Greenhous Group has sold its GRS Remarketing subsidiary to US-based KAR Auction Services for an undisclosed sum.
KAR runs the Adesa auction brand across 76 sites in the US and Canada.
GRS Remarketing will be renamed Adesa UK following the completion of the sale.
Jonathan Holland, vice president of business development for Adesa UK, will assume the position of managing director.
Jim Hallett, KAR chief executive and chairman, said: “During the past 20 years, GRS has established a successful online vehicle remarketing business in the UK through robust technology, effective sales and operations, a healthy buyer network and strong relationships with commercial customers.
“KAR is committed to international growth, and the acquisition of a leading technology business like GRS complements our wide range of vehicle remarketing services.”
GRS launched in the UK in 1995 and now operates from a 36-acre vehicle logistics centre in Cold Meece, Staffordshire. The business offers online remarketing services as well as vehicle inspection and refurbishment.
The GRS acquisition is KAR’s second in the UK, following the purchase of salvage company HBC Vehicle Services in June 2015.
Adesa also holds a 50% stake in TradeRev. TradeRev UK announced a partnership with leasing company Arval in May this year to provide remarketing services for a luxury segment of the company’s UK portfolio.
Benjamin Skuy, executive vice president of international markets and strategic initiatives for KAR, said: “We view the TradeRev partnership and GRS acquisition as strategically complementary.
“Along with other KAR services we intend to bring to the UK market, these businesses will position Adesa UK as an exceptionally formidable competitor.”