Cinch owner buys Rockingham Motor Speedway for £ 80million Car News

Rockingham Motor Speedway will start a new life as a dedicated used car storage center for the owner of Cinch and WeBuyAnyCar.

According to The Times, Constellation Automotive purchases the disused racetrack midlands racetrack, which was Europe’s fastest bank oval racing circuit, for £ 80million. It will transform the 200-acre site into a used car center and training academy.

Cinch was launched in 2019 as a rival to Auto Trader, which promotes cars on behalf of dealers. However, at the height of the pandemic at the end of last year, it branched out to sell directly to customers, using its own stock.

Following the success of rival online car salesman Cazoo valued at £ 5 billion, Cinch claims to sell more than 45,000 vehicles a year.

The Rockingham facility will repair more than 100,000 used cars for sale each year, with the capacity to store more than half of them at a time.

The news comes weeks after Cinch raised £ 1billion to finance its expansion across Europe from investors, including an affiliate of the Abu Dhabi Investment Authority (ADIA), hedge fund firm Neuberger Berman. and funds managed by billionaire investor George Soros.

Opened in 2001, Rockingham Motor Speedway was the first purpose-built oval in the UK since Brooklands in 1907, designed as an American-style high-speed oval test track.

However, although it hosted CART Champ Car World Series races to rival the Indycar before launching its own stock car series, Ascar, the site was closed to racing in November 2018 after being sold by its owners.


Analysis: a return to the status quo?

In the industry: Can used car start-up Cazoo really be worth £ 5 billion?

In industry: car sales and the Covid effect

More about this article: Read More
This notice was published: 2021-06-14 10:33:35

Leave a Reply

Your email address will not be published. Required fields are marked *