ONLINE car retailer Motorpoint is better equipped to navigate a volatile market compared with rivals, according to chief executive Mark Carpenter.

At a time when competitors such as Cazoo and Carzam are either enforcing significant cuts to stay afloat or have collapsed, Motorpoint's profits and revenues boomed.

In the year ended 31 March, the company's revenues increased 83 per cent to £1.3bn, while profits grew to £21.5m - a 121.6 per cent increase on 2021. Motorpoint's market share also increased, rising from 2.4 per cent last year to 3.1 per cent this year.

"We have a very strong customerled proposition," Carpenter told City A.M. "So once we go into a market, we take share quickly."

Looking ahead, the retailer said it will not be exempt from demand slowing down because of inflationary pressures on consumers but it will continue to take market share by investing in its brand.

The chief executive's comment come as rival Cazoo was forced to cut 750 UK and EU jobs to save £200m by the end of next year.

Cazoo said it was not immune to "the rapid shift in the global economy" as well as the possibility of recession hitting the UK in the next few months.

Rival Carzam was also brought to its knees last month, entering voluntary receivership after failing to raise funding.

(c) 2022 City A.M., source Newspaper