City Auction Group has expanded its operations with the launch of a new auction site in Peterborough.

The used car remarketing facility at the city’s Brightfield Business Hub, on Bakewell Road, expands the business’s existing operations in Peterborough by 40%.

It is aiming to build on the success of its existing site at the East of England Showground.

City Auction Group chief executive Michael Tomalin said: “It’s really exciting to come back to where the journey started for me personally more than 30 years ago at British Car Auctions, Peterborough.

“I have worked tirelessly for over a decade building a brand to compete in the vehicle de fleet and re-marketing sector, which has the ability to challenge the competition.

“The growth has been immense and we have sensational plans to ensure the business develops across the UK to support our current centres in Belfast and Peterborough.”

City Auction Group had previously operated remarketing activities from Rockingham Motor Speedway - as well as its sites in Peterborough and Belfast - but the former motor racing venues was acquired by BCA and cinch owner Constellation Automotive last summer.

Its new Peterborough site opening has created 25 jobs within the business, taking the workforce to over 100 employees.

A total of 440 attendees engaged with the inaugural auction event at the new Peterborough site on October 11, with 274 of those joining the event online.

A 92% conversion rate was achieved as 312 vehicles were sold.

The Peterborough centre’s Brightfield Business Hub location, formerly the headquarters of the RNIB, was purchased in 2018 and developed by The Brightfield Group into a purpose-built space for more than 100 local businesses.

Brightfield chief executive Spencer Wrench said: “We’re delighted to welcome our newest partner and are really excited to see this move enable City Auction Group to expand and grow for many years to come.

“We’ve been working together over the last six months to get to this point and are so proud to see them choose us for their UK mainland headquarters.”

Peterborough MP Paul Bristow, who opened the new City Auction Group site, said: “It was fantastic to see City Auction Group open new premises in Peterborough, creating new jobs and investment.

“I really enjoyed learning about their business and seeing the new facility. Peterborough is a place full of potential. This move by City Auction Group is another example of our bright future. We are making decisions that will support future health, wealth and happiness.”