Record sales for used vehicles group Motorpoint, which has a site at Oldbury
Used vehicle retail chain Motorpoint, which has one of its sites at Churchbridge, Oldbury, enjoyed record sales in the year to the end of March.
Revenue was up around nine per cent to £1.43 billion.
Group chief executive Mark Carpenter said: "Whilst the impact of higher interest rates and inflation will continue into 2023-2024, new car registrations rose 18 per cent in March, with the fleet market driving this eighth consecutive month of growth, which will in turn benefit used vehicle supply.
"This, coupled with continued market share gains and progress on our key initiatives, will enable Motorpoint to emerge from the current environment a highly profitable market leader."
Annual pre-tax profit is expected to "broadly break even" fro the group which has appointed a new chief technology officer Tom Tang, to accelerate its digital transformation.
He brings more than 20 years' experience in technology leadership.
Motorpoint has 18 other sites across the country including one at Birmingham. A new store in Ipswich is opening next month.
Its market share of vehicles up to four-years-old for the 12 months to December 2022 grew strongly to 3.5 per cent from 2.7 per cent a year earlier.
Its medium-term growth objectives are to achieve over £1bn in e-commerce sales and over £2bn in total sales
Our new store in Ipswich will open in May 2023, our 20th store, up from 13 locations three years ago.
