Cartime is targeting a £100 million turnover by 2021 after celebrating a set of annual financial results which revealed a 28.7% rise in revenues and 27% increase in pre-tax profits in 2018.
In its financial year, to March 31, 2019, the Bury-based independent used car supermarket business achieved a turnover of £43m (2017: £33.4m) and a pre-tax profit of £1,15m (2017: £908,000).
The business, founded and owned by managing director Matt Kay, has reaped the rewards of opening a new specialist 4x4 showroom during 2018 and as preparing for further expansion into a redeveloped Aldi supermarket, which is set to open its doors this summer.
In its results statement, Cartime reported that its recent successes had followed a £5m inward investment into new premises, technology and site facilities.
Kay said: “We are delighted to be celebrating another successful year of growth, what the team has achieved in the past 12 months is a fantastic.
“Everything we do is focused around the customer and utilising new technologies, something that has really allowed us to set ourselves apart from the competition.
“We’re not resting on our laurels, however. We have very strong ambitions – and projections - for the coming year, including the launch of our new Rochdale site and up to three additional showrooms, which we are expecting to accelerate our growth even further.
“There is a lot to achieve but we’re confident we have the systems and team to keep moving forward at the level we have enjoyed this year.”
Cartime is predicting yet another year of growth in the year ahead, with plans to open two further sites this year in order to achieve a record turnover of £100m by 2021.
The opening of its new Rochdale site is expected to generate an additional £25m in turover this year as well as creating a further 20 jobs.
The new showroom will feature many state-of-the-art features, including a show-stopping stage and car turntable that will make every car handover a theatrical event – with lighting and smoke effects as the vehicle is unveiled.
Employing 91 staff, the group’s current operation occupies a total of 3.5 acres set across two showrooms, a 70,000 square foot preparation centre, a 70-vehicle collection centre and additional stocking facility.
It is currently undergoing a recruitment drive to further grow its team, specifically within senior management positions.
The recent opening of its specialist, 250-vehicle 4x4 centre, adjacent to its original showroom, has allowed it to capitalise on consumer demand for a wide selection of larger, prestige vehicles available on one site.
As part of what it claims to be a unique warranty offer, Cartime offers customers a six-year guarantee and six years’ free MOT and servicing on any car purchased.
The campaign was originally introduced to mark the business’s sixth birthday, but proved so successful that it has been continued indefinitely.
Cartimne also believes that another key driver of its recent growth has been the way firm retails its stock online.
The dealership takes more than 30 photos and videos of every car so customers can see exactly what each vehicle offers before they visit the showroom.
A statement accompanying its annual financial results, said: “Utilising a digital process that is fast and easy to navigate, this user experience has allowed Cartime to attract buyers outside of the region and increased conversion from online enquiry to sale by 20%.
“A brand new website is also scheduled to launch this summer.”