Car retailer reveals plans to become £1bn ecommerce firm

Photo courtesy of Professional Images

Motorpoint, the Derby-based car retail giant, says it expects to post revenues of around £1.32bn for the year ending March 31 and has announced a major investment in its online offering.

In a trading update this morning (April 6), the company said the new figure will be a hike of 82% on 2021. It also reported a rise of 45% in car sales – and a 35% rise through its website.

Motorpoint says it invested heavily in technology throughout the year and has plans to double its full-year 2020 revenue to over £2bn in the medium-term. This includes increasing online revenue to over £1bn through invesyment in marketing, technology and data.

The trading platform is to be expanded during the next 12 months and will be fully launched to a new tranche of vendors to enable them to auction their own vehicles digitally. Motorpoint said more details on this venture will be released “in due course”.

Mark Carpenter, CEO of Motorpoint, said: “Despite the uncertain consumer outlook, the Group’s continuing confidence allows it to invest in its future growth strategies across multiple initiatives. The expansion of our technology team dramatically increases our capability to innovate and scale our and platforms which both have huge future growth potential. Motorpoint is the UK’s largest independent omnichannel vehicle retailer, and our value-based proposition continues to resonate as much today with our customers as it did 24 years ago. We remain confident in our medium-term strategic objectives and are excited in our potential to grow substantially as we continue to invest in our brand, infrastructure and technology.”

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