UK Car Platform Cazoo Acquires German Car Subscription Company Cluno
Cazoo, a UK-based car platform announced that it has acquired the German car subscription company Cluno. The acquisition is one of the many acquisitions made by Cazoo in 2021. Over a couple of weeks ago, Kazoo made the headlines when it acquired England’s vehicle storage and reconditioning company Smart Fleet Solutions. Details regarding the acquisition have not been disclosed by the company.
According to a survey conducted by Mckinsey, the subscription-based model has tremendous scope and likely to represent nearly 20 percent of the market by 2025. Banking on this trend, both the companies have come together to accelerate the digital transformation of car subscriptions in Europe.
Reason to acquire Cluno
After recently going through with the acquisition of Drover, this deal solidifies Cazoo’s position as a top player across the European Cars-as-a-Service (CaaS) market. Cazoo, which is already one of the fastest-growing companies in Europe will leverage this deal to expand its international presence. The company aims to revolutionize the car buying experience across Europe.
The recent acquisition will combine Cluno’s experience and automotive relationships with Cazoo’s funding and platform and upon integration will pave the way for Cazoo to expand its presence across Europe. It will allow customers to purchase, finance, and subscribe to over a thousand cars that are listed on its platform.
Alex Chesterman OBE, Founder, and CEO, Cazoo, said that Cluno has created a stellar offering across the car subscription market in Germany. He added that Cluno will soon launch a complete Cazoo proposition in Europe in the upcoming months from the company’s European headquarters in Munich.
Nico Polleti, Founder and CEO, Cluno said that he is proud of what Cluno has to offer in terms of customer experience and that Cluno’s growth strategy perfectly aligns with that of Cazoo. According to him, the new deal will fuel the digital transformation of car subscriptions and buying in Europe.
More about Cazoo & Cluno
Cazoo was established by Alex Chesterman in 2018 and one of the leading online car retailers from the UK. The company owns and reconditions its cars before listing them on its platform. Customers can choose from a wide range of cars that are available for collection or delivery within 72 hours.
Cluno was founded in 2017 and provides a seamless alternative to car ownership. It offers a broad selection of car models which are available at a monthly subscription fee. Apart from the car itself, the subscription fee includes maintenance, service, insurance, and warranty tax.
For more updates and latest tech news, keep reading iTMunch
Image Courtesy: <a href=”https://www.freepik.com/photos/business”>Business photo created by senivpetro – www.freepik.com</a>