The company, part of the global automotive services group owned by Cox Enterprises, has purchased a majority shareholding in the CarBizz auction operation in Brazil, which is one of the fastest growing automotive markets in the world.

The deal marks Manheim's first move into the Brazilian automotive market, which it said represents a significant long-term growth opportunity for the global remarketing business despite facing short-term economic challenges.

Owned by SGC Investments, CarBizz specialises in the remarketing of used fleet cars and commercial vehicles. The business employs approximately 50 people and will be led by Carlos Domingues, who will serve as general manager.

Mr Domingues has over 15 years' experience in the vehicle auction and remarketing sector, joining Manheim in 2007. Since this time, he has successfully led the company's operation in the north of Portugal.

John Bailey, executive vice president international, Cox Automotive, said: ‘We are excited about the opportunity to enter the Brazilian market, which also provides us with a vital foothold in the larger South American territory. As a global vehicle remarketing leader, Manheim welcomes the opportunity to extend our brand and deliver results for our customer base.’