Tesco closes second-hand car business
By John Reynolds, marketingmagazine.co.uk, Wednesday, 04 April 2012 09:12AM
Tesco's chief executive Philip Clarke has closed its second-hand online car business after a year of trading to concentrate on the retailer's core business.
Tesco launched the joint venture with Carsite to great fanfare a year ago and held a 25% stake.
The website offered thousands of used cars for sale. It is thought that Tesco was unhappy with the supply of second hand cars.
Another part of the Tesco empire, Tesco Home Services, which offered handyman services, has also closed.
Tesco's website said: "We started Tesco Cars in good faith and we always aim to do a good job for customers.
"However, following a review of the business model we and Carsite, our partner, have decided that we cannot offer customers a satisfactory range of vehicles and as a result, have decided it is right to close the business.
The closure comes at a difficult time for Tesco, which issued its first profit warning in January.
The business has also recently parted with UK boss Richard Brasher.
Follow John Reynolds on Twitter @johnreynolds10
This article was first published on marketingmagazine.co.uk
- Senior Marketing Director - 9-12 month FTC Comedy Central £competitive, Camden, London (Greater)
- Senior Planner Direct Recruitment £60,000 - £80,000, London
- Senior Planner Direct Recruitment £60,000 - £70,000 + benefits, London
- Planner, Top Direct Marketing/Digital Agency London Direct Recruitment £45,000 - £65,000, London
- Planner Direct Recruitment £50,000 - £70,000, London
Agency: Wieden & Kennedy New York
- Macmillan defends hijacking ice bucket challenge
- Comparethemarket.com first UK brand to run Facebook Premium Video ads
- Guinness Africa launches 'made of black' campaign with Kanye West ad
- Twitter launches learning hub for agencies
- Game Of Thrones actress stars in online Karen Millen campaign
- Uncle Ben's launches YouTube cooking show