Used car supermarket Motorpoint said it was “cautiously optimistic” about the used car market despite uncertainties in the wider economy.

It expects full year turnover to rise by 18% and underlying pre-tax profits will be at the upper end of market expectations.

Its most recent openings in Castleford, Oldbury and Sheffield are performing in line with expectations.

The company has secured a new £20m unit stocking facility with Lombard North Central and it continues to evaluate opportunities for its 13th retail site, with a pipeline of new site options under review.

Motorpoint CEO  Mark Carpenter said: “We had a good end to our financial year and are pleased that our strong first half trading performance continued into the second half of the year, as we gained further market share across our sites.

“Motorpoint operates a compelling proposition and is well placed to continue building on the competitive advantages of its unique model.  With four sites under three years’ old and a number of potential new sites currently under review, we remain excited about the Group’s prospects and the Board looks to the future with confidence.”

Motorpoint is rated one in the Motor Trader Top 50 independent dealers with annual turnover of £822m.