Vehicle remarketer G3 Remarketing is to launch a physical car auction site in Leeds, following a half million pound investment.
G3 Remarketing was established in 2009 as an online vehicle remarketing brand for the fleet, finance and contract hire sector. In 2015, its turnover reached £4m, including £900,000 profits.
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The company said it had encountered wider demand for its services in different arenas of the motor trade.
As a result, G3 is developing its four acre headquarters to make way for a physical auction hall for non-prime finance returns and part exchanges.
The site is due for completion at the end of January 2016, and will carter for car supermarket vehicles of up to £5,000. It will house a 30,000sqft viewing auditorium, buyers’ loungers, vehicle preparation facility and space to store up to 200 vehicles under cover. It will also include a £150,000 inspection studio to allow for HD images and videos to be captured of vehicles.
Weekly auctions will be held on Tuesdays from 2 February onwards.
Matt Dale, G3 joint director, said: "The company was founded because we believed there was the need for a high quality, independent, live online car auction in the industry.
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By GlobalData"However we’ve been increasingly approached by buyers and vendors of part exchange vehicles, who seek the same quality of service but still want to see, hear, touch and smell the cars.
"We feel there is a really compelling argument to establish a truly independent, customer focused auction facility to serve not only the north of England but the entire UK."
In addition to the new physical site, G3 said it planned to launch a new company website in February.
Once the new auction site is up and running, G3 said it plans to acquire further acreage and expand both online and physical auction sales throughout the UK.
