Second-hand car sales at the Motorpoint dealership group topped £1.44 billion in the year to March 31, up almost 9 per cent on the previous year. The business said the growth came thanks to rising car prices as the number of vehicles it sold was actually down 8 per cent at 89,700.
The Derby business said it was helped by its share of the market for newish second hand cars growing from 3.1 to 3.5 per cent. It said it was also winning more custom from buyers living within 30 minutes of its sites. Meanwhile, online sales were up almost 6 per cent at £660.5 million.
However, the business said it saw pre-tax profits of £21.5 million in 2022 drop to a loss of £300,000 – down to factors such as higher financing costs, limited stock availability, a fall in the value of electric vehicles and increased investment of £6.1 million into the business.
