ATLANTA – Manheim recently announced a joint venture with a Turkish counterpart to extend its auto auction operations into Istanbul. Manheim’s partner in the venture is Otomax, Turkey’s used car remarketing company and a subsidiary of Borusan Holding.
The Borusan Group is one of Turkey’s major industry and service organizations, with ownership in steel, new vehicle distribution and retailing, logistics, and telecommunications industries. Otomax has three key product and service areas, including its Private Auction operation, its Web site Otomax.com and, Otomax Magazine.
“Manheim is proud to partner with Otomax, the leading remarketing company in Turkey,” said Manheim senior vice president of international operations Mike Langhorne. “Borusan Group and Otomax are well-respected, influential partners, and will complement Manheim’s strengths in the global marketplace.”
Under the partnership, Otomax’s Private Auction sales will now operate under the Manheim brand, while the Web site and magazine will continue as Otomax operations.
“This partnership will accelerate the growth of the used car industry in Turkey by combining Otomax’s strong position in the Turkish market with the global leadership, contacts, products and services of Manheim,” said Borusan Holding CEO Agah Ugur.