Fri, 24 May 2024 | COMMERCIAL PROPERTY
The Cazoo Wholesale business has been acquired by G3 Vehicle Auctions. The acquisition, which follows Cazoo falling into administration, creates the new G3 Bedford auction facility.
G3 moved swiftly after Cazoo entered administration earlier this week, acquiring the premises, land and existing remarketing team, as well as other software assets. The site instantly doubles G3’s capacity for vehicles and increases its total workforce to more than 140.
The Bedford site will complement the company’s established 14-acre, purpose-built G3 Castleford remarketing site, which was opened in 2021. The company expects the new site to be break even by the end of this year and ultimately aims to offer more than 30,000 vehicles per annum.
In addition to providing an auction facility in a new area of the UK, the site will also become an additional drop-off point for G3’s network of finance house partners, as well as offering onsite de-fleet and refurbishment facilities. The company also intends to relocate its existing Pool Fleet business to Bedford.
G3’s co-owner Matt Dale commented: "This year is the 15th Anniversary of G3 and after the recent development of our G3 Castleford centre and the uptake it has had in the industry, we have been actively seeking the right opportunity to extend our network across the UK.”
“We are excited to onboard a group of experienced individuals to the team and collectively drive the service we’ve become known for at G3 into a new region, with further expansion opportunities currently in the pipeline.”
"The new centre will undergo a significant seven-figure investment over the next 12-months to align its facilities and reflect the existing G3 brand and design ethos, whilst being fully operational to service our customer needs.”
“We are proud to have become a trusted partner for many vendors across the industry and we cannot wait to offer the G3 Bedford facilities to our portfolio to remarket more vehicles to a new customer base and dispose of their assets efficiently.”
Dale said that the acquisition provides the firm with “the capacity to offer over 80,000 vehicles per annum” adding that this made G3 “the ‘go-to’ truly independent remarketing provider in the UK.”
Duncan Firman of Gordons LLP, who advised G3 on the deal, said: “The addition of a new remarketing centre in Bedford will be pivotal for G3, and the expansion represents a fundamental step in allowing the management team to continue to drive the business forward.”
Find out more about Cazoo's struggles and the wider used car market
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