G3 Vehicle Auctions is planning a ‘seven figure investment’ over the next 12 months to create a new 30,000 vehicle volume auction facility in Bedford following its Cazoo Wholesale acquisition for an undisclosed sum.
The team at G3 said it has “acted swiftly” to secure the former Cazoo premises, land and existing remarketing team, along with other software assets.
Cazoo called in administrators from Teneo Financial Advisory earlier this week despite the company’s actions to restructure in 2023, including hundreds of redundancies and sell-offs of businesses Cazoo had acquired during its rapid growth phase.
G3 expects its new Bedford location, which will be rebranded to G3 Bedford, to be break-even by the end of 2024, with the ultimate aim to offer in excess of 30,000 vehicles each year, with a mix of existing and new vendors contributing their vehicles to used car dealers, both nationally and in this new region.
As well as a new auction footprint in a new area of the UK, G3 Bedford will become an additional drop-off centre for their network of finance house partners, while also offering onsite de-fleet and refurbishment facilities with many of the incumbent team having extensive experience in this sector, as well as offering secure fleet and in-life storage options.
G3 intends to relocate its existing Pool fleet operation to this new facility due to its strategic location 45 minutes from the M25 and range of facilities.
The site currently holds the EVA standards which will allow G3 Bedford to become an EV-focused auction centre, servicing the ever-growing fleet disposal needs for electric and hybrid vehicles in the UK, a major focus of the G3 business over the coming years.
G3’s co-owner Matt Dale said after the recent development of the company’s Castleford centre, the business was actively seeking the right opportunity to extend its network across the UK.
Dale said: “We are excited to onboard a group of experienced individuals to the team and collectively drive the service we’ve become known for at G3 into a new region, with further expansion opportunities currently in the pipeline.
“…The addition of G3 Bedford will provide us with the capacity to offer over 80,000 vehicles per annum to dealerships of all shapes and sizes to source stock from. We feel this makes the G3 group the ‘go-to’ truly independent remarketing provider in the UK.”
G3 Vehicle Auctions also has a 14-acre remarketing centre in Castleford supported by a network of over 30 storage locations.
G3 were advised on the Cazoo transaction by Duncan Firman of Leeds based law firm Gordons LLP.
