Manheim, the largest auto auction company in the United States, has expanded its global operations into South America with the acquisition of Brazilian auction company CarBizz.
In an agreement signed Tuesday, Manheim purchased a majority stake in the Sao Paolo-based company. The deal brings the number of Manheim’s worldwide auction sites to 121.
The company said it could not disclose the deal’s value.
CarBizz specializes in used trucks and large fleets and has a staff of about 50. Carlos Domingues, auction manager at Manheim Portugal’s Porto location, will leave his current post to head the new site.
Manheim, owned by Cox Enterprises and headquartered in Atlanta, generates annual revenue of about $2.5 billion and employs about 20,000 global staff.
“We are excited for the opportunity to enter the Brazilian and South American markets,” John Bailey, president of International Cox Automotive, a division of Cox Enterprises Inc., said in a press release.