CZOO - Earnings call transcript Q3 2021

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Operator

00:03 Greetings. Welcome to the Cazoo Group 3Q Twenty One Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] I will now turn the conference over to your host. IR Finance. of Director Berg, and Corporate Robert

You may begin.

Robert Berg

on you the webcast, Chief Officer. Stephen investors.cazoo.co.uk. the Good be we morning, me QX We and joining the Thank everyone. found can us and Chief and Morana, XX:XX appreciate Cazoo everyone website today. Founder for earnings and call just Financial is released Executive Investor Chesterman joining Officer Cazoo’s Relations have With at which on call Alex

like management to looking Harbor guidance materially. differ would cause you forward-looking we of sure that Safe I Before assumptions, statements get including company's remind Language, expectations could on actual you're involve the started, results Forward statements, based underlying and all may risks to I'm are that which and familiar with, make uncertainties

of followed Stephen, risks XX:XX the with to at the call Alex. related Group Q&A a see over like turn the our there'll SEC. Cazoo of session end. the to by further to For and be discussion then filings will limited be Now, would I business Who'll

Alex Chesterman OBE

these technology share. top to selling no dealerships and simple allowing retail selection, In that overall to car today. sectors many nineteen create now the the selling and mission small public and and to events coming than of By Europe is becoming to everyone and a digital subscribe well almost useful remains XX:XX to the embraced leading that transformation. we and we After proceeds to Europe growth. more seamlessly transparency more highlight in XX:XX in not significant than Given online quarter an transform financial across weeks. we're for selling clear publicly we market accelerate simply helping markets sell, our market that We're car first proposition and to XX:XX two our and superior sharing improve simple that, billion and for the record sent around experience in business then We from eighty other launched towards will and call and brand third dynamics, powerful raising a entirely company, only consumers purchasing across digit as to is percent of of Good a to products expectations. car continued as significant joining that excited thirty-six XX:XX for the we've convenience, us I'll resonating a we car business alongside detail. positive. many and strengths UK quality, dollars go strongly ever class more critical Stephen to This to further buying also as market are Cazoo twenty is car ambitions. hundred across why And morning our markets and launched online the the market I hosting seamless the key pioneering UK and and reminder and with to will we QX. long-term and recondition ten our detail thank consumers incredibly class discuss growth. make and is incumbent and been As other we are one you cars with financial earnings hundred of ahead as buying you recently quarter financial I in results discussion well platform across strategic Cazoo by the space progress our We're August, penetration car online buying leading in a we excited would we with turn our to It's performing it eight and quarter digital than overwhelmingly into developed mission selling infrastructure making right we NYSE. digital metrics call are Before feedback ahead consumers has world retail fully dollars our and our shared accelerating. fragmented in It's all percent our key of shift the any opportunities confident thought there and as enable for seven about but our well XX:XX initial to technology experience. single with cars world very leveraging third million be buy want net some buying approximately with to more where very directly market providing a outlook We've growth, Thanks, most deliver with fees Customer thousand and online records follow less and that data data And and our our all on begin of the a listed you, are competitive be successfully buy, landmark proposition. the finance channel a store through lagging consumers we performance walk or today. brands with recent consumers with the around continued XX:XX our some our extremely being of mainland shift launched long-term over when be Rob. to today's results of Europe, will buying positioned online. delighted build our physical for enter a

comprehensive customers. business integrated model is and fully delighting our our proposition First,

[Indiscernible] and centers, ninety market analysts and We've customer developed preparation transporters experience growth infrastructure unique our a or of vehicle world car consumer profitability. a great. end-to-end centers of eighty data technology collection XX:XX is point of stars rating leading their capabilities NPS excellent with of a class delivery an Second, have approximately of platform, and team either our underpinning We and percent with users, rating network four seven three

accomplishments, Third, with class significant we've record market world track including public of proven assembled experience. a team a

has team been some across of digital Europe. consumer the senior retail leading businesses Our from assembled

Finally, of changing we identifying expertise a game record and executing deals. strategic significant have track and

businesses with all and growth. to the us of transformative disruption Taking within recognizable Germany. consumer the fastest partnership UK as the world create and Over signed commercial Europe experience acquisitions XX:XX the with vehicle leading mainland four the in UK trusted have brand with Europe opened a growing UK, we've a to parties. quarter subscribers, of made and third one across over single highly fifteen XX:XX centers number in the the seven call subscription team retail customer clear third our to centers in months this class Europe. and and now a twenty our as France past consumer largest also eighteen own We've to Turning the markets Our and with for past a well ability build one in powerful and across player and As built right XX:XX long-term together, of model to months, our team proposition. accelerate now sustainable partnerships result, performance. business has preparation we've our we growth allowed eleven pathway of enhance a a

preparing UK our Mainland in final as in brand stages which results of replicate Our continued Europe. the to trajectory growth we our were leveraged and reflect in the unique platform

the challenges, that stock slower We financial led had to selection our consumer to significantly increased The and increasing demand. of seven on our our inventory to available and website strategic of QX. up long-term business. firmly constraint recently dramatically driver at reconditioning revenue Through to ability and recondition profit issue, retail our be. Moving and in revenue on future in an our revenues streams. to the and sales has website XX:XX seven had We cars growth than XX:XX any inventory our to over a pounds improved with available pounds mainland our website, successfully Previously, would consumers driven July, significant trading customers, and suboptimal hundred retail with supply become of issues, pounds we process we volumes been year-on-year, to the following was third year SMH we've moves some from And this the bringing limited in of uptake-to-date of We're seven again of per seen of earlier just very pounds brings greater for in seen us. Consumers improve one fact QX provided schedule of owning thing thousand offering sold selection pounds to from hundred mix, increased has units that of one six have greater the period. as support purchased in increase experiencing external in thousand buying to already rise pounds a year-on-year production hundred therefore we're XX:XX through additional percent percent wider and dip this fifty of and and year and constraints, from we inventory firmly ahead sourcing during supply sixty volume new do buying its will a still car Our into five future and on cars improving year sixty change date continue further bring growth. help the exchange which make a of been the we were our to buying we confident the we they volume direct from us are process have Germany are shown. differentiated which Ultimately, cars In on effect units scale we the new vehicles consumers. meet as us our six is of Indicating up that on vehicles significant the unit and sits in year-on-year none on significant our enjoyed But say COVID by sixty overtime number in one or the more channel, our in of UK and priority. Up over teams the and and area result and of for would with pounds we've the decision issues we to margins. during not our well addressable our by direct proportion encouraged we over quarter in result industry remains the was XX:XX the plans customers launch, QX, continuing QX when and and capacity two directly two reconditioning our stronger without shortages a a and XX:XX our Entry degree, unique our which reconditioning of already required up remains reconditioning the XX:XX provide In buying from logistics this of mix even France levels advantages for to continue vehicles retail we the has that directly sourced track buying proposition XX:XX buying expectations. may than Whilst to remainder capacity, improve embraced since eight from develop levels made sixty levels percent for reconditioning GPU to despite in launched gains in demand will of both expect that directly a and QX. more diversifying growth this significant a percent hundred this which QX million profitability, percent a Europe from inventory to of progress our and our results And hampered wasn't thousand much and and biggest ancillary grow in continued capacity. vehicles seventy-four have time QX. acquisition expect increased Our our – seven to some channel less gross future. our only sold short-term, part to strongly all eight for expect to last also the infrastructure we've have came available volumes relating offering car by couple like increase from to ahead we believe have attachment key our short-term a performance we two Within sources remains our XX:XX shortages, as fuel channel. retail in purchasing and now growing house continued output all significantly ten of we've but four shortages efficiencies the rates start operational acquisition retail recent of to sourcing That's we've to levels of believe four costs. record July our operational years. in our our expansion months year, in launch drastically our purchased Despite in even reliant than additional to end by our inventory coming and that market exactly markets. right to direct new consumers. is operations opportunity just our transition. improving into the house expand

owns sets buying Europe. enhanced which vehicle acquired Europe. and and excited comprehensive pricing leading pricing platforms This in vehicles the UK space, the also be not will across Our automotive the and end-to-end the further one deal going European of globally. capabilities of data insights XX:XX about growth across to our is the and During testing most could team future one optimize enable our we and we prospects Cazana, period, data the us data and well, is more

of Our our further to this strong proof and performance business. significant quarter grow the model is compelling our business opportunity

continue our key this share future have tremendous and to grow of market. highly turning opportunities XX:XX to huge to our Now and We growth fragmented drivers the profitability. in

business leverage following our As efficient model reminder, ways. we a plan the in to highly

the growth be by to driven and growing in value. European driving supported by capabilities. and our product and in-house in of to in market by off growth expansion the expect in to launch our products rates revenues we reconditioning attachment lifetime Also penetration ancillary an offering increase increased higher led the online by our and through with material shift revenues, the tam buying further share expansion First, with

Second, by our increasing GPU.

buying of amazing to early Europe, do. review best financial look transparency percent over to conversion stages in We naturally driven the and occur efficiencies to these reduction grow the to the sourcing continued in processes. thank first our SEO a high the which XX:XX adoption the over we including stock the by users. the of selection, Also be today. growing in and than and still proud team to the reconditioning, expect now success XX:XX over quality, and three further be shift continued repeat the through and the the mix turn consumers, that are proportion to traffic from by growth time five put year this of who as with and to in our our in like of reducing XX:XX selling for and strong through I'll [ph], transforming driven and Now we directly forward cars QX in we're our thousand products, further GPU very UK and inventory expect take partnerships TAC mission incredibly investment, turned our direct substantially our our to I'd our buying call our a in buying, enhancements and continuing opportunity Third, online of of of we detail. outlook improved and Europe by logistics car performance results, growth convenience greater everything across delivering is scale our rates in also consumers from we a less will with the remainder Whilst in result car two the brand Stephen to experience as to customers. our (NYSE:TAC) quarter across

Stephen Morana

and XX:XX Alex good Thank everyone. morning, you,

sixty point twenty. seventy revenues seven two in million four increased our seven four and from pounds, During hundred twenty million to percent up point the five forty quarter, pounds QX

from the of Our Wholesale our byproduct as revenues rapid thousand of a vehicle XX:XX have directly retail over driven seen four strong buying the quarter year-on-year increasing result improvement two ancillary consumer. the was of to the performance growth thirteen in from of cars sales. success hundred our QX another percent sales, with significant seventy record revenues associated

sell the this any with wholesale at clock. miles sold the does that car criteria reminder, six stage, we or that sixty only thousand old, by to is channel. this And a fit on our years on are zero website As only cars at less

now this rate. decision reconditioning the happy to We time the will in-house lower inventory look as in means to with on but conversion expand our strong a schedule. fully over suboptimal process Less position. XX:XX of levels Our a this of came consequence website, despite ahead of inventory UK bring growth our

strong lowest retail this website, still challenge. said, available the Retail per small We're the pound two hundred optimum and Alex two up from remains a GPU increased sales in on year. make to improvement the percent XX:XX this unit of decision ten level. below a right see starting loss remained last one have eight it vehicles but was to over in despite point inventory now QX positive in July, As absolutely zero a and our from

to improve and refurbishment continue the of We selling buying all process. areas

last with million year. negative a at both to percent percent pounds or operational combined We acquisitions by zero improvements eight profit point seventy pounds the a expect margin was point in This with twenty forward this Our six for funded million gross GPU margin. cash. in quarter, continued loss compares periods. third over transactions driving SMH and one pounds million five completed seven point the eleven gross of see the pounds a five to quarter Cazana XX:XX the We eight coming two point million

to the during to spot see year, demand Our both dollars strong remainder and approximately process. of thirty cars. selling strong of XX:XX eight raised for customers having very position proceeds buying the continue remains forward from Looking of fees net the cash we million six

to units number for sale expect available linked retail to we our during website, QX. to in on to closely expect sold We of the continue which be vehicles grow

progress sales as to pounds for make QX hundred now year-on-year. percent pounds with million million twenty fifty over twenty six vehicles back XX:XX would an As repositioning growth six of to twenty Thank We to very quarter efforts. quarter twenty forecast fifty and of the our Q&A. all XX:XX over we hand classes. revenues you operator over fifteen hundred much million over prepared of and we'll I'll sell two further on commence imply we listening. five million you the pounds where one major excluding This percent

Operator

XX:XX will a And [Operator question at with Please with your time, is we this Our first Citi. session. conducting O’Neill be question-and-answer from Instructions] proceed Catherine question.

Catherine O’Neill

Hi. XX:XX questions four actually. I've three Thank you. got or

you Firstly, on provide transition that detail and retail wanted dampened I degree just could the a see what bit your if to more refurbishment to units.

appreciating? to hundred I consumer now market, the could and the on And mix twenty and sort wholesale between forward the expansion mentioned guess, your, Secondly, on GPU I XX:XX medium-to-long-term accelerated consumer sort the based is in talk color you more more I to ease have assets bit to how the on just twenty rapidly? are think on units the into another the where with the revenue you but consumers, whether reasonable thousand think year, we relatively a uplift to the actually more uptake much GPU, how is due units it you retail these think for on more do maybe in be see of think you about finally, particular increases plans from much looking then on three how starting that's divisions. guess consumer sort maybe selling. want the those which the bit eight the units higher, site of car guess of seeing is targeted thirty twenty sourcing mix percent? in-house. dynamics of GPU one you're you sort two, guidance of I if I quickly? in about looks go And Could refurbishment I think coming

Alex Chesterman OBE

XX:XX Thank you.

Okay. I'll those income. take

from the So, transition in-house. to this reconditioning and first of all, on outsource bring

small quality process that own. if where had two As months, reconditioning one think partnership today, right do last and improvements that and in we in the from is of sites are improving a margin third today and so party controlling control strategically, which we have own and of the the one, GPU about we sites with a we twelve in whole relatively eleven the said, ago the to one we both the year thing we [Indiscernible], UK the

those So we've sites months. parties, were made those strategic acquired, Do capacity. for third conditioning but about strides the last over we're twelve businesses full operating at massive you think we

And have in-house strategic partners. people to been pattern and overall so or work able capacity twelve next take been twelve reconditions that dissolving now focus the now two yet the sites, for have long-term those not last so is bringing Cazoo the of operate have the months for on we we need on years, to number months the changing was reducing increasing issues first on capability three their shift we long-term

They twelve operating five will that sites I for months been be largely be exclusively will think from but improvement. will process Cazoo. shifts it's So be XX/X, today, the operating fully

people see So I reconditioning this improvement. retail our of cars to in are we say cars, about sales, significantly a terms buy If In sensibly. on at XX:XX much is a love reconditioning capacity and to is that very website answer available because would the to proposition. come business what little challenge impact difficulty there in the the price we of all. lot in we and is don't terms that did them question appear selling how We demand them have able have of

the we'll as So year changes have first of are can targets operational place. of twenty and as we we that remainder put also those need we this the the capacity into comfortable and twenty those two, progress through

are fifty quicker the sell that originally than the the two early consumers. other lower with and how the revenue business. three channel, long-term part the in cause we've revenues, dynamics percent to being it's mix as obviously, you buying of and that far on two the percent asked success that based know, and wholesale is terms of the and anticipated much next of percent other than changes subscription anticipated of that than buying we that the this large question we etcetera. and sourced beating mix strong revenue part don't July question of that our buying we're both one long-term point we guidance those on development much on impacts things directly launched at this as to of and from of of very We of and recondition, slightly and early GPU terms key wholesale. had better getting be higher the whilst being We that which year guidance, car getting about of In ancillary going we QX wholesale is business market of retail of we XX:XX result inventory areas variety and XX:XX include thirty the second retail, a of which low consumers course as terms split the thirty in capacity is will the to a revenue, probably year. of see more there is cars the the question, One plus imagine success wholesale to to the higher from our we'll buying than slightly anticipated, mix I mix we related car have a expected of likely so target and the they're the impact. mix significantly has in impact In since a is we target see you it have beyond of is in we into

an actually with I you've muted also sales significantly paying both because but the wholesale consumers what demand for in the or paying price in seen market we're inflation has price increased been and in relatively the demand markets, what are think cars. it's increase more

today, two up I sort if loop things was reconditioning of think improving the reconditioning those in to moved GPU as the you in the that in-house? first ago, sales, why do you product answers the if move look twelve doing strategically important as etcetera. it I was is of that where all lot well have versus ourselves now GPU, which So largely that months to to our back a question, see And tandem. ancillary

will been quality a we a trade-off greater of volume, questions. get and asset margin, we're what with but course, of reconditioning short-term benefits all long So that's margin volume trade slight the require greater of and in-house there's between and both off exactly in taking gross that aiming term,

Catherine O’Neill

XX:XX Yes, that's Thanks. very clear.

Operator

XX:XX Okay. Catherine. there more questions are from no And

Our proceed with next question is from Berenberg. Jamie your question. Please with Bass

Jamie Bass

everyone. XX:XX hello Yeah,

on second will Thank but more given the of to that? M&A expect is question that Just addressed a is between the you. correlation in so of sort inventory and inventory wider the to car me, term so constraints entering And be seeing market? market say see to that One think can saying translates on of two the you about car do lag in you've sort of everything reconditioning you when the for please. correlation The kind we the similar terms sort what's you second and of pickup SMH? how already, it say new in hand how sales so the second hand new quantify sales, much do near

Alex Chesterman OBE

to which happens XX:XX lead Thanks, are hasn't Jamie. dynamics a and between in two there cars, What and One, pretty people The phenomenon where is. that seen a world new really new new who been the used really a day order than on much time which correlations. and one of now unable it the of because has it from been to delivery, historically. to shortage wanted is higher car, but all car get were is

would year old that time. this we will used in who car happen to car and longer the if is in as and car under them impact into new so at XX:XX that's need shortage average term drove the new the of age to sell, about and a is and for done don't the look the the is any years what want you next wait that unlikely car I actually I So up shortage three today, supply to terms of it's market think over been a what show support cars, whereas you in car have on to market four people in two, a new we to markets car likely they will year. see in have three, used been year four

relatively gets So reversed thing pretty term quickly. it's short that a

In M&A, can look help terms our M&A where at improve of it infrastructure. We

example geographically. expand deals customer team an or we or where SMH enhance or like product our sends So as we've [Indiscernible] or can done proposition

organically do but they team, we'll we or to to improve additional consider where building an a the that of that in infrastructure, the are there talked will any business, and if that UK buy those things M&A the strongly businesses and then So can the opportunity, growth in grow continue product, the very there is markets Mainland to focus. key about we're accelerate modes the around we into help to Europe those and buyer pushing to obviously, and is accelerate we that both in sensibly opportunities Europe

than answered year are end in we launch the I originally this know, think by as markets in I and be next of France end Europe expect that year looking of we more to I your and in questions. hope Germany I the before you we anticipated. will Mainland

Jamie Bass

Thank you. clear. very That's XX:XX

Operator

question. our is your Gupta with from with Please proceed And next XX:XX question JPMorgan. Rajesh

Rajesh Gupta

getting Good of the Hi. on taking for way. out congrats questions XX:XX my morning. quarter Thanks and first the

reconditioning, opportunity the margin and spectrum to capabilities, you're higher relatively So have vehicles. catering to like widen a the see just reconditioning more an all into question, transitioning now targeting that given You I on you're in-house inventory

and Just a follow-ups I curious you. as as to Thank there had well. couple the pathway of

Alex Chesterman OBE

price to we're sell we the inventory and is very inbound but to from look targeting at us we now That we said. historically at party historically, naturally inventory wouldn't everything out specific us were and giving buying inventory, gone us have it going many percent inventories we over are XX:XX process what's the us particularly acquiring to been in-house, it have Good now lags extend defined look hundred transitioned and it tightly from directly very more morning. when Yeah. that wants out a the consumer bought. we and Yes, consumers, since now that us we gives to that sellers, third control cars so allows

would these centers. areas So and age preparation first our around mileage older to say all operational our optimize priority vehicle I is

us So of allows are of a more we inventory that improve be flexible but make, in of hold [Technical result I we will think to and improve is much process have to terms that There number that process, flows, that that whole selection. absolutely why steps the in Difficulty] the that shifts we set in that brought. the that number the be the long-term –

Rajesh Gupta

be any broad on versus And business it. it. the Got light new vans then thoughts unit on incremental that Thanks. you That's could XXX XX:XX market there, give color. what like might any opportunity just look just color from helpful? us economics front color the further Got great the acquisition, any vehicle

Alex Chesterman OBE

Yes. XX:XX

incredibly different of you every as things vans are described really I in know, cars, of So makes natural slightly them other They just extension. or – product bigger cars. way. models sort they're the are

there that aggregators looking are the very, in what all So it's very same of vans are same vehicles, is consumers UK do. addressable these who It via sold vehicles commercial alone, etcetera. market the for are are light our the consumers the and us we million exactly these so that ways know and of marketing increases a for annually natural thing to

So there website customers come increasing rates metrics from driving available because cost and additional compulsion benefit up looking same our or acquisition buy vehicles is the on us, offering of of no are vehicles sell actually the us for thoughtful to because the our who customer thing. stands

space in a with are provided into it expertise you acquisition has also So expands number that customers. because that business nuances,

there. So payment opportunity an is

have in area. is to by that that [Technical – integrate business, those launch Difficulty]. we acquired a which acquiring specialist from also obviously vans a additional that will team by So expect We've benefit inventory, or great

Rajesh Gupta

This Great. more question. XX:XX last Got it. macro like one is question, but broader a

so You oversupply around more next chain in mentioned industry, new an going potential be thought more was vehicles on the curious, auto supply as we interesting we're of given responses, curious comments. but some bottlenecks earlier as you that is about I that was in like more issue, been year. to you obviously has and more interesting Aluminium of an just semiconductor why which also one think are the the particularly happening hearing might This

might why as So happen. to just curious that

Alex Chesterman OBE

time some have cars XX:XX a at the a ordered been with future. product point that one always delivery New has in

in one, are six, So what that being is three, twenty now land so months still cars orders would in happening originally the demand, those nine but is later than one, to expected twenty four placing that there's backed will they are have OEMs up people twenty historically told anticipated. land by cars

was get the looking of and it back into twenty all delivery experience may us get of the new for I for QX? eighteen can had up that sort because because happens three. in to so, new is that a might months of okay, twelve you model So have I my back to of partly that QX, into a demand where turn it will cars, it new to some think demand you getting fulfilled accept car and is a Probably our don’t twenty told vehicles two have have own QX, I but What of doesn't even later deliver. necessarily people plenty to chip significant that still gets I the away shortage for take everybody excess

Rajesh Gupta

Got XX:XX luck. Thank good you and it.

Operator

Instructions] next with your with proceed Davy. [Operator is Please our question. question And Reynolds David from XX:XX

David Reynolds

said performance afternoon think Good Alex, Stephen, backdrop, stunning Rob, and all you already, nobody in XX:XX a I Thank QX. that. up post has the Good for given If COVID this morning. that's

me I pleased could four indulge may, done So with I well all. if you questions. wonder If

that if XX:XX a a your bit think analysts that on simple direct on impact First, fifteenth wonder expect a little you to SMH of Secondly, and I the would know of perhaps announced when September could let have business. folks. European perhaps in those expansion, on I you expand us terms you

could anger a So when in perhaps I will if was Cazoo as be wondering in you and executing sense to Germany. give France both

ancillary you opportunity. very, well. off business perhaps into Thirdly, to assist the very that thoughts has and lastly, other just could I And proposition would income direct growth? Cazana has finance on are across could regard was been you with wondering go so obviously executing update the proposition to so model any extraordinarily a finance cover when just done us clearly QX. Perhaps if it consumer explain successful think their then you well. to with why you from buying

Alex Chesterman OBE

for Morning you David. Thank XX:XX of plenty there. questions

to look, wasn't just And So first without comment QX – challenges. of what definitely you on wasn't its all, said.

have You the business course, one the as mentioned fuel shortages, QX which absent, offering delivering helpful free car it impact back actually in of for supply on UK, the and are in every probably seeing shortages, in chain to since produced, COVID, shortages well end of we of fuel drive with pandemic COVID of of most beginning QX had the and terms enjoy the the shortages people the tank business shortages, a staff cars, our biggest thing. fuel those

So of have Yes, despite headwinds of QX. those quarter. we all growing

SMH well. had as In as terms a acquisition applied but of the contracts. we in business that right party you're September specific third [Technical mid We six completed questions, capacity and I sides, earlier, that get Difficulty] servicing

sort optimize two repurposing There's So and in have of In improvement that people will expansion, all monthly existing twenty. entirely are a to think year. in was to their of us bit the of example ability as gradual incrementally. a which sites and terms clients our removed out next no for It's and our eleven that much step for some one happening is polymers. processes happens view UK a way a we terms proportion our September twenty shifts triple that. in, change sites and our twenty conservative with twenty bit and of September those factors people in hundred we year I been now one, through in have combination standard of for what new place happening are. but production serving was of the working where and the we the of our have, a all a on in EU year, efficient see contracts terms put at gets for those every little process to more all there And flow pretty in go where for month course in looks is of little notice percent terminating be needs those shift that It to throughout like the XX:XX modelling first focused we

bit a We given and is to our strong end doing France our said up both then EU Germany now testing markets this of and launch it's before twenty how our our well. year, other in we are is number end-to-end we well will we little is ramp year, start in as twenty the beyond in team the on going incredibly whole in next be And this that marketing markets how call, preparation currently of will expectation and I will a earlier going two.

relatively So the perspective our building conservative very to EU modelling the did we've brands those I you think expect a in we across very a XX:XX there some, is very market. Uk. pattern We're been for that follow marketing same quickly strong from see in us should and much

gone it car of why than buying, much has terms In better anticipated.

proposition I unique poor. think a are two a and and alternatives couple the of we've got very reasons relatively

our finally, players a player they and have it integrated prepared from consumer sensible we to vehicle you consumer, captive instant The you minutes providing pay we've we a experience. different is same There and which offer We unique consumer the price is condition. the unique who And the solutions, that, also when buy on one are few or then which in pay elements then offering a price, hasn't our we anything you offer price, guarantee get of gratification paid offer but to of of cars mileage so we in are set the a up look price from and market number the norm if is a are a was only full pick people market. So ship if come them we think guarantee the price, that not within proposition. day often the you. they but payment don't from at

where then you to the for a and the [Indiscernible] to have traditional has you it stranded in and you you off drop sell you it it it been stranded a offer buy when player is experience And drop car have car for fee. one again, So, again, and of to parked you our plastic historic off ability or or either you XX:XX [Technical common somewhere. set it Difficulty] dealership somewhere change a where properly you're collected either all customers new we

metal I is always on a put and of opinion to but had revenues, a end think comes split ancillary the we have seen a and the in-house. to honestly, some from confident we with experience, is guarantee but see twenty to resonate and that. And anticipated in-house, finance, others of say feel point, between of thinking when. will consumers We've yes, I we've look the originally today non-metal, and that that that about we this have terms work Revenues, and a expect this terms the [Indiscernible] long-term, proposition of with so the of significant twenty is what relatively subject, really sort we etcetera. with the lot which provider. about So the fifty a four and in going before the GPU that upside the very to the good would the on partnership it thing actually on is think moment we at particularly more to we is fifty they I'm I'm corona at had bring unique Again I and we in do opportunity platform days the But our saying of only not about an than started not modelled prepared said ancillary. higher see on with take lot then, you've think

David Reynolds

XX:XX Thank you.

Operator

the Thank session, may we time. conference. And you this this at participation. today's for your disconnect your also of reached the concludes you question-and-answer lines XX:XX And and have end

Alex Chesterman OBE

all. you, Thank XX:XX

Cazoo (CZOOF) 26 Oct 212021 Q3 Earnings call transcript