Used car supermarket Motorpoint’s faith in the future is being rewarded after a difficult 2023 as it reports strong retail sales growth in the first quarter of its financial year.
Expecting to meet its full-year goals, the company noted its healthy net cash position of around £6.5 million following the repurchase and cancellation of 2.5 million shares for £3.5 million.
Motorpoint's revenue had plunged by a quarter in 2023 with loss widening by £10m in a year which chief executive Mark Carpenter called “the most difficult in our history” after stock mix and vehicle price deflation hit it badly, with annual retail volumes contracting by 8.2%.
Login to continue reading
Or register with AM-online to keep up to date with the latest UK automotive retail industry news and insight.
Spotlight on the customer
In this issue:
What consumers really want - trends and habits dealers must understand to provide the right buying experience
Barriers to EV purchase - many private motorists need extra help before they take the plunge
Delighting used car buyers - it's essential for retailers to offer tailored experiences and great value
Aftersales customer care - valuable interactions are vital as dealerships face fishing in a diminishing pool
A customer-first future - Steve Young, ICDP MD, gives AM an exclusive insight.
Read nowAuthor:
Aimee Turner
Deputy editor
AM deputy editor Aimée Turner has been a specialist B2B editor and journalist covering the international transportation sector for more than 20 years.
She has specialised in the significant safety, regulatory, and environmental issues that impact advanced technology businesses in the pursuit of more efficient, safer and sustainable transportation modes.
Login to comment
Comments
No comments have been made yet.