The £57m turnover business, which has 242 outlets nationwide, hopes to benefit from the growing parc of older cars and an increasing trend towards vehicle personalisation.
David Hudson, who became managing director in December after John Moussell retired, recently hosted a conference for Motor World’s suppliers. He set out the company’s vision for adding 100 new stores and creating around 500 new jobs by the end of the decade.
He says: “The potential is clear: the number of cars on the roads in the UK is projected to grow by 2.5% annually through to 2011.
“Combine that with the fact that the average mileage travelled by car owners is increasing, giving rise to a desire for more comfort and better in-car entertainment, and we can see the foundation of a developing market.”
Owners of post-warranty period cars are one of Motor World’s most important markets. The company’s sub-brand, Kroozin, is aimed specifically at consumers who want to personalise their vehicle through buying items such as alloy wheels, exhausts and body- styling products.
It also targets the disposable income of owners of newer cars by retailing satnav systems and in-car entertainment products. However, its stores do not provide a fitting service, and it has no plans to introduce this.
“Our plans are based on achievable growth, which will be delivered by us continuing to pursue our strategy of innovative marketing, combined with strong financial discipline,” says Hudson.
“We will look to grow organically as well as through new store openings, in particular targeting expansion in East Anglia, the South and South East of England.”
Last June, Motor World appointed Clearwater Corporate Finance to advise it on a possible flotation on the stock market.