From today Tesco Clubcard customers can exchange vouchers for a new or used car supplied by Motorpoint, the second largest car supermarket in the country.

As an added incentive, the Clubcard vouchers are worth four times their face value when put towards a car acquisition.

Tesco said the agreement would potentially be worth millions of pounds to Motorpoint.

The retailing giant claimed its most recent Clubcard voucher mail out was its biggest yet in November at £102m, which would translate as £408m in vehicle equity under the terms of the scheme.

“Currently, over one million customers regularly use their Clubcard vouchers for one of the 300 plus deals on offer,” said Steve McArdle, director of Tesco Freetime, which runs the Clubcard scheme.

“The introduction of Motorpoint to our deals scheme now gives our high points earners the chance to save a considerable amount on one of their biggest purchases.”

Motorpoint described the supply agreement as a “natural fit” and claimed it would offer customers “unbeatable prices”.

The Tesco deal could potentially make the company the largest independent car dealer in the country.

It already has an annual turnover of almost £250m – just £30m behind the country's largest independent Car Giant – and generates annual car sales of 25,000 units.

Meanwhile, the Motorpoint contract is not the first time Tesco has chosen to supply cars to its customers.

In 1998 the supermarket chain caused panic in the automotive retailing sector which feared the retailer was muscling into the market following a one month prize giveaway of Skoda Octavias before Christmas and that was followed by an abortive attempt to sell scooters in the summer of the following year.