Online car retailer Cazoo is ramping up moves to expand in Europe, with the acquisition of brumbrum, Italy’s leading digital car retailer and subscription platform. Cazoo said it will use brumbrum’s local market expertise and commercial relationships across Italy – Europe’s fourth largest used car market by both volume and value – to accelerate the launch of Cazoo’s full proposition throughout Italy by the middle of this year. Founded in 2016, brumbrum is based in Milan and has grown to a team of over 180 staff, including at its 40,000 square metre vehicle preparation site in Reggio Emilia, which has the capacity to refurbish over 15,000 cars annually. The business offers hundreds of vehicles for sale, finance or subscription for delivery across Italy.
Cazoo, which floated on the New York Stock Exchange last year, has sold over 50,000 cars online since it launched in the UK in 2019.
Cazoo will acquire brumbrum for €80 million in a mix of cash and shares and the transaction is expected to complete in the coming days. Following its recent launches in France and Germany and its acquisitions in Spain and Italy, Cazoo will now have a strong presence across each of the five largest European markets for used cars.
Alex Chesterman, founder & CEO of Cazoo, said: “brumbrum is the leading online car retailer and car subscription player in Italy and has built a great team, culture and business and much like Cazoo in the UK, it has been pioneering the shift to online car buying in Italy. We are expanding into key European markets at a faster pace than anticipated and this acquisition will accelerate our launch plans in Italy so that we can deliver better selection, value, quality and convenience to consumers when buying or subscribing to their next car in Italy.”
Francesco Banfi, founder & CEO of brumbrum said, “We have built a very strong team with excellent commercial relationships at brumbrum and I am very proud of what we have all achieved so far. The combination with the Cazoo platform and brand will significantly enable us to grow the Cazoo service in Italy. Cazoo’s vision and strategy is entirely aligned with ours and I am looking forward to joining forces and accelerating the launch of Cazoo and the digital transformation of the car buying, selling and subscription experience across Italy and the rest of Europe.”
