Aston Barclay buys The Car Buying Group
Aston Barclay has announced that it has acquired The Car Buying Group (TCBG), one of the largest independent consumer car buying companies in the UK with immediate effect.
Selling over 10,000 cars nationwide on behalf of car owners and interacting with tens of thousands more, TCBG has been at the forefront of the online consumer car buying revolution since 2014.
TCBG features at number 20 in the 2018 Sunday Times Tech Track 100 list of the fastest-growing private technology companies and was voted the 2017 Northern Tech 100 League Table fastest-growing tech company.
It has developed some great new technology, including an online vehicle pricing tool. This 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.
Aston Barclay's new Wakefield Mega Centre will become home to TCBG, with current CEO Tom Marley moving his 30-strong team to the 18-acre site when it opens in quarter four. Tom will continue to run the business with his current management team and there are plans to double the size of the company 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.
TCBG's CEO Tom 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,' he added.
'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,' explained Neil Hodson, Aston Barclay's CEO.
'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. With 75,000 square feet of auction and office space, we have plenty of capacity available for further growth,' he added.
As part of the acquisition Aston Barclay were advised by Dentons UK and Middle East LLP and FRP Debt Advisory. TCBG meanwhile were advised by Freeths LLP and Dow Schofield Watts.