Director Paul Winfield says the move will be funded by company profits and will give the business national UK coverage. “A fourth site would take our UK coverage to the optimum level and ensure that sales growth continues organically without cannibalisation from different sites,” he says.
The news comes as Motorpoint prepares for another record year of sales – it expects to sell about 30,000 cars for the financial year to March – up seven per cent from 26,000 units over the same period last year. Since its launch in 1998, the company has sold 110,000 vehicles.
With the projected increase in sales, the company says turnover will increase from £252m to £300m. Pre-tax profits for the last financial year stand at £4.4m. Exchange rates have forced the company to change its stocking policy – fewer cars are being sourced in the UK, reducing the amount of new stock from 90 per cent to 60 per cent.