Motorpoint Group has completed the acquisition of the former Car Select car supermarket at Oldbury, near Birmingham.
The site, which was subject to a closure announced by banking giant Lloyds in April, is expected to be fully operational from July.
Motorpoint confirmed the acquisition of the site which had been used for the remarketing of vehicles from Lloyd’s fleet division, Lex Autolease, for an undisclosed sum, this morning.
A statement issued by the retailer stated: “The Oldbury site, which is approximately five acres and is located just off junction 2 of the M5, will stock 500 low mileage nearly new vehicles from 30 different manufacturers, and will have access to Motorpoint’s further 5,500 car stock.
“This acquisition complements the Group’s existing West Midlands site at Aston Cross and brings its total number of sites to 11.”
Mark Carpenter, chief executive of Motorpoint – currently the largest independent vehicle retailer in the UK – added: “We are delighted to have completed this acquisition as the Motorpoint brand has proved extremely popular across the West Midlands since we launched our Birmingham site three years ago.
“The new site will give even more people the opportunity to experience our compelling customer proposition, combining choice, value and service.”
Banking giant Lloyds announced it is closing its two Car Select car supermarkets in Oldbury and Coventry just over a month ago.
Although it sent the vast majority of end-of-lease vehicles from its Lex Autolease fleet division to market through BCA’s auctions, its Car Select sites offered more than 500 vehicles direct to the public at any one time.
Annual sales were thought to be around 10,000 units, less than a quarter of the 70,000 ex-fleet vehicles Lex remarkets annually.