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Cazoo has introduced the appointment of former CarShop chief government Jonathan Dunkley as chief working officer in a buying and selling replace printed in the present day (March 7).
Dunkley, who was profiled by AM earlier than Sytner owner Penske Automotive acquired CarShop in 2017 and later grew to become an government board member on the AM100 retail group, will be part of a enterprise concentrating on completion of a cost-saving strategic restructure by the top of Q1.
He’s scheduled to take up his new submit on the finish of this month.
AM reported this morning that Cazoo had axed 15 of its 22 used car handover sites from its website as session on closures and employees redundancies continued.
Cazoo founder and chief government Alex Chesterman stated in in the present day’s buying and selling replace that he was “very happy” with the net automotive retail enterprise’ progress and efficiency to date in 2023, including that “robust outcomes year-to-date are pushed by the swift and decisive administration motion to progress with restructuring of the Group”.
Chesterman added: “We’re executing at tempo on our revised plan to quickly enhance our unit economics, scale back our fastened value base and maximize our money runway.
“The rightsizing of our headcount and operational footprint is nicely progressed and we anticipate to finish the restructuring earlier than the top of Q1 2023.
“On the identical time, now we have seen important enchancment in our GPU, given the renewed concentrate on our unit economics.”
Chesterman revealed that Cazoo’s gross revenue per unit was monitoring at £900 year-to-date, up from £600 in This fall 2022.
The enterprise has now offered over 100,000 vehicles within the UK, a quantity which Chesterman stated demonstrated automotive consumers’ continued shopper shift on-line.
Commenting on the appointment of Dunkley, who has been working as a strategic advisor to Cazoo over the previous 18 months, Chesterman stated: “Jonathan brings over 20 years of automotive expertise and management within the used automotive trade to our group having previously been CEO of CarShop and an Govt Board member of Sytner Group.”
He added: “Our money reserves stay robust with over £225m of money and money equivalents as on the finish of February.
“We stay on monitor to attain our objective of reaching profitability, with out the necessity to elevate additional exterior funding till H2 2024 and proceed to anticipate to finish 2023 with over £100m of money and money equivalents on our stability sheet and to promote 40,000 to 50,000 UK retail models within the present yr.
“We are going to present an additional enterprise replace once we report 2022 full yr and This fall outcomes.”
In latest months Cazoo has withdrawn from Europe, axed its automotive subscription companies and offered its Cazana used automotive information enterprise as a part of sweeping cost cutting measures designed to save £200m by the top of this yr.
Launched in December 2019, the enterprise was valued at $7bn (over £5.2bn) when it was listed on the New York Stock Exchange in August 2021.
It at the moment has a market capitalisation of $86.50m (£72.08m).
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