Carzam Crashes – Investors To Blame?     

There is no doubt about the week’s biggest story: Carzam entering into voluntary receivership and founder Peter Waddell being quoted in The Times seemingly laying the blame at the door of rivals such as Cazoo.

The whole online car retail market has been rocked not just by this but also by negative news coming from Cazoo itself (see separate story).

Speaking to The Times, Waddell said: “We couldn’t get any funding because share prices in Cazoo and Carvana went down 85 per cent.

“Business is all about taking a chance. We tried. It didn’t work.

“We didn’t get the funding. We walked away.”

A pretty fair and sanguine assessment from Mr Waddell there, but it leaves many wondering just what will happen next to what was considered the future of car retailing.

Waddell launched Carzam in late 2020 in conjunction with ex-Cox Automotive big hitter John Bailey.  Now it seems investors have got cold feet and other online retailers are girding themselves for a rocky ride.