Date:04 April 2012
Tesco scraps online car venture
Tesco has closed its second-hand car venture, Tesco Cars, a year after launch. The supermarket giant said it decided to close the operation after it failed to secure a satisfactory range of vehicles. Tesco Cars, which was a joint venture with Carsite, aimed to advertise up to 3,000 cars a week when it launched in April last year. Reports suggest that at the end of last year it was only selling around 150 vehicles each month.
In a statement, Tesco said: "The customer response has been positive and shows the value of a trusted brand in this market, but securing a good supply of cars has been difficult and we would always want to deliver the best range for customers.
"Given time we would have overcome the challenge but at the moment it's right to focus on our core business."
The retailer also said that if it cannot meet outstanding orders for existing buyers they will be offered refunds through its customer service centre.