Aston Barclay has expanded into the consumer car buying sector with the completion of its acquisition of The Car Buying Group (TCBG).
TCBG buys over 10,000 used cars nationwide on behalf of car owners and features at number 20 in the 2018 Sunday Times Tech Track 100 list of the UK’s fastest-growing private technology companies.
The business was also voted the 2017 Northern Tech 100 League Table fastest-growing tech company.
Aston Barclay’s chief executive, Neil Hodson, said that the acquisition of the online platform – which was initially established in 2014 – will enable Aston Barclay to widen the breadth of new products and services it offers to its customers, while TCBG will benefit from the group’s strong IT reputation for launching new technologies designed and developed in-house.
Hodson said: “Our senior management team have known and worked with TCBG for several years and we have admired what they have achieved whilst up against bigger corporate competitors.
“The acquisition is a perfect fit for the group as it provides us with extra volume and access to new technology which we can offer to dealer and vendor customers. We will grow the business on a national basis over the coming years.
“Our new Wakefield Mega Centre will immediately become a dynamic place to work as the TCBG team of 30 joins the 40 staff from our Leeds auction.”
He added: “With 75,000 square feet of auction and office space, we have plenty of capacity available for further growth.”
TCBG chief executive Tom Marley will be among those making the move to Aston Barclay’s Wakefield Mega Centre and will continue to run the business with his current management team.
Aston Barclay said in a statement issued today (October 15) that it had plans to double the size of TCBG and its workforce over the coming years.
Aston Barclay already has a strong relationship with TCBG, selling used cars on its behalf at Donington and Chelmsford.
All used car volumes will move to Aston Barclay by the end of 2018, with an increased focus on further building the TCBG brand with buyers across the UK.
The entrepreneurial and disruptive spirit to growing TCBG through new technology and providing a first-class service to its customers fits perfectly with Aston Barclay’s overall strategy of revolutionizing the remarketing industry.
Marley said: “We have had a great journey over the past few years in launching and building the business.
Becoming part of the Aston Barclay family will provide further support and investment to speed up that growth, and for our brand to become a household name with consumers.”
Aston Barclay’s management team was advised by Dentons UK and Middle East LLP and FRP Debt Advisory on its acquisition of TCBG.
TCBG meanwhile were advised by Freeths LLP and Dow Schofield Watts.