A car auction firm has revealed its £1m plans to develop Corby’s racing track into the largest automotive logistics centre in the whole of the south and midlands.
City Auction Group has announced the major £1m investment in site at Mitchell Road which was sold to an offshore company.
Now, City Auction Group will redevelop and restructure the 250-acre site, upgrade auction halls and build new headquarters which it will open in January 2019.
The company deals with former feet and lease hire vehicles which it ‘remarkets’ to be sold on at its regular auctions at the Speedway.
It is hoped the site will eventually become a multi-national operation, providing hundreds of jobs for local people.
Additional services will include vehicle inspection, storage and refinishing opportunities.
The auction firm plans to develop the successful brand into new regions, with talks already taking place to potentially enter Europe with strategic partner hubs.
It will offer online sales for both trade and consumer markets.
Motor racing fans around the country reacted with upset to our story that revealed 2018 would be the last racing season for Rockingham Speedway, which opened to great fanfare in 2001.
Following the latest news managing director of City Auction Group Michael Tomalin said: “The strategic planning for the change of use at Rockingham, to create the largest automotive and logistics hub in the midlands and south region, has enabled us to secure our future for the long term.
“We now have the opportunity to redevelop the inner paddock and build a dedicated defleet and vehicle remarketing fortress with sizeable scope.
“The 100 acre premises will provide dual auction lanes for expansion into dealer group part exchange and growth in the LCV and asset management sectors.
“We will also be creating modern new offices, positioning Rockingham as the HQ for our operations in the UK and complementing the Northern Ireland operations in Belfast and Omagh.
“The opening sale event in January 2019 will be very special for City Auction Group, as we develop into a very credible, professional option to the other remarketing brands.”
The auctions are open to the public and are held regularly. You can find out more here