Motorpoint has officially opened its 17th site with its new 120-vehicle used car dealership in Portsmouth.

The used car supermarket group revealed in June last year that it planned to add a further 12 retail sites. At that time they had a network of 14 locations.

The Portsmouth store on the London Road, is a multi-million pound investment and was previously a derelict site.

In April Motorpoint raised £5m from the sale and leaseback of its freehold branch in Stockton on Tees. This was reinvested in the group. Earlier in the month it opened its 16th store, in Maidstone.

Motorpoint has said that it expects to report revenues of c.£1,320m (FY21: £722m), an increase of c.82% against FY21.

Mark Carpenter, Motorpoint CEO said: We are delighted to have opened our 17th store, in Portsmouth – a vibrant city with a strong maritime heritage.

“We are the UK’s largest independent nearly new car retailer. This new store is an important milestone in our expansion plans across the south of the UK.”

Motorpoint’s Area Sales Manager Rob Jones said: “After weeks of hard work, it is great to be able to finally open our doors to the public.”

Click here for a list of Motorpoint locations.