Fylde coast motor auction firm sold for seven figures
A Poulton car auctions firm has been bought by a West Yorkshire group for an 'undisclosed seven figure sum.'
West Coast Motor Auctions has been taken over by family-run Independent Motor Auctions of Leeds.
IMA said all 16 members of staff at the Wyrefields business will be retained as the business is rebranded.
It added that it had plans to grow the business and increase staff numbers in the future.
West Coast Motor Auctions has been a family run business since it was established in 1987.
It runs a twice weekly sale and handles between 250 and 300 vehicles a week.
The three acre site has storage facilities and the company has a live online auction facility.
IMA said that the Poulton firm’s long standing reputation spanning almost 30 years had attracted it and the opportunity to buy came due to retirement of the current owners.
IMA is owned by the Lane family who bought into the firm in 2002 taking full ownership from March 2006 along with Martin Britton who joined the Lanes as sales director, and since then the company has experienced continued growth in a competitive marketplace with turnover now in the region of £20m a year.
Justin Lane said: “This is a really exciting acquisition both for IMA and WCMA as we have plans in place to develop both businesses in the coming months. We have a very similar company ethos to WCMA as we’re family run and independent, both very rare attributes in the current sector marketplace.
“We’re very proud to be one of few auction businesses that is still independent and family-run, providing the best customer experience and offering a personal service in a very competitive and largely dominated marketplace.”
In 2013 Justin was chairman of the National Association of Motor Auctions, the industry body representing auction companies.
IMA also occupies a three acre site – in Morley near LKeeds –and employs a team of 22 with three auctions every week. In addition, IMA also offers online auction bidding to its trade customers through its LIVEBID software which has created four new jobs.
This year it invested a quarter of a million pounds in two new transporters to increase delivery capacities.