INDEPENDENT Car Auctions is investing £7 million in a new auction centre in Bristol which will be three times the size of the existing split-site installation.

The new 20-acre site will be one of the top three motor auctions in the UK, selling around 40,000 cars a year and will become ICA's flagship centre. The announcement follows ICA's acquisition of CMA Group with financial backing from US auction giant Manheim earlier this year.

ICA managing director John Bailey said: 'This new development is the culmination of a five year search for the right site. We wanted to stay in Bristol, which has provided a good base for ICA to grow over the last 20 years from a small local company into the second largest car auction in the country.'