team who have strong sector expertise and are looking forward to joining forces with Cazoo.

Cazoo claims to have sold over 40,000 cars online since its launch less than two years ago. Since its launch it has acquired Imperial Cars, to accelerate and further support the creation of a physical retail presence across the UK, vehicle preparation businesses Smart Fleet Solutions and SMH Fleet Solutions, subscription providers Cluno and Drover, and the vehicle valuations provider Cazana.

Last month, the company published financial results for the first half of 2021.

Cazoo

Last month, the company published financial results for the first half of 2021.

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