6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of June 2022

Commission File Number: 001-40754

Cazoo Group Ltd

(Translation of Registrant’s name into English)

41 Chalton Street, London, NW1 1JD, United Kingdom (Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. ☐

EXHIBIT

Exhibit Number	Exhibit Description
99.1	Cazoo Announces Business Realignment Plan
99.2	Investor Presentation

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	CAZOO GROUP LTD
Date: June 7, 2022	By:	/s/ Stephen Morana
		Name:	Stephen Morana
		Title:	Chief Financial Officer

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EX-99.1

Exhibit 99.1

 

Cazoo Announces Business Realignment Plan

Plan designed to de-risk path to profitability and to extend cash runway beyond year end 2023

● Cazoo to implement a business realignment plan given current economic climate

● Plan designed to right-size the business and position Cazoo for profitable growth

● Focus on improving retail unit economics, reducing costs and maximising liquidity

● Delivers >£200m savings to budget and sustainable margins over next 18 months

● Demand remains strong with projected FY22 unit sales & revenue up >100% YoY

● Strong balance sheet with >£400m of cash and >£200m of self-financed inventory

London and New York, June 7, 2022 — Cazoo Group Ltd (NYSE: CZOO) (“Cazoo” or “the Company”), Europe’s leading online car retailer, which makes buying and selling a car as simple as ordering any other product online, has today announced a business realignment plan designed to de-risk its path to profitability and extend its cash runway, taking advantage of its current strong balance sheet.

Cazoo has been one of the fastest growing businesses in Europe since its launch, just two and a half years ago. The Company has built a world-class platform, team, brand and infrastructure network across the UK and key EU markets and has sold over 70,000 cars during this period, making it one of the largest used car retailers in the UK with revenues of over £665 million last year.

Whilst growth remains strong and consumers continue to embrace the Cazoo proposition, with record retail unit sales in May, the Company is not immune to the rapid shift in the global economy and the possibility of a recession in the coming months. As a result, management’s expectations for the full year are now more cautious, reflecting the weaker and uncertain external environment.

Considering these macroeconomic conditions, the Company is acting decisively to implement a business realignment plan to right-size the business and conserve cash in the short-term, by focusing on delivering improved and sustainable profit margins.

The business realignment plan is designed to de-risk the Company’s path to profitability and extend its cash runway beyond year end 2023. The plan prioritises gross margin and retail GPU growth, with a focus on cash preservation, whilst delivering strong growth in retail unit sales of over 100% in 2022.

Alex Chesterman OBE, Founder & CEO of Cazoo, commented, “The combination of rising inflation and interest rates with supply chain issues caused by the pandemic and war has driven up the cost of living and hit consumer confidence. This perfect storm has placed cash conservation top of mind for the Company, ahead of growth. We have proven that we can buy and sell cars at scale and deliver a market-leading customer experience, but in the current climate we are focused on improving our unit economics which involves making some tough but necessary decisions around our priorities.”

The company’s key goals from this plan are to:

1) Lower selling, general and admin (SG&A) costs per unit while minimising the impact on growth

2) Achieve UK breakeven at lower retail unit sales with stronger focus on GPU and working capital

3) Manage costs and expenditure to become self-funding in the UK without needing further capital

Actions being undertaken to lower costs and drive operational efficiencies:

● Reducing existing employee headcount by c.15% and slowing the pace of new hiring

● Lowering our brand marketing spend and focusing more on performance marketing

● Limiting our capital expenditure and delaying a number of planned investment projects

● Rationalising our vehicle preparation and customer support sites to drive more efficiency

● Increasing focus on driving GPU growth through more efficient buying and reconditioning

● Modifying our consumer proposition to drive costs down and improve operating efficiencies

● Increasing procurement efficiencies across our entire supply chain to reduce overhead costs

● Slowing our near-term growth aspirations in both the UK and EU to focus on profitable growth

As part of the actions being taken, the Company will no longer be offering its subscription service to new subscribers from the end of June, given the highly cash consumptive nature of this business model, but will continue to benefit from a sourcing perspective in the short term as existing subscription contracts come to an end.

It is expected that the combination of these initiatives will result in cash savings to the Company’s budget of over £200m during the period from June 1, 2022 to December 31, 2023 with approximately 750 roles being impacted across the business. The Company will continue to evaluate its business plan as necessary to address trends in the marketplace and macroeconomic factors.

Business update and revised outlook:

Consumers continue to embrace Cazoo’s market-leading proposition, with retail unit sales of over 10,900 during the period April 1, 2022 to May 31, 2022, up over 80% YoY, despite a very tough macroeconomic backdrop. The Company had cash and cash equivalents of over £400m as at May 31, 2022 in addition to self-financed inventory of over £200m which provides an additional liquidity opportunity as the Company adds to its existing and new inventory finance facilities over time.

Following the implementation of the business realignment plan, and taking a more cautious stance for the remainder of the year, given the wider macroeconomic uncertainty, the Company is now guiding to the following results for FY 2022:

- Retail unit sales of 70,000 (+100% YoY) to 80,000 (+130% YoY)

- Revenues of £1.4bn (+110% YoY) to £1.5bn (+125% YoY)

- UK retail GPU of £500 (+15% YoY) to £600 (+40% YoY)

- Cash and cash equivalents at year-end 2022 of over £250m

The Company expects to achieve cash flow breakeven in the UK by the end of 2023.

Alex Chesterman OBE, Founder & CEO of Cazoo, added, “I am very proud of the incredible team and business we have built so far. The opportunity ahead of us remains as exciting as ever and we continue to see record sales levels, despite the challenging economic environment. However, we need to be laser-focused with our drive towards profitability and preservation of capital. We currently have a very strong balance sheet with over £400m of cash and over £200m of self-financed inventory and we believe that our business realignment plan will ensure that we are well-positioned to achieve our long-term targets and capture the enormous market opportunity. The size of the prize is huge, and I have no doubt that our business will be stronger as a result of the actions we are taking now, that we will continue to grow at a fast pace and will win.”

Conference Call

Cazoo will host a conference call today, June 7, 2022, at 8 a.m. ET. Investors and analysts interested in participating in the call are invited to dial 1-877-704-6255, or for international callers, 1-215-268-9947. A webcast of the call will also be available on the investor relations page of the Company’s website at https://investors.cazoo.co.uk.

About Cazoo - www.cazoo.co.uk

Our mission is to transform the car buying and selling experience across the UK & Europe by providing better selection, value, transparency, convenience and peace of mind. Our aim is to make buying or selling a car no different to ordering any other product online today, where consumers can simply and seamlessly buy, sell or finance a car entirely online for delivery or collection in as little as 72 hours. Cazoo was founded in 2018 by serial entrepreneur Alex Chesterman OBE, is backed by some of the leading technology investors globally and is publicly traded (NYSE: CZOO).

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Forward-Looking Statements

This communication contains “forward-looking statements” within the meaning of the “safe harbour” provisions of the Private Securities Litigation Reform Act of 1995. The expectations, estimates, and projections of the business of Cazoo may differ from its actual results and, consequently, you should not rely on forward-looking statements as predictions of future events. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (1) the implementation of and expected benefits from our business realignment plan and cost-saving initiatives; (2) realizing the benefits expected from the business combination (the “Business Combination”) with Ajax I; (3) achieving the expected revenue growth and effectively managing growth; (4) executing Cazoo’s growth strategy in the UK and Europe; (5) achieving and maintaining profitability in the future; (6) global inflation and cost increases for labor, fuel, materials and services; (7) geopolitical and macroeconomic conditions and their impact on prices for goods and services and on consumer discretionary spending; (8) having access to suitable and sufficient vehicle inventory for resale to customers and reconditioning and selling inventory expeditiously and efficiently; (9) availability of credit for vehicle financing and the affordability of interest rates; (10) increasing Cazoo’s service offerings and price optimization; (11) effectively promoting Cazoo’s brand and increasing brand awareness; (12) expanding Cazoo’s product offerings and introducing additional products and services; (13) enhancing future operating and financial results; (14) acquiring and integrating other companies; (15) acquiring and protecting intellectual property; (16) attracting, training and retaining key personnel; (17) complying with laws and regulations applicable to Cazoo’s business; (18) successfully deploying the proceeds from the Business Combination and the issuance of $630 million of convertible notes to an investor group led by Viking Global Investors; and (19) other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Annual Report on Form 20-F filed by Cazoo Group Ltd. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the disclosure included in other documents filed by Cazoo from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Cazoo assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Cazoo gives no assurance that it will achieve its expectations.

Contacts

Investor Relations:

Cazoo: Robert Berg, Director of Investor Relations and Corporate Finance, investors@cazoo.co.uk

ICR: cazoo@icrinc.com

Media:

Cazoo: Lawrence Hall, Group Communications Director, lawrence.hall@cazoo.co.uk

Brunswick: Chris Blundell/Simone Selzer +44 20 7404 5959 / cazoo@brunswickgroup.com

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EX-99.2

Exhibit 99.2

Investor Presentation June 2022 1

2 Investor Presentation Disclaimer Forward - Looking Statements The statements contained or referred to in this Presentation may include “forward - looking statements” within the meaning of the “safe harbour ” provisions of the Private Securities Litigation Reform Act of 1995. The expectations, estimates, and projections of the bus ine ss of Cazoo may differ from its actual results and, consequently, you should not rely on forward - looking statements as predictions of future events. These f orward - looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “inten d,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward - loo king statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward - looking statements in this press release, including but not limited to: (1) the implementation of and expected benefits from our business realig nme nt plan and cost - saving initiatives; (2) realizing the benefits expected from the business combination (the “Business Combination”) with Ajax I; (3) achieving the exp ect ed revenue growth and effectively managing growth; (4) executing Cazoo’s growth strategy in the UK and Europe; (5) achieving and maintaining profitability in the future; (6) global inflation and cost increases for labor, fuel, materials and services; (7) geopolitical and macroeconomic condition s a nd their impact on prices for goods and services and on consumer discretionary spending; (8) having access to suitable and su ffi cient vehicle inventory for resale to customers and reconditioning and selling inventory expeditiously and efficiently; (9) availability of credit for vehicle financing and the affordability of interest rates; (10) increasing Cazoo’s service offerings and price optimization; (11) effectively promoting Cazoo’s brand and increasing brand awareness; (12) expanding Cazoo’s product offerings and introducing additional products and services; (13) enhancing future operating and financial results; (1 4) acquiring and integrating other companies; (15) acquiring and protecting intellectual property; (16) attracting, training and r etaining key personnel; (17) complying with laws and regulations applicable to Cazoo’s business; (18) successfully deploying the proceeds from the Business Combination and the issuance of $630 million of converti bl e notes to an investor group led by Viking Global Investors; and (19) other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward - Looking Statements” in the Annual Report on Form 20 - F filed by Cazoo Group Ltd. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing fact ors and the disclosure included in other documents filed by Cazoo from time to time with the SEC. These filings identify and address other important risks and uncerta int ies that could cause actual events and results to differ materially from those contained in the forward - looking statements. Forw ard - looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward - looking statements, and Cazoo assumes no obli gation and does not intend to update or revise these forward - looking statements, whether as a result of new information, future events, or otherwise. Cazoo gives no assurance that it will achieve its expectations. Industry and Market Data This Presentation includes market data and other statistical information from sources believed by Cazoo to be reliable, including independent industry publications, governmental publications or other published independent sources . Some data is also based on the good faith estimates of Cazoo , which in each case are derived from its review of internal sources as well as the independent sources described above. Althou gh Cazoo believes these sources are reliable, Cazoo has not independently verified the information and cannot guarantee its accuracy and completeness. Cautionary Statement Regarding Preliminary Results The Company’s results for the fiscal quarter ended March 31, 2022, for the period from April 1, 2022 to May 31, 2022, and as of May 31, 2022 are preliminary, unaudited and subject to change. In addition, these preliminary results are not a comprehensive st atement of the Company’s financial results for the periods and as of the dates presented. The Company cautions you that these preliminary results are not guaran tee s of future performance or outcomes, and that actual results may differ materially from these described above. Financial Information; Certain of the financial information and data contained in this Presentation has not been prepared in accordance with Interna tio nal Financial Reporting Standards as adopted by the International Accounting Standards Board. You should review Cazoo’s audited financial statements, which are included in the company’s filings with the SEC. Use of Guidance and Projections Any financial information in this Presentation (including specifically guidance and projections) that are forward - looking statem ents are based on assumptions that are inherently subject to significant uncertainties and contingencies, many of which are b eyo nd Cazoo’s control. While such information, guidance and projections are necessarily speculative, Cazoo believes that the preparation of prospective financial information involves increasingly higher levels of uncertainty the fur th er out the projection extends from the date of preparation. The assumptions and estimates underlying the projected results are inherently uncertain and are subject to a wide variety of significant business, economic an d competitive risks and uncertainties that could cause actual results to differ materially from those contained in the projec tio ns. All subsequent written and oral forward - looking statements concerning Cazoo or other matters and attributable to Cazoo or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements. Trademarks This Presentation contains trademarks, service marks, trade names and copyrights of Cazoo and of other companies, which are the property of their respective owners.

3 Investor Presentation Contents Progress to date and opportunity Current macroeconomic reality Our business realignment plan Trading update and 2022 guidance

4 Investor Presentation We have proven we can buy/sell cars at scale, with a world - class brand and customer experience Note: Vehicles sold since launch in Dec 19, as of May 22. UK Brand Awareness as of Mar 22 per Engage Brand Tracker . Trustpilot reviews for Cazoo.co.uk. Retail Units Sold 70,000+ Retail Units Sold, sourced from consumers YTD 30%+ 21k+ Reviews 4.8/5.0 UK Brand Awareness 80%+

5 Investor Presentation £100bn+ £200bn+ £300bn+ UK "EU Big 4" TAM Source: OC&C estimate for Europe and UK retail Used Cars market in 2019 and number of used cars sold per annum as of 2018. OC &C, CCFA, L’Argus , KBA, DAT, UNRAE, Autobiz , Faconauto , Febiac , Statistik Austria, VWE, Samar, Omnipret , ACEA, UNECE, World Bank, SMMT. Management estimates for future projections and market share at scale. Note: These forward - looking projections are for illustrat ive purposes and should not be relied upon as being necessarily indicative of future results. As of June 7, 2022, the Company op erates in France, Germany, Spain and Italy. >£300bn TAM Medium and Long Term Targets TAM And the huge market opportunity remains unchanged # of used car transactions per annum ~8m ~18m ~26m Medium Term Long Term UK EU Big 4 Total Total Market Share 3% 1% 1 - 2% 5% Retail Units ~240k ~180k ~420k ~1.3m Retail GPU £2k £1.5k £1.5 - 2k £3k GP Potential ~£480m ~£270m ~£750m ~£4bn

6 Investor Presentation But we are not immune to the current macroeconomic reality Despite strong start to the year, we are planning for a weaker macro environment • Strong retail unit sales growth of over 80% YoY in recent months, and the continued expansion of our market share • Keenly aware of rapid shift in global economy, deterioration in consumer confidence and possibility of a recession • Rising inflation/interest rates & supply chain issues caused by pandemic/war has increased cost of living • Expectation of further softening in consumer demand and used car pricing over the coming months • Acting decisively to right - size business in the short - term & ensure well positioned to achieve long - term targets • Business realignment plan to de - risk path to profitability and extend cash runway beyond year end 2023 • Prioritising sustainable gross margins, reducing SG&A costs and focusing on cash preservation above all else • Plan ensures that we can continue to take advantage of sizeable opportunity whilst managing pace of growth • Continue to expect strong growth of over 100% in 2022, and continued belief in achieving market share gains thereafter

7 Investor Presentation The three goals of our business realignment plan Lower SG&A costs per unit while minimising the impact on growth and customer experience Achieve UK cash flow breakeven with lower retail unit sales with a stronger focus on GPU and working capital Manage costs and expenditure to become self - funding in the UK without needing further capital Note: Forward - looking projections are for illustrative purposes and should not be relied upon as being necessarily indicative of future results.

8 Investor Presentation Reduced cash outflow between today and the end of full - year 2023 Overview of the key elements of our business realignment plan (1) It is expected that the combination of the initiatives included in our business realignment plan will result in cash savi ngs to our budget of over £200m during the period from June 1, 2022 to December 31, 2023. 1 Reducing existing employee headcount by c.15% and slowing the pace of new hiring 2 Lowering our brand marketing spend and focusing more on performance marketing 3 Limiting our capital expenditure and delaying a number of planned investment projects 4 Rationalising our vehicle preparation & customer support sites to drive more efficiency 5 Modifying our consumer proposition to drive costs down and operating efficiencies up 6 Focusing more on driving GPU growth through more efficient buying & reconditioning 7 Increasing procurement efficiencies across our entire supply chain to reduce overheads 8 Slowing our near - term growth aspirations in both the UK and EU to focus on profitable growth Total reduced cash outflow of £200m+ (1)

9 Investor Presentation • Making necessary rightsizing adjustments to operate near capacity on lower near - term growth assumptions • Immediate hiring freeze for all non - essential roles • Quality of our customer proposition to remain market leading Reducing existing employee headcount by c.15% and slowing the pace of new hiring 1 • Have built a strong, trusted brand with over 80% brand awareness in the UK • Lowering our brand marketing spend in a controlled manner with focus on performance marketing • Expect significant contribution towards driving down SG&A per unit sold over the coming quarters Lowering our brand marketing spend and focusing more on performance marketing 2

10 Investor Presentation • Freezing all non essential capex investments with stronger focus on efficiencies from current infrastructure • Growth in capacity re - aligned to match revised near - term growth expectations • Strategic decision to lease rather than own properties Limiting our capital expenditure and delaying a number of planned investment projects 3 • Rationalise UK in - house vehicle preparation centres from 10 to 8 to focus on larger sites • Efficiencies to be extracted from remaining land and sites • Potential reconditioning output remains broadly unchanged Rationalising our vehicle preparation & customer support sites to drive more efficiency 4

11 Investor Presentation • Modest revisions to consumer retail proposition while mitigating impact on consumer experience • Continuing to offer best - in - class proposition with ongoing benchmarking against closest peers • No longer offer subscription service to new customers in any market from end of June Modifying our consumer proposition to drive costs down and operating efficiencies up 5 • Prioritising GPU improvements over growth in the near - term (while still growing >100%) • Utilising our extensive data to make further gains on pricing decisions • Driving savings on reconditioning costs and reducing days to sale Focusing more on driving GPU growth through more efficient buying & reconditioning 6

12 Investor Presentation • Thorough examination of suppliers to ensure optimal pricing and terms • Strategic projects underway to improve efficiencies across the entire supply chain • Clear focus on improving unit economics and reducing SG&A per retail unit sold Increasing procurement efficiencies across our entire supply chain to reduce overheads 7 • Focusing on slower but more profitable growth in response to macroeconomic challenges • Remain focused on only the ‘Big 4’ EU markets (France, Germany, Italy and Spain) • Long - term opportunity remains unchanged in markets we operate in Slowing our near - term growth aspirations in both the UK and the EU to focus on profitable growth 8

13 Investor Presentation Q1 2022 Business update Note: The Company’s results for the fiscal quarter ended March 31, 2022, and for the period from April 1, 2022 to May 31, 202 2, are preliminary, unaudited and subject to change. (1) UK Retail GPU (Gross Profit per Unit) is derived from UK retail and anc ill ary product revenues, divided by UK retail units sold (net of returns). ‘UK Retail GPU’ was previously referred to as ‘Retail GPU’ as we did not ha ve non - UK retail revenues prior to December 2021. Change YoY 13.4k £295m +72% +159% April + May 2022 Retail units sold Revenue >10.9k ~£215m Change YoY +83% +128% £124 £(19) £(148) ~£240 UK Retail GPU (1)

14 Investor Presentation Cash and cash equivalents of over £400m in addition to self - financed inventory of over £200m Liquidity position Note: The Company’s results for the fiscal quarter ended March 31, 2022, and for the period from April 1, 2022 to May 31, 202 2, are preliminary, unaudited and subject to change. Inventory financing position as at 31st May 2022 (£m) UK EU Total Retail & Wholesale Inventory 225 100 325 Financing Utilised 180 35 215 Subscription Inventory 95 70 165 Financing Utilised 30 40 70 Total Vehicles 320 170 490 Total Financing 210 75 285 Self - Financed 110 95 205

15 Investor Presentation 2020 Performance and revised 2022 guidance Note: Forward - looking projections are for illustrative purposes and should not be relied upon as being necessarily indicative of futur e results. 2021 financial information and data is unaudited and subject to change. (1) Retail GPU for 2020, 2021, and 2022 is UK only. 2021 12.1k £162m 34.7k £668m 312% YoY Growth 2022 Guidance Retail units sold Revenue 70 – 80k ~100 – 130% YoY Growth £1.4 – 1.5bn ~110 - 125% YoY Growth Long Term Target ~1.3m ~£25bn £(229) £427 ~£3k £500 – 600 ~15 – 40% YoY Growth Retail GPU (1) >£250m Year - end cash and cash equivalents

16 Investor Presentation UK cash flow breakeven now at earlier stage of market penetration Accelerated point of UK breakeven Note: Forward - looking projections are for illustrative purposes and should not be relied upon as being necessarily indicative of futur e results. (1) ) UK Retail GPU (Gross Profit per Unit) is derived from UK retail and ancillary product revenues, divided by UK retail un its sold (net of returns). ‘UK Retail GPU’ was previously referred to as ‘Retail GPU’ as we did not have non - UK retail revenues prior to December 2021. ~12k per month ~£1,500 UK Retail GPU Retail units sold

17 Investor Presentation Summary We have accomplished an enormous amount in the two and a half years since launch We have established a market leading platform, team, brand, and infrastructure in the UK We are acting decisively to de - risk the Company’s path to break - even and lengthen runway beyond the end of 2023 We are extremely well placed to capture the enormous market opportunity in the UK and EU over the long - term

18 Investor Presentation Appendix

19 Investor Presentation 2,000 Retail GPU (1) (£) The building blocks to increase GPU Note: Forward - looking projections are for illustrative purposes and should not be relied upon as being necessarily indicative of futur e results. (1) Retail GPU defined as retail and ancillary gross profit divided by retail units sold. Medium Term GPU Target More purchasing direct from consumer Greater refurb efficiencies Improving # of days to sale Growing ancillary revenue streams Increasing finance attachment rate Retail GPU Improvements Current Retail GPU Additional Improvements Bringing financing in - house ~

20 Investor Presentation Source: Auto Trader and Society of Motor Manufacturers & Traders (SMMT) UK used car transactions UK used car market 7.6 7.6 7.5 7.1 6.9 7.0 7.0 7.0 7.2 7.4 7.6 8.2 8.1 7.9 7.9 6.8 7.5 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Total number of transactions (millions)