Buxton will continue to report into John Bailey, whose responsibilities at the global automotive services company have been expanded, as he recently stepped up to a new role as executive vice president of international operations within parent company Cox Automotive.

Bailey said: ‘Michael’s promotion to chief executive recognises his significant contribution over 20 years in Manheim and I know that our UK operations and customers will greatly benefit under his leadership. I will still be actively involved with Michael in the UK domestic market and look forward to working closely with him as our businesses go from strength to strength.’ 

Cox Automotive president Sandy Schwartz added: ‘I’m delighted that Michael has been appointed CEO. He is a proven and capable leader and his guiding hand will ensure we achieve our UK growth objectives at this very exciting time in the development of Cox Automotive.’