ALEX CHESTERMAN

I built Zoopla and LoveFilm — both platforms. Cazoo was a logistics company. That difference killed it.

$8 billion SPAC valuation to zero. Cars are not software — every one is a unique snowflake of mechanical risk.

The model worked during COVID when everyone wanted contactless car buying. Then COVID ended.

Buying, reconditioning, and delivering used cars costs more per unit than the margin on each sale.

We raised $2 billion. In hindsight, that made us feel invincible when we should have felt cautious.

The pivot to marketplace came too late. By then, the brand was damaged and the cash was gone.