Cazoo sees an acceleration in trading as car sales go online

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    An online used car retailer has been valued at £2billion after seeing a surge in business during the coronavirus crisis.<br>Cazoo’s website and app let customers buy cars online and have them delivered to their home. <br>The UK start-up was started two years ago by LoveFilm and Zoopla founder Alex Chesterman, 50.<br> Motor movers: Cazoo’s website and app let customers buy cars online and have them delivered to their home<br>And after people flocked to the firm’s online platform during lockdown – when many physical car dealerships were forced to shut – Cazoo is raising £240million from investors to fund a major expansion.<br> RELATED ARTICLES Share this article Share Chesterman said: ‘Over the past few months we have seen an acceleration in the shift from offline to online car buying. <br>’This latest funding gives Cazoo the firepower to deliver on our plans to provide the best possible car buying experience for UK consumers.'<br> The fundraising puts the company’s worth at about £2billion overall, more than double its previous valuation.<br>Among the investors are Daily Mail & General Trust – the Daily Mail’s parent company – which owns a 22 per cent stake in the firm.<br>A spokesman for DMGT said ‘Cazoo has created significant value for DMGT since it launched its services to customers in December 2019 and DMGT remains a supportive investor.'<br>

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