USED car maketplace Cazoo said yesterday it was confident it would ride out the worst of the world's economic headwinds as it reported further growth in the first quarter.

Boss Alex Chesterman and chief technology officer Stephen Morana said supply issues would have "little bearing" on the company's overall performance - and analysts suggested the firm may benefit from the supply chain challenges elsewhere in the industry.

"With supply chain worries set to continue, Cazoo will continue to benefit as it expands further into Europe," automotive analyst Emilio Campa told City A.M.

The slowdown in car manufacturing has pushed up the value of used cars, with prices rising at an "unprecedented" rate last year according to the AA.

In the first three months of 2022, the company reported revenues worth £259m, while the number of vehicles sold via the digital platform surged 102 per cent on the first quarter of 2021.

Short-term financial performance was impacted by investments made in the second half of 2021, including the decision to bring the UK's car reconditioning business in house.

Over the last few months, Cazoo completed several acquisitions - including that of Italian retailer brumbrum for €80m (£64m) and Barcelona-based rival Swipcar for €30m.

(c) 2022 City A.M., source Newspaper