CAZOO FINALLY GOES UNDER!
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- เผยแพร่เมื่อ 1 มิ.ย. 2024
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I had to upload this early and only in 1080p due to new breaking today that Cazoo has filed for for administration, even sooner than I expected! As always, let me know your thoughts in the comments!
Source articles:
📰cardealermagazine.co.uk/publi...
📰cardealermagazine.co.uk/publi...
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I very much doubt anyone will sink money into this mad motor trade money pit. It’s been a crazy journey to date and I think it’s finished for this wannabe retailer.
Cazoo no you can’t
CAZOO YEAH WE'RE BANKRUPT... joining Katie Price now.
They sponsored the World Snooker championships only last week 😂
I hope the winner's cheque cleared!
Yeah, it was probably a long term sponsorship contract that they had to fulfil.
@Rafz90 it was yes.
Weirdly these active and very visible sponsorships may help Cazoo’s brand find a buyer. Remember, the general public don’t know or care about what’s happened behind the scenes.
I was just about to say the same thing
Surprised it lasted this long. Rubbish idea. Never going to,work.
To be fair, my parents bought a car off them in 2022. Very good experience, car was exactly as described and pictured. When we went to collect it we sat in their posh offices and they checked documents, bought out the keys and then showed us around the car which was under a black blanket/sheet they pulled off. The woman walked around the car with her iPad pointing out the bits of damage (minor paint scratch, tiny stain on the seatbelt etc) which were shown in the photographs... when we got in the car they showed us how to use it - I already knew as my job involves using many thousands of fleet vehicles and we happen to use that brand, but it was a nice touch.
By contrast I bought a car from Big Motoring World the following year.... let's just say overall the Cazoo experience was far better.
When my parents needed work doing to the car including replacing shock absorbers and a few other parts, they even reimbursed my parents for it (around £630) despite them not paying for a "warranty" on the car.
Can't get much fairer than that. Somehow I doubt your average car salesman at a small garage is going to give a service just as good.
We also had 14 days to decide whether to keep the car, return it and exchange it, or return it for a full refund. The mileage policy was fairly generous.
It was 14 days return exchange/refund or something like 1,000 or 2,000 miles of mileage...
The fact that Chesterman cashed out immediately upon the IPO should have been a huge red flag…
I remember he justified it by saying he was making room for new investors to come in 😅
@@adrianpulford8828 “I know the engine is knackered in the car I’ve just sold you, I’m giving you an opportunity to fit a better one” 😂
@@adrianpulford8828😂
@@adrianpulford8828 That seems generous - nice way to play..Lol!
Right, typically you see big shareholders, founders, ceos etc... holding for at least a decade. When there's real value they know they'd be cashing out way too early and missing all the growth to come. If I see someone cashing out immediately I'd want little to nothing to do with that company😂
Thats was happens when a mobile salesman tries to change the motor trade with everyone else's money.
I’d never buy a car online,I’d much rather go and view the car,test drive it etc,the. Decide
Totally agree. Buying a car is an experience. Going to view it, test drive it, even haggle abit. Now you can sit on the sofa, 2 mins and 5 clocks later you've got a car being delivered within 5 days . . . Boring! I get it though 'easy life' and all that but I much prefer to go and stand Infront of it!
Few things I don’t buy online - cars, food and clothing
To be fair, my parents bought a car off them in 2022. Very good experience, car was exactly as described and pictured. When we went to collect it we sat in their posh offices and they checked documents, bought out the keys and then showed us around the car which was under a black blanket/sheet they pulled off. The woman walked around the car with her iPad pointing out the bits of damage (minor paint scratch, tiny stain on the seatbelt etc) which were shown in the photographs... when we got in the car they showed us how to use it - I already knew as my job involves using many thousands of fleet vehicles and we happen to use that brand, but it was a nice touch.
By contrast I bought a car from Big Motoring in December the same year.... let's just say overall the Cazoo experience was far better.
When my parents needed work doing to the car including replacing shock absorbers and a few other parts, they even reimbursed my parents for it (around £630) despite them not paying for a "warranty" on the car.
Can't get much fairer than that. Somehow I doubt your average car salesman at a small garage is going to give a service just as good.
We also had 14 days to decide whether to keep the car, return it and exchange it, or return it for a full refund. The mileage policy was fairly generous.
It was 14 days return exchange/refund or something like 1,000 or 2,000 miles of mileage...
@@mikehudson537it doesn’t make any sense and nobody uses it. Cazoo raised money right at the beginning of covid
@@mikehudson537 Makes sense with the electric cars because they're have zero soul and all drive exactly the same so its no different than odering an appliance online. For proper cars though I agree I want to see it and test drive it.
A prime example of late cycle Malinvestment where low interest rates lead to zombie businesses.
Going short is a mugs game. You don't know what you are doing. The equation isn't 'will they ultimately go out of business'. It's an asymmetric bet where the asymmetry doesn't favour you.
Stupid name for a company any way lol
Should have been Barfzoo
@@user-sf7kl9uh7kgood one
No cash and yet they still buy advertising space at premier league matches… 😂
CZOO were bobbins. Biggest bollocks model ever for used cars. Was a vessel to rinse punters on US stock market
Crikey ! I wonder if Kyren Wilson got his cheque for £500,000 from Cazoo for having won the World Snooker Championship yet, and if it'll bounce.
I laughed when the presenter said “a cheque for £500,000”. Who even writes cheques anymore. I hope Kyren said no thanks, here’s my bank account details for a BACS transfer on tuesday morning 😂
@@wintersun398 You're as cynical as I am, which is a good thing.
It needs to be the good old cheque and not electronic transfer, otherwise the Chinese or Russians will hack into Kyren's bank account!@@wintersun398
When Ales hurricane Higgins won in 1972 he got £500. My how times have changed.
@@nigelfarley814 Yes indeed, Nigel. Even by 1979, it was still only £10,000 when Terry Griffiths won it. He showed me an enlarged version of the cheque which he'd had framed on a wall of his snooker room at home. That said, in 1977 I did buy the house in which I still live for £1,300, albeit it was just a shell back then.
I think your bang on right I wouldn’t touched them with a barge pole. If I was buying a car I think the thing you can do if you want look out for a cheap car transport that they’re flogging off be ideal for you to pick the cars up from Bridgewater and offered the same thing to customers that you deliver them for a small fee, the video.
Love the video video keep smiling mate there is always a place in the market for decent secondhand car dealers like you👍
Yep, I set the radius to 20 miles and then see what there is around. When I have an idea I look into it further and follow up with a visit. Typically I know what sort of things I don't want (suv, cazoo, cinch etc.) Rather than what I want.
Cazoo is almost like a mirror to British politics
Is it owned by Zio nists?
@@TrumanShow-im2ve😂
@@TrumanShow-im2ve No, just multi generational tax dodging Aristocrats like Cameron et al
Well presented and explained..Thank You.
Cazoo down just Cinch to go now..
That won’t happen
And get rid of the annoying t**t who advertisers it !
Why not ?
@@kevinbennett2208 BCA is currently losing over 150 million a year, its only parent company keeping it going.
@@tucoramirez3333 Cinch is owned by the same company that owns webuyanycar and British car auctions.
WBAC buy the cars and Cunch sell the good ones and the rest go to BCA.
Ironically Carsa are the same people who sold Imperial Car supermarkets network to Cazoo.
Hate Imperial if they were formally Empress.
There's a Cazoo depot at Cold Meece in Staffordshire - the stock on site has been disappearing and the Cazoo branding seemed to go last week. Not seen so many of their vans about now I think about it.
Hi Joe. Your last video about this was great. Great follow-up. I can't believe Cazoo is still in business, I thought you were saying they were gone, but it won't be much longer, lol 😅. Autotrader is number 1, I think. You're right, Joe, it doesn't make sense, massive losses. Anyway, it was a great video again, Lee. Good update, bro 👌👏👏🥰🇮🇪
When I first checked them out it seemed like a good idea. I used Palmdale in 2019/20 to search for a particular car and they viewed it and checked it out and delivered to me as I didn’t want to travel to Bury St Edmunds dealership. Yes I paid them to do it and were very pleased with their service.
The amazing thing about Cazoo was the amount of money they spent on advertising and sponsorship. I noticed it everywhere but I think a lot of people saw the name without really realising it was a car dealer. It definitely isn't the place I'd go to car hunting because it offers so much less to a buyer than Autotrader.
Yeah, the accounts should have been published in December, it seems like a few companies are like that. You can see their accounts on Companies House. They have £450 million in assets as of 2022, not sure how much is left after they sold some.
I've been following cazoo since they started, they were valued amazingly high, little physical premises, low net profit of about 149 quid a car while other big dealers were at about 1500.
I’m glad I managed to get £3000 compensation out of them before it was too late, it took 7 months but persistence is key.
you probably bankrupted them 😂😂😂😂
We did too, did you take the extended warranty? Wonder where we stand with that.
@@testpilotian3188 I didn’t take the extended warranty, I just had the standard 3 months. As the Tiguan I bought was only a few years old, I took a 2 year extended warranty out with the main dealer. Is the extended warranty issued from Cazoo or was it a warranty company? Best bet is to give them an email or try ringing them if the number is still active.
Post COVID, I think the move away from ordering a car online is now long gone. People want to see and feel it before committing
I know someone who brought a car not to long ago from said company they cancelled her warranty
Good video, not unsurprising. Is Motors the car ad people for regional newspapers?
Such a stupid idea, who’s going to buy a car without seeing it first
in my 37 years in the trade loads of big companies have tried to “change the way cars are sold”. Virgin and Tesco to name just two. Big problem…small margins and too much risk of buy back (if you don’t know how to avoid). Hybrid selling is the only way to go to market IF you want to go national. Or, if you’re small concentrate on doing your local area vey well. I won’t say RIP Cazoo!
In fairness most of those items were general maintenance items .Good video
Bought my Hyundai Tucson from Cazoo and they were probably the best dealer I’ve ever traded with to be honest. Would have used again…
Joe what was car polish and electric mop recommend to you please I can’t find vid !
To be fair, their motor trade auctions (think they were the ex-Greenhaus remarketing sites) were decent. We have had some decent vans off them. The retail side was dogs..t though.
LOOSE THE ON AIR SIGN ITS TOO BRIGHT AND SHOULD BE RED
There's not a single BMW 6 series on the website 😂
Be careful on a short if it's not covered: the losses are potentially unlimited. If for some odd reason the share price sky rockets (because from a low base) then you could see a 10x loss if you're not stopped out. 😎
Great Video, wish I'd shorted Cazoo and Carvana etc... over in the USA.
Be careful shorting stock you can get a gamma squeeze if there's too many shorts - which in English means big counter trend rallies.
Etoro is super easy for that kind of thing.
Wonder where customers will stand with their extended warranties? Glad I managed to get the compensation out of them when I did.
It was a pump n dump led by the directors who knew they were on to nothing so hyped up the company to garner investment.....then exit their position and run away from it.
Nice work trying to short it. Which app did you use for that ?
Just can’t understand why buyers wouldn’t just go to a car supermarket and see the choice see the metal see the paperwork talk to the sales people… we all know buyers want to be loved a bit / plus they want to put a face to a name and they’ll get all that so why buy remotely from Cazoo 🤔
This was the worst-managed business I've ever seen. Great idea but they have decided to go huge at all cost, they thought that having BCA behind with access to the best cars was the key. That management 😂
You’re mixing them up with cinch, it’s cinch who are part of the BCA group…
@@Graham-rc1cp I might be. But they were swooping the market of anything decent up to 3 years old hence I've mixed them up ( but they've had some good contacts to do so )
@@Graham-rc1cp
And there is part of the problem telling those 2 apart
I wonder how many punters bought a Cazoo car and used it for a holiday, then returned it within the cooling off period
Your ford s-max which you have for sale looks like a manual not a automatic as listed. Keep the videos coming.👍👍👍👍👍
Spent yesterday trailing round for a new car. Put in the criteria including within 25 miles. Ended up with loads from the national dealers which say they are close but they aren't. One listed as Durham was actually in Southampton.
To hell with that went to a local traditional dealer at 4pm talked to a 63 year old professional salesman who knew the car on his site, test drive, priced my trader, deal done. Excellent experience wish I had started there.
Not a fan of these national dealers I want to see the car, test it and deal with a person face to face.
The comps do u deliver the cars .
Love your videos Joe! Keep up great work fuck the haters! 👍
You're sure you aren't even distantly related to Guy Ritchie?
I can believe people on TH-cam are saying the stock value is low and undervalued 😂😂
Goodbye and good riddance. Dreadful company.
What idiot would buy a car without seeing it in the metal first
I always want to test drive a car
I loved cazoo. The best car buying experience i ever had
Cazoo is Kazaam. 🤣🤣🤣🤣🤣🤣
Definitely wouldnt have failed if they werent so expensive, I even considered using it but they were 1-2k more than other places. Model only works if they are cheaper, not more expensive!
Can you not search one of your cars by make ,model ,age, price to see if you are on there?
Sounds a bit like a Pump and Dump scheme
I just got an email from them encouraging me to buy a car through them. Never have before and never had an email before 😂😂
If you want to take an easy short position on Cazoo stock do it either with CFD's or Spread Betting, lots of UK providers make it very easy.
Hi Joe. Why don't you buy them out bro 👌🇮🇪
I would not be at all surprised if returns is what actually started killing it. As so many people have said here in comments…go and have a look, etc. I bought one new car, I could’ve got a discount 40 miles away. But I wanted to…see it. For a used car I wouldn’t dream of not seeing it. Inspecting it. Buyer’s remorse started their slide
I bought a car off cazoo. Good car, good price. Got shafted on the trade in though. Didn’t like the business model really. They have you over a barrel esp if you drive to them ( didn’t want a big cazoo truck turning up in my street) and your nice shiny new car is sitting there. You’re not really going to quibble when they knock a grand of your trade in.
Every time a Cazoo advertisement was on the tv I did laugh
buying a car from any dealer by them just delivering a motor and then being stuck with it
Or having all the trouble of sending it back
Bad business model
Cazoo - yeah they CAN'T
Reminds me of that song ''common talez vous cazoo''
Not many people would buy a car without looking at it in person anymore.
I did like their fixed price model. You never know if you’re getting a good deal compared to everyone else when buying from a dealer. There is no transparency with the pricing.
So glad I stayed away from them last year. Stuck with a main dealer as I've always done 😂😂
At this point, no sane investor would get involved. If they completely fail, anyone who really wants the company will be able to but the lot for pennies on the pound from the administrator.
They tried to apply the just eat/uber formula to used car sales and it didnt work, but it will, needs tweaking
Jo , honesty, stop being so bluddy nice
Anybody who buys a car online without looking at it in the metal and test driving it before handing over cash deserves everything they get. Daft idea, which failed miserably.
Nothing to do with Everton then?
Cracking podcast as usual Joe i drove past your garage today I'll pop in next time to buy a polo shirt off you
How about Cinch?
Was gonna buy a car from there couple months ago, glad I didn’t
Surprised it lasted this long. Crap idea
Don't like U-Buy we deliver! WTF! I went to We Buy Any Shite as they offered best price (During Covid) if I had bought from this crap system and had car delivered, how long do I get to snag check it! fookin aweful.
Thats sad to see them go under, i bought a lovely car from them nearly 3 years ago, and its still going well.
If you try to get a loan from my bank they won’t lend on a Cazoo car.
I predicted they wouldn’t last when they sponsored Everton. You could see it a mile off.
They have appointed administrators today bud.
They’ve just spent £1.58 Million in prize money sponsoring the snooker
There still selling on website
Didnt they sponsor the world championship snooker with a million quid in prize money.
Don’t bother with the stock it’s been halted on the stock exchange throughout the day at one point went below $3 from $9.35 and then administration notice placed, the stock went into meltdown 🤣
Setting up CDF you need minimum 25k to play if you want to short the stock I wouldn’t bother 👍
Shorting is like taking pictures of an accident or siblings arguing over an inheritance. It happens, but should it. Says a lot about the kind of people who drive other people out of work to earn a few quid.
I don't agree with the 'sharp elbowed car dealers', as a customer I have been to many dealers who have suggested other dealers to find specific cars I've been looking for. I was glad when Cazoo first arrived and promised to shake up the outdated used car industry, but feel they didn't really have a plan of how to improve it. It's no good changing things, if it doesn't improve things.
I feel the way forward is for dealers to build on some of the practices they already have.
I would love to see Auto Trader toppled, or threatened by another platform. That could only be good for buyers and sellers. I feel the large auction companies are in the strongest position to shake things up a bit.
Never understood the concept. Even if i know exactly the car I want, I want to see it and drive it and know what I'm getting. Cazoo got loads of complaints that vehicles had been damaged, faulty or not as described. They deserved to fail, feel sorry for the staff though.
Their doomed, everyone will walk away, burnt there bridges.
Now Cazoo isn’t buying cars at auction, have prices eased off in auctions?
Cazoo own the auctions and we buy any car. They control the whole market which shouldn't be allowed
Looks like the same template as the Pistonheads sales - with less interesting cars...
Also how can they sponsor the world snooker
All the rest will follow no doubt
They're done
Worked in covid but people aren't idiots, they want to see a motor before buying.
They'll have paid a premium when the cars were inflated, when they came down they were carrying loads and loads of overpriced cars.
They sponsor snooker and darts, that's all I know about them.
And Aston Villa
Cazoo made £25 on average per car during covid which was there best year. Cazoo are finished
They are the Wework of used cars
They have gone. I can’t fine anything. Not even a cheap car
Oh dear 🙀🙀🙀... what a shame😊😊😊😊😊
Same old, same old. The rich get richer and bale out when the shit hits the fan…wonder if their pensions will be binned? I hope so.
Cinch do OK as they're getting stock from wbac where cazoo just had to pay the high post covid auction prices, but buying up dealers in other countries and massive advertising and sponsorship seems a bit silly, we sell 100 % on line so it can be done, we do a 10 min video pointing everything out and people pay a deposit and the balance when we deliver, maybe if cazoo had done an on line buying service from the kick off for stock and just kept to sales, maybe just UK TV ads it might have worked out, another issue is that on a bear new car people want the back up of a franchised dealer, who's probably spent millions on tech and workshops, not just a wagon turning up with a good luck mate we're on our way sort of thing, you'd have to be very brave to do that.
Who buys a car without even viewing it .and then have to argue to get your money back when it's had bad paint etc no thanks