Cazoo is now live as an online marketplace

Cazoo Group Ltd (NYSE: CZOO) opened about 30% up today after going live as a marketplace. 

Cazoo to go up against CarGurus and Auto Trader

There are a total of about 12,000 cars listed on the platform as of Wednesday. 

The company based out of London, United Kingdom had first announced plans of quitting as a used car retailer and going up against the likes of CarGurus and Auto Trader in the online classified business in March. 

Car dealers in the U.K. can now use $CZOO as a platform to “showcase their cars to the one million monthly visitors we attract”. 

Despite the sharp surge this morning, Cazoo stock is down about 30% versus its year-to-date high in the first week of April. 

Online classified is a big opportunity for Cazoo stock

Cazoo Group Ltd reiterated its commitment this morning to delivering a seamless experience as an online classified to customers looking for a car to buy. Its statement also reads:

Used car market of the United Kingdom is a remarkable opportunity for $CZOO considering it about seven million transactions worth some £100 billion per year. 

Wall Street currently has a consensus “hold” rating on Cazoo shares that do not pay a dividend at writing.