The new firm will be led by managing director Mike Pilkington, who is leaving his position as sales and marketing director of remarketing firm GRS to take up the role.
VRS will offer a service intended to complement Manheim's auction business, with a remarketing product for customers including vehicle manufacturers and large fleets which goes live from next year.
It will include vehicle inspection and a wide range of refurbishment services, from paintless dent removal to full body repairs. Once a vehicle has been through the refurbishment process it will be marketed in a range of ways by the VRS sales team, including auction.
VRS hopes contract hire companies, manufacturers and rental companies will hand it responsibility for all aspects of disposal, including vehicle inspection and refurbishment.
The company is looking to set up a base in the Midlands and concentrate initially on the UK market, but in the future will look at developing a European presence. It expects to have a database of 1,000 potential buyers by launch and will achieve turnover of 20,000 units a year within three years.