That esteemed business bible Bloomberg is reporting that online newcomer Driverama has announced plans to become the biggest pan-European online used car seller by 2025. It says it will achieve this by launching in Germany with a stock of over 5,000 cars, then rolling the service out across 11 countries by 2025. Basically, it’s a cross-borders Cazoo that will enable a buyer to order a car from Prague and have it delivered to their home in Antwerp.
According to Bloomberg, Driverama is launching six months early to capitalise on a boom in online car sales and to infiltrate the EU used car market, worth around €600bn (circa £5.2bn). Driverama is expecting customers to shift even further and even faster to online car buying and it intends to be ready with the right stock when they do.
The thing is, Driverama is backed with big bucks from pre-owned car specialist Aures Holdings whose founder, Anthony Denny, is quoted in a very positive mood: “We’re moving six months ahead of schedule because of all the noise surrounding Cazoo’s sale to a SPAC and the recent IPO of Auto1. When we come for a capital raise, I don’t want there to have been a deflated bubble.”
Cazoo, was sold to special purpose acquisition company Ajax I in a $7 billion deal.
Denny is reported to have said he’d been surprised by some of the valuations and wanted to launch Driverama ahead of any price cooling.