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Consortium acquires Scottish Motor Auctions

A consortium of investors has acquired Scottish Motor Auctions (SMA) in a multi-million pound deal.

Bob Anderson and Kevin Bann, who founded Direct Car Finance, are part of the consortium.

Bob Anderson, managing director of SMA, said: “We are delighted. This is our first acquisition in this sector and we are looking forward to building on its success. SMA is in a great position to expand and become aleading motor auction group in the UK.”

Alliance & Leicester Commercial Bank funded the acquisition of SMA which has five auction sites in Scotland and north-east England.

Scott Johnston, senior relationship lending manager at Alliance & Leicester Commercial Bank, said: “This is a great acquisition with massive potential. I look forward to working closely with them as they expand and develop the business.”

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