The Fleet Auction Group (FLAG) has bought rival Protruck Auctions for an undisclosed sum.
FLAG says the deal is designed to create the leading independent provider of re-marketing services for commercial vehicles and plant. It will certainly go some way to achieving this.
The truck end of the re-marketing sector has not been flushed with stock in the past few years as new sales have been scrapping along the bottom for a while now. Last year new sales rose but it’ll be another year or two before this starts to filter into the used truck market.
Charlie Wright (pictured left) left CVA in 2006 and started up Protruck Auctions down the road. In that six years it has become a leading independent auction house. Deals with MAN and Barclays Asset Management have caught the eye as Wright introduced the branded sale in the used truck auction sector, a popular re-marketing tactic used in the van sector.
Martin Betts, co-chairman of FLAG, says the partnership represents a great opportunity to grow the commercial vehicle and plant offering. “Charlie Wright (MD of Doncaster-based ProTruck) and his team have built a highly respected business within the remarketing industry and the acquisition will take our commercial vehicle and plant offering into a much wider market.
“We are determined to build on our success by offering a greater breadth and depth of service, this represents a first major step and there is more to come,” he says.
Wright started Protruck Auctions in 2006 and established it as a leading independent auction house re-marketing trucks, trailers, vans and heavy plant with a £60m annual turnover. Wright will continue to run ProTruck and has joined the board of FLAG taking an equity stake in the group.
Wright says: “Joining forces with FLAG provides the infrastructure, management resource and commercial firepower to take Protruck to the next stage of development, delivering more auctions and even greater choice to our customers.”
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