London, October 13, 2025 – The UK’s Competition and Markets Authority (CMA) has referred Constellation Developments’ completed acquisition of Aston Barclay for an in-depth Phase II investigation after finding potential harm to competition in the business-to-business used vehicle auction market.
Constellation, through its British Car Auctions (BCA) brand, is the largest provider of B2B used vehicle auction services in Great Britain, while Aston Barclay, owned by ABVR Holdings Limited, ranks third. The two firms compete closely across the country, offering large-scale auctions and broad geographic coverage.
Concerns Over Market Dominance
According to the CMA, the deal would significantly strengthen Constellation’s already dominant position, leaving few viable alternatives for fleet operators and car dealers that rely on auction services to sell used vehicles. The regulator warned that the merger could lead to higher prices and reduced choice for customers, ultimately affecting what consumers pay for used cars.
Following its Phase I review, the CMA concluded that other competitors are too small or geographically limited to constrain the combined firm effectively.
As Constellation declined to offer remedies to address these concerns, the CMA has referred the merger for a Phase II investigation to be conducted by an independent inquiry group. The in-depth review will assess whether the acquisition would substantially lessen competition in the UK’s B2B vehicle auction sector.
The authority will now set up an independent ‘inquiry group’ of three to five people with a range of business, finance, economic, and legal experience to lead the investigation and make the final decision. The deadline to reach a decision after formal Phase II commences is 24 weeks, but in special circumstances, it can be extended by up to 8 more weeks.
Source: https://www.gov.uk/government/news/cma-refers-b2b-used-car-auction-merger-for-phase-2-investigation
