What it means if you have bought a car from Cazoo after it went into administration

manchestereveningnews.co.uk:

Customers may be concerned about their purchases or warranties following the announcement that Cazoo has fallen into administration.

The firm has brought in specialists from Teneo to oversee the process and explore the sale of Cazoo's remaining marketplace operations.

During the administration period, the company has announced it will keep its 208 remaining employees on board. Launched in 2018 by entrepreneur Alex Chesterman, Cazoo has seen a drastic reduction in its workforce, with 728 positions terminated since early March as part of extensive cost-cutting measures. Read more: Online car retailer Cazoo goes into administration - putting more than 200 jobs at risk Joint administrator at Teneo, Matt Mawhinney, commented: "Following our appointment, we continue to progress discussions with a number of interested parties on the marketplace business and remaining customer collections centres." He added: "The marketplace model is performing ahead of expectations, with strong dealer sign up, and the administration appointment provides us with an opportunity to secure a sale of the business over the course of coming weeks." According to Teneo, Cazoo stopped selling any motor vehicle directly to the public since April 2024.

Because of this, Cazoo doesn't hold customer deposits anymore and all vehicles previously purchased should have already been delivered.