Rockingham Motor Speedway has been acquired by remarketing and car retail giant Constellation Automotive Group for £80 million.
The business, which owns BCA, WeBuyAnyCar and cinch, says it will use the new site for used car stocking and preparation.
Constellation plans to develop a specialist automotive reconditioning and logistics centre, along with an academy across the 200-acre site and its other existing 200 acres of sites in Corby.
The new expanded Corby estate will have the capacity to prepare over 100,000 cars a year for sale and store over 50,000 vehicles, bringing 500 new jobs to Northamptonshire.
Following the opening of the new site at Rockingham, Constellation will have the capacity to prepare 200,000 vehicles a year across its infrastructure.
Avril Palmer-Baunack, executive chairman of Constellation Automotive Group, said: “This investment is an exciting next step in the development of Constellation Automotive Group and the growth of cinch. We are delighted to be creating new jobs in Northamptonshire, while the development of the academy will ensure that cinch has the best trained people in the industry delivering the best cars to drivers all around the country.
“By investing in infrastructure this early in our journey we are ensuring that cinch will be able take advantage of changing consumer trends and sell more cars on behalf of our third party partners such as dealers, car manufacturers or leasing companies. We are excited to be able to play a leading role in the industry’s digital transformation.”
The academy, which is expected to open in 2022, will be developed as a facility for the training of highly skilled mechanics, quality inspectors and support staff, supporting the Government’s levelling-up and skills agenda.