Supermarket giant Tesco's brief venture into the consumer car market has hit a brick wall.
Just one year after its launch, the supermarket chain has decided to impound Tesco Cars, accepting the second-hand car business has reached a dead end and is no longer financially viable.
Bosses have blamed the decision on difficulties getting a decent supply of cars.A joint online enterprise with Carsite, Tesco Cars had aimed to advertise as many as 3,000 vehicles a week when it was launched last April, but reports suggest that at the end of last year it was shifting just 150 cars a month.
Last year, Tesco witnessed a £5 billion slump in its market value following the flop of its Big Price Drop campaign.
A message appeared on the company's website yesterday confirming the closure of the scheme and apologising to customers for any inconvenience caused.
The supermarket said that it started the business "in good faith" but could no longer offer a satisfactory range of vehicles.
Copyright Press Association 2012