Manheim Auction Services has named Liam Quegan as managing director, who will now head up the company’s national online and physical auctions business.

Quegan, who joined Cox Automotive UK as managing director of NextGear Capital (UK & Ireland) in 2017, will retain his current leadership at NextGear and take on full financial and operational responsibilities at Manheim.

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Quegan said: “I’m incredibly proud to be given the opportunity to lead our Manheim business. Cox Automotive has ambitious plans to grow in the UK and Manheim’s auction services are a central part of these.

“Whilst 2020 has undoubtedly been a challenging year for the automotive industry, Manheim has shown that we can adapt our offering very quickly to changing conditions and continue to provide high levels of customer service. It’s an exciting time to head-up auctions services, and I’m looking forward to playing my part in driving the business forward.”

Quegan will report to Pete Bell who was promoted to the new position of Chief Operating Officer for Cox Automotive Europe in the latter part of 2020.

Prior to joining Cox Automotive UK, Quegan held several senior leadership positions in the financial services industry, most recently as Chief Operating Officer (Motor) at Close Brothers where he was responsible for the operational functions Close Brothers Motor Finance, and several key managerial roles at Capital One.

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A recent survey from NextGear Capital found that 43% of used car dealerships are optimistic that profit margins will rise throughout the course of 2021. The positivity outshines the sentiment in January 2020, when 54% of respondents were anticipating a reduction in their performance. This time round, fewer than one in four think their margins face further decline. A third said they expect no change.

Quegan said: “We’re seeing real hope among used vehicle retailers about their prospects, despite market conditions remaining highly challenging. The sector has proved remarkably resilient throughout the pandemic and with an easing of restrictions becoming a tantalisingly close prospect, dealers are rightly preparing for a return to growth.