Online used car retailer Cazoo, has announced that it has agreed to acquire car subscription platform Drover for an undisclosed sum.
Founded in 2016, Drover has operations in London, Lisbon, Paris and Bucharest. Drover offers an alternative to car ownership, with a single monthly subscription fee which includes the car, maintenance, service, road tax and breakdown cover.
The deal will combine Cazoo’s brand, platform and significant funding with Drover’s expertise and relationships in car subscription and, once integrated, will enable Cazoo to give its customers the option of purchasing, financing or subscribing to the thousands of cars on its platform.
Alex Chesterman OBE, Founder & CEO of Cazoo said: “The acquisition of Drover will enable Cazoo to rapidly expand into car subscriptions and give our customers the option of purchasing their next car outright, financing it over a multi-year period or subscribing for a shorter, more flexible period. I am looking forward to welcoming Felix and his team to Cazoo and continuing to deliver the most innovative and best options for consumers across the UK looking for their next car.”
Felix Leuschner, Founder & CEO of Drover said: “I am very proud of what we have achieved with Drover in such short time. We have built a great team and developed a sizeable and loyal subscriber base with strong revenues. Alex and the team at Cazoo have a very clear strategy and vision.