Fri, 18 Mar 2011 | ADMINISTRATION
Administrators are searching for a buyer for the online used car retailer, Autoquake, after it filed for administration on Thursday.
The company, which was first set up in 2005 and grew to become one of the UK's leading online sellers of used cars, has appointed Matthew Bond and Jason Godefroy of MCR to take care of the administration process.
The administrators are said to be looking for a buyer with significant experience in motor trading, as that is one of the key areas that the current management has come in for criticism over.
Autoquake's operation model had been to buy used cars at auction then sell them on from their online operation, with handover centres set up in both London and Leeds. Last year its website registered more than five million hits and in March 2010 secured £6 million in venture capital and venture debt financing, with he equity provided by existing investors Accel Partners and Highland Capital Partners and the debt by Kreos Capital.
Other car dealers have commented that the company's removal of wholesale remarketing from their process was a risky endeavour that perhaps contributed to its current state. Beyond an official statement posted on Autoquake's website, the company has not officially commented on the situation.
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