A cast iron ‘never beaten on price’ promise saw Motorpoint achieve its highest ever level of ‘under-priced’ stock in July.
Data from AutoTrader showed the UK’s largest independent retailer of nearly new cars and vans hit the point where more than 99% of its entire vehicle stock was either priced below the national average or ‘well priced’.
Meanwhile, the percentage of ‘under-priced’ stock across the rest of the industry remained broadly static at less than 40%, proving Motorpoint is passing savings onto customers much faster as used car prices fall.
The latest figures from CAP HPI2 suggest used car prices have fallen some 3.6% so far in 2022, despite continued market overheating in some premium and niche segments.
However, during that same period, Motorpoint has grown its percentage of ‘under-priced’ stock month-on-month, remaining well ahead of the pack in ensuring customers pay less and save more.
Elsewhere in the industry AutoTrader found that almost a quarter of all vehicles in stock were priced above market value as dealers chose to hold on to margins rather than pass savings on.
Motorpoint employs a dedicated team to constantly review market values and competitor prices to ensure it is never knowingly beaten on price. On the rare occasion a car is found to be over-priced, the price is immediately revised downwards to market-leading levels.
If, however, a customer does find they did not pay the best price, Motorpoint will refund the difference3.
All this is helping to convince car buyers worried about the growing cost-of-living crisis that a nearly new car represents a better option than a new car. A study published by What Car?4 This week found that 13.6% of respondents who had recently bought a used car had originally been in the market for a new car.
The findings reflect Motorpoint’s own market research which suggests 57% of people looking to make a ‘big ticket’ purchase in the next six months are now considering cheaper alternatives because of the financial crisis. This includes those who are now looking to buy a nearly new car over a new model.
Dean Walker, Director of Stock and Purchasing at Motorpoint, said: “Our aim is always to deliver the best possible value for our customers and to ensure we’re never beaten on price, so we’re naturally delighted to have hit a new high for under-priced vehicles.
“Having 99% of our stock priced competitively and in most cases well below the industry average, is fantastic but there’s no way we are going to stop there. No-one at Motorpoint will stop until 100% of our vehicles are cheaper than you’ll find them anywhere else.”
Dean added: “I am extremely proud of our unique pricing policy which gives us the ability to ‘pass the saving on’ to our valued customers, especially during these challenging times.”
