SÃO PAULO, Brazil—As part of its long-term growth strategy to invest in emerging markets, Manheim announced Tuesday it has purchased a majority stake in CarBizz, an auction operation based in São Paulo.

Brazil is home to one of the fastest growing automotive markets in the world, and this first move into that market supports Manheim’s plan to expand its global footprint while providing dealers with greater access to its broad range of vehicle remarketing services, officials said. 

“We are excited for the opportunity to enter the Brazilian and South American markets,” said John Bailey, executive vice president and president of International Cox Automotive. “As a global vehicle remarketing leader, Manheim welcomes the opportunity to extend our brand and deliver results for our customer base.”

Owned by SGC Investments, CarBizz specializes in the remarketing of used trucks and large fleets. CarBizz employs a staff of nearly 50 people and will be operated by Carlos Domingues, who will serve as general manager.

Domingues comes to CarBizz from Manheim Portugal’s Porto operating location, where he has served as auction manager since 2007. He has 15 years of auction experience, including the past seven with Manheim Portugal. Domingues previously served as North Sales Manager for SLV, a Portuguese auction company acquired by Manheim International in 2007.