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The Motor Trader annual Top 50 survey looks at the leading independent retailers by turnover in the used car market. For many of those listed in this year’s Motor Trader Top 50, this report refers to a financial year-end in 2019.
In 2016, the used car market peaked at an all-time high of 8.2 million, and has since fallen back each year to stand three per cent lower in 2019 at 7.94 million – still the fourth best year ever.
Compared to last year’s report – which referenced 2018 – the combined turnover of the MT Top 50 fell three per cent to £5.5bn this year. But the businesses in this year’s MT Top 50 are not the same as last year’s. Comparing the total turnover of the 37 businesses with up-to-date results appearing this year and last, turnover increased by 1.8%. Good news, but not a great performance compared to recent years.
The survey is based on turnover, so where a company ranks in the MT Top 50 depends on its top line. Hence, any movements in the rankings result from relative increases or decreases in turnover.
Motorpoint Group plc (1) is the largest independent used car retailer for the seventh year running with a turnover of more than £1bn, albeit down four per cent on the previous financial year. The explanation for this fall is COVID-19. Motorpoint’s financial year-end was 31 March 2020, and the group therefore suffered a total closure in the first lockdown.
In last year’s report, we brought together the Sytner Group-owned Car Shops (2) and The Car People (2). The Sytner Group continues to report the financial accounts for these companies at arm’s length, while merging the brands together as Car Shops for marketing purposes. Together, the Sytner Group companies are a convincing second place in the MT Top 50 and, indeed, might have closed in on Motorpoint Group plc, even bearing in mind Motorpoint’s lockdown problems.
The other important change in the Top 10 is Imperial Car Supermarkets, placed seventh last year. Cazoo bought Imperial, and its 18 sites, in August 2019. Since then, Cazoo has turned the sites into distribution hubs, and so Imperial drops out of the MT Top 50 altogether. With Imperial out, Carbase (10) is promoted to tenth, securing its place by increasing turnover to £121 million – up eight per cent 2018/2019.