British used car startup Cazoo was once worth $7 billion. It's since lost nearly 100% of its value and is flirting with bankruptcy—what went wrong? [Yahoo! Finance]
Cazoo Group Ltd Class A Ordinary Shares (CZOO)
Company Research
Source: Yahoo! Finance
High demand for second-hand vehicles helped deliver a $7 billion valuation when Cazoo listed via a SPAC at the New York Stock Exchange in 2021, making it one of the most valuable tech startups in Europe. It was a big milestone for the British auto industry—and indeed, the rest of Europe, to which it sold cars—even if the company's listing was across the Atlantic. But Cazoo's dream run didn't last very long. In a complete reversal of fortune, the company has lost well over 99% of its value—its stock is currently worth about $35 million— amid mounting financial woes and is now toying with bankruptcy. Earlier this week, Cazoo said it was considering administration as an option, according to an SEC filing . It sold its remaining stock of cars in March and is now considering changing its business model to keep it going. It raises the question of whether Cazoo grew too fast or was simply one of the many unicorpses left in the wake of the post-pandemic bust. Cazoo's acceleration t
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CZOO
News
- UK online car retailer Cazoo enters administration [Yahoo! Finance]Yahoo! Finance
- Administrator Appointed As Used Auto Site Cazoo Fails NYSE Compliance [Forbes]Forbes
- Online car retailer Cazoo files for administration in UK [Yahoo! Finance]Yahoo! Finance
- UK online car retailer Cazoo files for administration [Yahoo! Finance]Yahoo! Finance
- Used car retailer Cazoo files for administration in U.K., board recommends winding up [Seeking Alpha]Seeking Alpha
CZOO
Sec Filings
- 5/21/24 - Form 6-K
- 5/1/24 - Form 424B3
- 5/1/24 - Form 6-K
- CZOO's page on the SEC website