With 18 auction centres in the UK, the firm will spend the next year concentrating on European expansion - it has moved into Europe with a further two centres in France - although Bailey says if the right opportunity for a purchase arises, he may take it, as traditional auctions are still a firm favourite for customers. The firm has a throughput of 500,000 vehicles that it expects to grow by 20% next year.
He said: 'With residual value falls, people have been looking for alternative ways to sell cars. We recognise there are alternatives other than physical auctions. 'However, invariably fleets come back to us. At the end of the day, why would a car dealer pay more to buy direct than by simply coming to us and having a larger selection of vehicles to choose from? In this difficult market, people always come back to the auctions.'