The investment follows the announcement of record profits last year when the company hit the £4m turnover mark.
The company’s four acre headquarters in Leeds is being redeveloped to make way for the auction hall for the non-prime finance returns and part exchange market.
Set to cater for direct vehicles of up to £5,000 in value, the site will soon house an updated 30,000 sq ft viewing auditorium, buyers’ lounge, state of the art rostrums plus a new vehicle preparation facility and space to store up to 200 vehicles under cover.
G3’s joint director, Matt Dale, said: “The company was founded because we believed there was the need for a high quality, independent, live online car auction in the industry.
“We continue to perfect the technology for this type of trade, and worked hard to raise the bar, ensuring every vendor and buyer is looked after from start to finish.
“However we’ve been increasingly approached by purchasers and vendors of part exchange vehicles, who seek the same quality of service but still want to see, hear, touch and smell the cars.
“Given we’re ideally situated off the M62 and M1, we’re therefore extending our offering to echo the same level of standards within physical auctions too.
“We feel there is a really compelling argument to establish a truly independent, customer focused auction facility to serve not only the north of England but the entire UK.
“Recent mergers in our marketplace has accelerated our expansion plans.”
The project is set for completion at the end of January, ahead of the new weekly auctions commencing on the 2 February and every Tuesday evening thereafter.
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