Manheim Signs Agreement to Purchase Majority Stake in Brazilian CarBizz
As part of its long-term growth strategy to invest in emerging markets, Manheim announced today that it has purchased a majority stake in CarBizz, an auction operation based in São Paulo. Brazil is home to one of the fastest growing automotive markets in the world, and this first move into that market supports Manheim’s plan to expand its global footprint, while providing dealers with greater access to its broad range of vehicle remarketing services.
Owned by SGC Investments, CarBizz specializes in the remarketing of used trucks and large fleets. CarBizz employs a staff of nearly 50 people and will be operated by Carlos Domingues, who will serve as general manager.
Domingues comes to CarBizz from Manheim Portugal’s Porto operating location, where he has served as auction manager since 2007. He has 15 years of auction experience, including the past seven with Manheim Portugal. Domingues previously served as North Sales Manager for SLV, a Portuguese auction company acquired by Manheim International in 2007.
“We are excited for the opportunity to enter the Brazilian and South American markets,” said John Bailey, EVP, President, International Cox Automotive. “As a global vehicle remarketing leader, Manheim welcomes the opportunity to extend our brand and deliver results for our customer base.”
About Manheim (www.manheim.com)
Manheim is the leading global provider of vehicle remarketing services, connecting buyers and sellers of used vehicles to the largest wholesale used-vehicle marketplace. The company helps dealer and commercial customers achieve results by providing physical and digital auction channels, data analysis, financing, transportation and mobile products and solutions.
Manheim pioneered in-lane vehicle auctions and has been an innovator in both digital and mobile auction platforms. Manheim registers nearly 8 million used vehicles annually, facilitating transactions representing more than $50 billion in value. Manheim’s research and consulting arm, Manheim Consulting, provides industry-leading market intelligence and publishes the widely recognized annual Used Car Market Report. The company offers dealer financing through NextGear Capital, Inc., and transportation services through Ready Auto Transport.
Headquartered in Atlanta, Manheim has more than 20,000 employees in 106 worldwide sites and generates annual revenues of more than $2.5 billion. A subsidiary of Cox Enterprises, Manheim participates in “Go Green with Manheim,” the company’s sustainability program.
For further information: Lois Rossi, 678-645-2028
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