Description

BCA Marketplace (“BCA”) is a leading operator of digital and physical used car auctions in the UK and Continental Europe, with market leading positions in all its markets. In the UK, BCA is the largest integrated service provider across the vehicle life-cycle coming into contact with 10.7 million unique vehicles in 2019 and selling over 1 million used cars. The company operates the following businesses:

  • Vehicle Remarketing – #1 used vehicle marketplace in Europe;
  • Vehicle Buying – “We Buy Any Car” – vehicle buying service in the UK;
  • Automotive Services – transport, defleeting & refurbishment, logistics and other services for new and used cars;
  • Cinch – a UK online classifieds platform launched in June 2019.

Transaction

We have spent a significant amount of time in recent years analysing the automotive market generally and the automotive aftermarket more specifically. Our experience at LeasePlan, both as a significant seller of vehicles through B2B channels as well as through the creation of the high-quality used car European online marketplace CarNext.com, has given us a particular insight into the complex and fragmented value chain that characterises the automotive aftermarket across Europe.

Having reviewed a number of assets in the automotive aftermarket space, we were drawn to BCA Marketplace due to its unique and defensive business model, which was underpinned by the scale and breadth of its operations and its critical role in servicing the needs of the major players across the automotive landscape, such as dealers, fleet managers and leasing companies, car rental companies and OEMs.

In summer 2019 we agreed the terms of an offer for the BCA shares and the take private of the company was completed in November 2019.