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Remarketing company Aston Barclay has been bought out for an undisclosed sum by private equity firm Rutland Partners.
The management buy-out is being led by new chief executive officer Neil Hodson, who previously worked for Manheim and HPI.
Glenn and David Scarborough, formerly group managing director and commercial director respectively, will remain shareholders in the business as non-executive directors.
Former CEO of dealer group Sytner, Laurence Vaugan, meanwhile, joins the board as a non-executive chairman.
The remarketing company also announced the acquisition of an 18-acre site at Donington Park, which is due to open in the final quarter of 2017.
According to Aston Barclay, it will be able to house 350?400 vehicles at any one time and will also be home to a new buyer services and account management team.
"Aston Barclay is a great business and Rutland Partners' investment will help further develop our service offering for both buyers and vendors," said Hodson. "Our aim is to be at the forefront of shaping the remarketing industry, reinforcing our position as the leading independent provider in the market.
"With Glenn and David staying on-board, Aston Barclay's family-run approach will remain at the heart of our offering for customers - a friendly, consultative and personal service with a board and senior management team always on hand to work closely with our buyer and vendor partners."
Glenn Scarborough added: "We are pleased to welcome Neil and his management team as investors in Aston Barclay supported by Rutland Partners. These are exciting times for the remarketing industry and we are confident the support and the investment will enable Aston Barclay to exploit the opportunities for growth that the market has to offer."
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