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I built Zoopla and LoveFilm — both platforms. Cazoo was a logistics company. That difference killed it.
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$8 billion SPAC valuation to zero. Cars are not software — every one is a unique snowflake of mechanical risk.
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Buying, reconditioning, and delivering used cars costs more per unit than the margin on each sale.
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We raised $2 billion. In hindsight, that made us feel invincible when we should have felt cautious.
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The pivot to marketplace came too late. By then, the brand was damaged and the cash was gone.