Car supermarket company Motorpoint has attributed a doubling of its revenues to efforts to transform its operations digitally. It has just announced a record first half profit before tax, with gross margin up by 10 points to 9.2%.
The UK-based group, which sells vehicles both online and via branches to retail and trade customers, said that a drive to boost revenues from online sales has been responsible for 60% of turnover for the six months to September 2021. Its push towards ecommerce was initially prompted by the temporary closure of branches due to lockdown.
CEO Mark Carpenter reported that digital growth and technological advancement remain priorities, even with branches now open again. Further efforts will, he said, be made to grow its online car-buying service. Further transformation initiatives will now be the responsibility of incoming chief digital officer Andrew Thomson, formerly of online fashion retailer Boohoo.
Pic courtesy of CarDealer Magazine.