Tesco closes second-hand car business
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 Cars: second-hand site shuts down
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
Latest jobs Jobs web feed
- Account Director - Top London Advertising Agency c£50k Fill Recruitment Ltd c£50k, Central London
- Senior Brand Manager Ball & Hoolahan £55,000 + Car/Car Allowance, London
- Account Manager, Integrated, London Blue Skies Marketing Recruitment £25000 - £30000 per annum, London
- SAM/Experienced AM, London, up to £38,000 Blue Skies Marketing Recruitment £32000 - £38000 per annum, London
- Events / Production Manager (Gaming/Tech Clients) - Integrated Marketing Agency Rocket Recruitment £28,000-35,000, Central London
- Senior Manager - CRM Tarsh Lazare Marketing Recruitment £45,000 - £50,000, Central London