The firm, which is owned by private equity firm Clayton Dubilier & Rice (CDR), is intending to proceed with an initial public offering in November to raise at least £200m.

The new shares would be sold to institutional investors and used to repay debt.

The firm says it’s the leading used vehicle marketplace in Europe through its Vehicle Remarketing Division, having provided services to more than 55,000 buyers and more than 1,000 vendors in 2013, including some of the largest dealer groups, leasing companies, manufacturers and rental and vehicle-buying companies in Europe.

It adds that its Vehicle Buying Division is the UK’s market-leading provider of vehicle buying services through the webuyanycar brand, which was acquired in August 2013 and has since continued to expand rapidly in the UK and has recently started its expansion into the Continental European market.

In a statement, the firm’s directors said they believe that the Global Offer will help position the company for the next phase of its development by providing an appropriate long-term ownership structure, which is intended to support management’s growth plans.

BCA added that there is significant further growth potential for the group, in both the UK and continental Europe. This includes increased penetration within existing markets – additionally benefiting from the absolute growth of the used vehicle transaction market – and expansion into new territories.

The group also announces a significant strengthening of the board with the appointment of four independent non-executive directors under the chairmanship of Fred Kindle.

Jon Olsen, chief executive of BCA, said: ‘The IPO of BCA is a natural development for our business and will provide us with the right ownership base to continue to deliver on our strategic ambitions. BCA comes to the market with an excellent track record of growth in revenues, earnings and strong cashflow generation. We have a proven business model that allows us to help buyers and vendors maximise value, liquidity and choice in the used vehicle market through their preferred channel, be it physical or digital. We are proud of our record as the partner of choice for professional buyers and vendors and our role as the UK’s number one vehicle buying service under the webuyanycar brand.

‘Our strong trading performance so far this year, with continuing growth in our Vehicle Remarketing Division and Vehicle Buying Division, is further evidence of our progress. Everyone at BCA is very excited by the opportunities ahead of us as we continue to grow the business in the 13 markets in which we already operate and into new territories.’