Bob Anderson and Kevin Bann, who founded Direct Car Finance, are part of the consortium.
Bob Anderson, managing director of SMA, said: “We are delighted. This is our first acquisition in this sector and we are looking forward to building on its success. SMA is in a great position to expand and become the leading motor auction group in the UK.”
Alliance & Leicester Commercial Bank funded the acquisition of SMA which has five auction sites in Scotland and north-east England.
Scott Johnston, senior relationship lending manager at Alliance & Leicester Commercial Bank, said: “This is a great acquisition with massive potential. I look forward to working closely with them as they expand and develop the business.”