Peterborough online car dealer Carzam expects sales to hit £500 million

Carzam, which is based at Samson House, in Morley Way, is forecasting revenues to top £500 million in 2022 and car sales to reach more than 40,000.

Directors say sales are growing as the business reaps the benefits of rising stock levels and continued high levels of customer demand. In its first year of trading last year, the company turned over £150 million and sold about 13,000 cars.

Chief executive Kirk O’Callaghan said: “We always described 2021 as the learning phase.

“We were testing our model and preparing to scale. The funding from our consortium of investors pushed us to the next level.

“With supply increasing by the day, demand is the other key component. In the first six weeks of the year, we have experienced sales growth of 15 per cent week on week. Convenience, choice and a seamless customer journey will be crucial to the long-term success of our model. We’re doing well on each of these fronts but constantly striving to improve.

Mr O’Callaghan added: “Carzam is a young company but we’re set to claim a significant share of the UK’s used car market this year.

“We’ve built a model that bypasses supply shortages. We have fantastic people who are excited to join us.”

Carzam, which last year secured £112 million funding to accelerate its ambitious growth development plans, says it intends to go on investing in new staff.

Christmas lunches for Peterborough’s homeless after car dealership cancels its festive party