Penske (trading in the UK as Sytner) has completed the acquisition of The Car People, its second major car supermarket transaction in a year - having also purchased CarShop in January 2017.

Sytner Group’s CEO said: “The acquisition of The Car People enables Sytner to accelerate the expansion of our Used Car Supermarket Division and to further diversify our business into this growing sector of the market”.

The ‘PCP effect’ has meant the used vehicle market is supplied with a stream of newer models on a more regular basis. The traditional channel has been to offload this excess stock through vehicle remarketing firms and auction houses. With tighter margins at auction, dealers have been looking to sell these cars directly to the used car market.

Forecourt space in prime locations continues to be the limiting factor, and therefore acquiring car supermarkets and independent dealers, offers a route for franchised groups looking to enter this sector of the auto retail market.