Car seller Motorpoint readies investment after boost in revenues
Used car seller Motorpoint said today it was readying a wave of investment after revenues received a boost last year to hit £1.32bn.
Revenues jumped 82 per cent from £722m a year earlier, as retail units grew 45 per cent, despite global restrictions to the vehicle supply chain.
Bosses at Motorpoint said they were now eyeing up an investment boost despite uncertainty in the market.
“Despite the uncertain consumer outlook, the Group’s continuing confidence allows it to invest in its future growth strategies across multiple initiatives,” Mark Carpenter, CEO of Motorpoint, said.
“The expansion of our technology team dramatically increases our capability to innovate and scale our Motorpoint.co.uk and Auction4Cars.com platforms which both have huge future growth potential.”
The group warned that inflation would hike costs and bite into consumer spending power in the coming months however.
“The impact of rising inflation and worldwide vehicle supply challenges is likely to affect our markets and our company performance, but its extent is difficult to predict in the short term,” the company said in a statement.
“However, we expect rising inflation will place further pressure on discretionary spending power and consumer sentiment.”
Motorpoint said that it would continue to invest in revenue and market share growth despite the uncertainty.