Thu, 19 Apr 2012 | ADMINISTRATION
Auto Online and Carsite, which traded as Tesco Cars, have been put into administration after Tesco's decision to abandon the venture.
Nigel Morrison, James Stares and Daniel Taylor of Grant Thornton have been brought in to manage the administration process for the two firms. They will be seeking to sell the second-hand car online business, along with its stock of cars.
The website had been getting 80,000 hits per week, yet Tesco said a lack of a “satisfactory range of vehicles” had prompted the decision to pull out.
“We started Tesco Cars in good faith and we always aim to do a good job for customers,” Tesco said in a statement.
“However, following a review of the business model we and Carsite, our partner, have decided that we cannot offer customers a satisfactory range of vehicles and as a result, have decided it is right to close the business.”
The website tescocars.com was set up in April 2011, after Tesco bought a small stake in the online dealership Carsite. It was apparently only selling 150 cars a month however. Its stock was sourced from rental businesses and corporate fleet suppliers and then checked for quality.
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