Mark Carpenter, Motorpoint CEO has stated that the used automotive grocery store has seen “actual year-on-year development in June and July regardless of the market as a complete declining.”
He additionally stated the corporate will likely be opening new retailers in Coventry and Edinburgh in Q3.
SMMT knowledge exhibits that used automotive registrations declined 18.8% general within the second quarter of the 12 months.
Motorpoint outperformed the market with year-on-year gross sales down 15.5% for Q2.
Carpenter stated: “We have been at all times anticipating year-on-year numbers to be down for Q2 because it’s the comparator quarter for gross sales restarting put up the pandemic final 12 months. At that time we noticed pent-up demand launched and so the numbers have been artificially excessive.
“However after we strip all of that away and have a look at the actual numbers, we now have actual year-on-year development in June and July regardless of the market as a complete declining.
“As you’ll anticipate we maintain an in depth watching eye on efficiency, and it appears that evidently our value-driven philosophy is resonating with prospects greater than ever because the cost-of-living disaster continues to deepen.
“Our positioning can be spot on as increasingly more motorists who would beforehand have been within the new automotive market are wanting within the practically new sector as new automotive provide stays the large difficulty.
“We now have reviewed our buying technique to make sure we at all times have the very best inventory combine in our showrooms and forecourts. This implies we’re agile and react rapidly to make sure our vehicles are hitting the provision/demand candy spot.
“Once we examine this quarter to the identical interval final 12 months because it offers a very skewed image. As an alternative, what I’m taking a look at is our efficiency in July after we’re in a position to examine to extra regular numbers and right here we’re exhibiting year-on-year development, regardless of provide remaining tight.”
One other a part of Motorpoint’s development technique will likely be to open shops in new markets as and when appropriate websites change into out there. New retailers in Coventry and Edinburgh will likely be added within the subsequent quarter with extra more likely to observe.
Carpenter added: “Whereas a part of our development has to come back from rising our share of the markets we’re already in, we are able to additionally ship development by increasing Motorpoint into new markets and so this too is a spotlight.
“The proof exhibits that each time we enter a brand new market, we in a short time seize a double-digit market share and so this represents a unbelievable alternative for us to maneuver ahead.”