INVESTMENT: Manheim complete deal
Manheim have completed a deal to financially invest in The Car Group Limited, owner of the wewantanycar.com consumer buying service.
The Car Group will now operate on a standalone basis with the existing management team and brand, led by Chris Bowen, Managing Director.
Under the deal, vehicles acquired by The Car Group Limited will be remarketed though Manheim, starting in December 2013.
Mr Bowen said: “This investment by Manheim enables us to accelerate our growth and using Manheim as a remarketing partner is an obvious synergy for both businesses.
“We believe that our enhanced scale will create more competition in this market, which can only be good news for consumers.”
Based in Cannock, Staffordshire, The Car Group was set up in 2011.
Trading as wewantanycar.com, The Car Group Limited have 60 handover locations across the UK and employ 65 people.
The Car Group also purchase vans and tippers.
John Bailey, Chief Executive of Manheim, added: “We are investing in a great business and management team at wewantanycar.com.
“By fuelling wewantanycar.com’s growth, there will be a significant influx of quality vehicles into our auction lanes and online channels which is great news for our buyers.
“Coming on the back of our investment in software specialists Kingfisher and the EVS Online HGV business in 2013, and both Motors.co.uk and Dealer Auction in 2012, this latest acquisition once again underlines our commitment to developing our UK business.”