USED car supermarket Cartime has reported 20.5 per cent growth over the past year, with profit of £1 million on turnover exceeding £34 million.
The Bury-based business said the year-on-year growth to the April 2018 year end had been achieved alongside significant internal investment. It has plans for a second site, whose location will be revealed next month, as well as further expansion.
It has reinvested £150,000 of the profit in state-of-the-art technology and operations to accelerate its ambition to achieve turnover of more than £50m in the coming financial year. Cartime’s sales and customer staff numbers have also swelled by more than 40 per cent this year to a current team of 67.
The Bell Lane operation spans 89,000 sq ft and Cartime has also increased its average stock level to 700 vehicles, all of which pass through its 70,000 sq ft Oxford Mill preparation centre.
Managing director Matt Kay, who is spearheading the firm’s future expansion alongside fellow director Dan Wood, said: ‘Having enjoyed year-on-year growth since our inception in 2012, this year has been about investing back into the business and it’s all helping us get to where we need to be for this next significant stage of our journey.
‘All of our investments are geared around our growth and proposition, which differentiates us in the market. Close to half of all of our customers take up a Cartime warranty package. This enables them to enjoy the benefits mainly associated with new cars, such as free repairs, servicing and MOTs.’
He added: ‘The prep centre has been a real game-changer for us. By keeping this work in-house, we can ensure that we deliver consistently excellent warranty cover. This is especially important to me personally. I’m passionate about treating our customers fairly. I’m sure we do lose money sometimes, but I am happy with that, as long as we keep our warranty customers on the road and happy with the service.’
He said the company was hoping to open a third site in 2019, and added: ‘January and February 2018 saw record trading and March looks set to be just as strong for sales.
‘We now have £10 million funding in place for further stocking, hence why we’re pushing forward with a second and potentially third site. With a strong reputation for excellent customer service and value, coupled with a booming used car market in general, it’s a great time to be expanding our capabilities.’
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