Auction company Manheim has acquired Shotts Motor Auctions, the Lanarkshire-based remarketing business.
The family-run business has been bought by Manheim for an undisclosed sum and signals, Manheim said, the US-owned firm's "commitment to the used vehicle market in Scotland".
Shotts was established in 1989 and is based between the cities of Edinburgh and Glasgow, operating from a 10-acre site with two auction lanes and undercover storage for up to 250 vehicles.
All staff will be transferred as Manheim employees under TUPE regulations.
As part of the deal, Shotts' managing director, Ian Irvine, has been appointed regional director for Manheim Scotland. In his new role, he is responsible for business development and service delivery across both the former Shotts' site, as well as the existing Manheim site in Glasgow.
Michael Buxton, chief operating officer of Manheim UK, said: "We have for some months been exploring ways we can better serve our vendor and buyer customers north of the border. We're absolutely delighted to have acquired Shotts, which will significantly build our total offering in Scotland.
"The skills, knowledge and expertise of the Shotts' people are second-to-none and we wanted to retain that talent as a key element of the acquisition process. After some weeks of inevitable uncertainty, we're pleased to have confirmed this deal which is good news for the motor trade in Scotland."
Irvine said: "Having considered all of the options, I know that our decision to join the Manheim family is the right one for the Shotts Motor Auctions business. Being part of the world's biggest vehicle remarketing business gives us the assurance, insight and financial backing to grow Manheim's market share in Scotland.
"Looking ahead, it is business as usual for us - we have our next cars/light commercials sale on March 18th. In the longer term, we will be developing a series of services that meet the needs of customers in the region. It's an incredibly exciting time for us and we're looking forward to being part of building Manheim's presence and influence in the Scottish used vehicle market-place."