50 Pagerv8

‘The
Next [3] Years’: BCA Strategy Overview

xxx Missing plans
11th December 2013 Formatting / tidying to do
Testing with countries
Update to latest numbers (post Jan?)
Consistent units £ / €
Sources
01
bca.co.uk
Contents
1. Who we are?
2. Where have we come from?
3. Where are we going?
4. What are the key risks to success?
5. How confident are we in the WBAC synergies?
6. What enablers / capabilities do we need for delivery?
02
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bca.co.uk 1
BCA Group is the leading provider of vehicle remarketing
services, centred around the provision of a marketplace
Who We Are
Efficiency and
Vendors Effectiveness Buyers
Vendor Needs Buyer Needs

• Maximise vehicle • Access to stock
Aggregate
Aggregate
Demand
Supply
residual value BCA Strategy: “leverage • Volume

• Maximise speed of physical, online and data assets • Mix
sale to create the most efficient • Convenience
• Multichannel
• Minimise hassle / market place for used car
offer
cost of sale vendors / buyers” • Customer service
• Low cost
• Vehicle price
Easy to do • Reliability (risk)
Business With
03
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bca.co.uk 2
Group consists of three businesses, generating c.£70m
EBITDA
BCA Overview
EBITDA, 2013E
£m
Group 71
9
WBAC
(13%)
17
Europe
(24%)
(Remarketing)
Remarketing Remarketing Guaranteed cash

UK Europe sale
21 auction centres 11 countries, 23 100k vehicles sold

45
600k vehicles sold auction centres 10.5m unique site UK
(63%)
p.a. of which 150k 230k vehicles sold visits and 5.5m
online p.a. quotes p.a.
50% market share, Leader in each #1 player, ~10x size
2x nearest rival market it operates of competition
2013 E
04
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bca.co.uk 3
Add WBAC to
map in different
Extensive UK and European footprint... colour
Geographic Footprint
UK: 44 auction centres, plus 130 WBAC branches Europe: 23 auction centres in 11 countries
Sweden
Plus 130 WBAC
Scotland
branches covering the
whole of the UK Denmark
Netherlands
Belgium Germany
England
France
Wales Italy
Portugal Spain
05
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bca.co.uk 4
...and well-established online presence
Online Presence
Volumes Sold Online

BCA AuctionView: online
catalogue listing >13,000 % Total Auction Volumes
vehicles
BCA Live Online: enables buyers

to view and bid on vehicles as they
pass through the auction hall
Add appropriate
screenshots and
BCA BidNow BuyNow: e-
description of each bay style pure online
80%
platform
25%
20%
WeBuyAnyCar.com:
consumer facing lead UK Germany France
generation platform
Physical Online
06
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bca.co.uk 5
Management team combines deep BCA experience with
experience from other relevant industries
BCA Management Team
Hold Co
• Fred Kindle • Dave Novak • Jon Olsen
• Operating Partner • Investment Partner • CEO
• Simon Hosking
CD&R CD&R • 22 years BCA
• CFO
• 15 years BCA
ExCo
• Spencer Lock • Paul Bradbury • Noel McKee

• MD UK • MD Europe • CEO WBAC
• D’Vidis Jacobs • Elaine Roberts • Duncan Gray • 1 year BCA • 8 years BCA • Founder WBAC
• Corporate • Group Marketing • CIO • Ex-Inchcape UK MD • Ex-Bureau Veritas • MD Carcraft
Development • 1 year BCA • 1 year BCA
• 4 years BCA • Ex-Centrica & • Ex-Selfridges IT
• Ex-Bain & Industry Vodafone Marketing Director
Bus Units
Not Exhaustive
• Matthias Quadflieg • Jean-Roch Piat

• Steve Nobes
• Simon Henstock • John Titchmarsh • Jonathan Higham • MD Germany • MD France
• FD WBAC
• UK Ops • UK FD • BCA Logistics • <1 year BCA • 7 years BCA
• 5 years WBAC
• Ex-COO Adconion • Ex-Dealer group
07
bca.co.uk
Remarketing business model is driven by the commission
paid by buyers and vendors at vehicle sale
Remarketing: Business Model Overview
Vendor Buyer
Vendor decides to Vendor prepares Buyer processes Buyer receives

remarket vehicle vehicle for sale Vehicle is sold sale value-added
services
• Data • Inspect and Collect • Physical auction • Storage • Stock Locator

• Channel Consultancy • Logistics • Live online auction • Logistics • Online Publishing
BCA Services
• Storage • Pure online (bid now / buy • Docusafe

• Valet now) • Warranty
• Inspection/
• Certification
• Smart Repair
• [Subscription] • Fee / service charged to • Commission received from • Fee / service charged to • Free of charge
Revenue
Model
• [Fee / service] vendor both vendor and buyer, buyer • []

based on vehicle hammer
price
• ~£0 • £10 (5%) • £163 (87%) • £14 (8%) • ~£0
2013 Gross
Sold (UK)1
Vehicle
Profit /
Revenue
• Other Logistics services • Outsourced / white-label

Service
Other
(UK)
£6.5m sale services £1.8m
08
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1. Auction only
bca.co.uk 7
The customer base is characterised by a relatively
consolidated vendor group and a fragmented set of buyers
Remarketing: Customer Base
Vendors Buyers
Share of Vehicles Sold Share of Vehicles Sold
By Segment Concentration By Segment Concentration
100 100 100 100 100 100 100 100 100 100 100 100
OEM / Rental 8%
20% 24% Remainder
CH&L / Fleet 22% 44% 40%
62%
71%
Dummy
76%
Non-Franchised 90% 90% 89% 92% Remainder
12%
Dealer 51%
80% 76% Top 10
60%
44%
11% 38%
29%
WBAC 18% 13% Franchised 10% 10% 11% 8% Top 10
UK Germany France UK Germany France UK Germany France UK Germany France

# Buyers 65k 7k 3k
09
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bca.co.uk 8
Add Germany
when available
BCA is the leading auction provider, but auctions remain a
minor part of remarketing
Remarketing: Competitive Landscape
BCA Share of Auction Volumes Auction Share of Professional

Remarketing Volumes
100 # Sites 100 2.7 0.9
Others 12% 13%

Aston Barclay 4% 4 0.9 Check
Trader / Informal2
SMA 7% 5 (34%) methodologies
VP Auto 20% 0.5 / definitions
(56%) reconcile
Manheim 27% 16
0.6
Alcopa 24% Direct1
(22%)
0.3
(28%)
BCA 50% 21 1.2
BCA 43% Auction
(44%)
0.1
(16%)
UK France UK France
010 1. Includes online sale platforms and formalised telesales & closed physical programmes
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2. Via Traders and informal / ad-hoc networks (including Autotrade.mail)
bca.co.uk 9
WBAC has a strong standalone business model and brings
significant potential synergies to BCA
WBAC: Business Model and Acquisition Rationale
WBAC Business Model Acquisition Rationale
A IT / Website 1. Access to volumes

~10.5m unique
Margin / vehicle
visitors • WBAC largest BCA UK vendor
£400 (consumers) • Market leader in fastest growing
segment of the market (Guaranteed
F Vehicle Disposal B Marketing / Web Traffic
Cash Sale)
• Significant headroom for growth (<2%
penetration of consumer disposals)
• Strengthens position with buyers
(volume, mix, data)...
(7-10 days) ~5.5m valuations • ...thus helping retain and attract other
Remarketing UK vendors
E Car Purchased C Quotation / Pricing
2. Online capability & brand
• Strong online platform ~10.5m
uniques
• Leading consumer brand
D Retail Estate / Appointment • Supports BCA transition online
45% 4% 3. Data & capability
conversion conversion rate ~220k • Potential to combine WBAC data and
~100k cars rate
purchased
appointments capabilities with BCA database to
booked
drive value-added services to
customers
011
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bca.co.uk 10
Guaranteed cash has less than 2% share of all consumer
disposals; WBAC dominates the market
WBAC: Competitive Landscape
Guaranteed Cash Share of Consumer Disposals WBAC Share of Guaranteed Cash
100 100
Nearest competitor ‘We
Other 10% Want Any Car’ has c.60
branches and 4k daily web
visitors
C2C 48%
Faster, less hassle sale
Higher Residual Value
130 branches, c.45k daily

WBAC 90% web visitors
Dealer PX 50%
Guaranteed Cash
2%
UK UK
012
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bca.co.uk 11
Contents
1. Who we are?
5. How confident are we in the synergies?
013
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bca.co.uk 12
Complete, Tidy, arrange, add key for colours
BCA has expanded both geographically and in the range of

services provided from its roots in UK physical auctions
BCA Timeline
Logistics xxxx BCA Assured
product launch
BCA founded as
Southern
Counties Car Enters Spain 80% France
Auctions Pure online volumes sold
Enters France model launched online
in [France]
1946 19XX 19XX 2010 2011 2012 2013
Bid Now Buy Acquires WBAC

Enters Germany in UK
Opens 20th UK Now online
Auction Centre, platform
selling X00k Live Online launched in UK
vehicles annually auctions
launched in XX MarketPrice Remarketing
product launch in services contract
Europe won with Toyota
Key Milestones
Physical
Online BCA acquired by BCA acquired by

Montagu CD&R for £XXm
New Services
Partners for
Acquisitions £XXm
014
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bca.co.uk 13
This has helped drive over a decade of uninterrupted profit growth
BCA Volumes1 BCA EBITDA1
55 56
854 55
832 836
798
766 770 49
739
697 700
674 678
640
583
Add 2013 E, split bars by UK, Europe, WBAC

30 30 31
26 27
23 23
17
14
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
015
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bca.co.uk 14
Recent growth has been modest
Group EBITDA, 2010-2013E
£m
13% 28%
4% CAGR 70
62 8 8 WBAC
2
55 5
17 17 Europe
15
45 45 UK
39
2010 UK Europe 2013E BCA WBAC 2013E Group
016
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1. Footnote
bca.co.uk Source: UK BP v8
15
UK
UK growth driven by Logistics & Remarketing as auction

overhead growth outweighed gross-profit growth
UK EBITDA, 2010-2013E
£m
14%
4.5% CAGR 44.9
5.0 5.3 4.6
39.3
1.3
2010 Volume GP / Unit Overheads1 Logistics & 2013E Total

Remarketing
Auctions
017
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1. Includes depreciation
bca.co.uk Source: UK BP v8
16
UK - Volume
Volumes have returned to growth, driven by WBAC and the

Dealer sector
UK Volume Performance
Auction Volumes by Segment

Vehicles Sold, 000 CAGR
10-13E
0%
593 600
566 567
53 51 OEM / Rental -2%
53 57
136 CH&L / Fleet2 -11%

193 159
184
305 Dealer1 +5%

264 272
264
82 108 WBAC +9%

65 79
2010 2011 2012 2013E
018 1. Includes Trade and Non-Account
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2. Includes Finance and Public Sector
bca.co.uk Source: Volumes by Vendor
17
UK - Margin
After strong growth, GPU declined for the first time in 2013
as declining vendor fees outweighed buyer fee increases
UK Gross Profit / Vehicle, 2010-2013
£
Growth
+3.8% -2.5% -3.4% 10-12 12- 13YTD July –

CAGR 13YTD Aug13
189.2 192.1
187.3 183.5
178.1 15.1 Vendor-Paid Services 15.7 -0.7% -4.5% -8.7%
15.8 14.4 13.1
15.3 7.2 2.6 Net Vendors Fees -16.8% -63.4% -64.2%
19.8
27.3 22.2 (incl. Entry)1
22.3
28.6 22.5 Buyer-Paid Services 5.5% -1.0% -0.5%
20.8
20.3
The core buyers fee has been
our only source of GPU growth
167.8
143.4 145.6 Buyers Fees 8.7% 6.4% 1.6%
125.4 134.7
114.0
2010 2011 2012 2013 YTD July2 Aug-13
ASP £ 4,880 4,873 5,110 5,170

2.3% 1.2%
Buyer Fees / ASP 2.3% 2.6% 2.6% 2.8%
Vendor Fees / ASP 0.6% 0.6% 0.5% 0.2%
019 1. Variable Sale Car Costs included in Vendor Fee contribution to Gross Profit
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2. YTD to Week 30
bca.co.uk 18
UK - Overheads
Overheads grew significantly driven by XXX

UK Overhead Cost Base
£
Branch Overheads, 2010-2013E Central Overheads, 2010-2013E
£m £m
3% CAGR
59 +1% CAGR
1 1 20
55 2 20 2 2
0 1 0
15 0 2
Other 2
Other 14 Marketing 1 2
Admin 2 2
21 Sales 3 2
Rent 19
2
IT - Support 4
Check IT budget, where does it sit
Need to reconcile
24 with 2013E from 9
Personnel 22 Corporate 7
business plan –
shows c.£3m increase
Sales
Corporate
Other
Admin
Marketing
IT - Support
2,010 Personnel Rent Other 2013E 2010 2013
020
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bca.co.uk 19
UK – Logistics & Remarketing
Logistics and Remarketing grew strongly driven by XXX

Logistics and Remarketing
EBITDA , £
Performance Drivers
9
0 Other Contract wins with X and Y
+29.1% 2 Remarketing Acquisition of [JTK]

6
0
– Xxxx
1 Xxxx
5
4 1
0 1
1 6 Logistics
3
3
2010 A 2011 A 2012 A 2013 E
021
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bca.co.uk 20
Europe
In Europe, strong volume growth has come at the expense

of falling GP / vehicle
Europe EBITDA, 2010-2013E
€m
10.4
16.6
4.7
20.6
19.0
2010 Volume GP / Vehicle Overheads 2013 7+5
Source: Euro P&L, 2007-2013F
022
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bca.co.uk 21
Europe – Volume
Volume growth has been dominated by France and

Germany, while other markets have struggled
Europe Volumes, 2010-2013E
000
130
Germany
120
110
100
90
80
70
France
60
50
40
30 Netherlands
Spain
20
Denmark
10
Portugal
0
2010 2011 2012 2013E
023
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bca.co.uk 22
Europe – Margin
Margins have been under pressure, driven largely by

vendor fee declines and the shift to remarketing
Europe GP / Vehicle, 2010-2013F
€ GP Drivers, Germany
400 276 33 27 275 277

ROE 8 15 4 5
350
300 EUROPE TOTAL

2010 Buyer Vendor Service Remarketing Cost Remarketing 2013E
Germany
Fees Fees & Other Shift Increase Shift
Revenue Cost
250
France GP Drivers, France
200 82 81
275 37
91 234
222
27 39
150
100
2010 Buyer Vendor Service Remarketing Cost Remarketing 2013F
2010 2011 2012 2013 E Fees Fees & Other Shift Increase Shift
Source: Euro P&L, 2007-2013F Revenue Cost
024
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bca.co.uk 23
Europe – Overheads
Germany and France cost base increased with volume

growth, while ROE reduced costs
Europe Overhead Cost Base
€m
4.1 5.5 55.0

50.3 6.1
19.2
ROE & Central 24.7
11.1
France 7.0
24.7
Germany 18.6
2,010 Germany France ROE & Central 2013E
025
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bca.co.uk 24
WBAC
WBAC growth has been driven by higher GP / Vehicle as

volumes dropped
WBAC EBITDA, 2010-2013E
£m
Performance Drivers
8.2
0.5
Volumes
– Negative press
5.5 – ...
– ...
Check and update for 2013E
6.4
rather than 2013 LTM
GP / Vehicle
4.2
– Xxxx
Overheads
– More efficient marketing
– ...
2010 Volume GP / Vehicle Overheads 2013E
Source: CD&R Wagon doc
026
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bca.co.uk 25
Contents
1. Who we are?
027
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bca.co.uk 26
Group
We have ambitious growth targets, seeking to exceed

£100m EBITDA by 2015 and £XXm by 2016
BCA Group EBITDA, 2012-2016P
£m Plan numbers
UPDATE are
WITH 3 YR dummy
PLAN 2013-2016
125
105 25 WBAC Standalone
20
85
30 Europe1
71 15
25
61 9 10 Synergies (BCA)
5 20 5
17
13 2
55 60 UK
43 45 48
2012 A 2013 E 2014 P 2015 2016
028
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1. Exchange rate £/€ = 1.25
bca.co.uk 27
Group
2016 plan growth includes a significant contribution from
each of the three businesses
BCA Group EBITDA, 2012-2016P
£m UPDATE WITH 3 YR PLAN 2013-2016
BCA Group EBITDA
Future Growth Potential
£125M Future Growth Potential Growing the core
Future Growth Potential Growing the core 13 108

Growing the core Synergies
100 10 Core WBAC
15 Remove construct from this slide (ie
Core
don’t show Core, Growing Core etc)
Synergies
75 70 Core Europe
WBAC
Europe
50
UK
25 UK
0
2013E UK Europe WBAC 2015 Target
A B C
029
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bca.co.uk 28
Group
Within each business there are four sources of value

growth
Sources of Growth
H2: Build Emerging H3: Create Viable Growth

H1: Grow the Core H1: Synergies
Businesses Options
Improving profitability of Exploiting synergies Building significant new Identifying, assessing and
existing services through created through the businesses in the most investing in new markets
eg WBAC acquisition eg attractive adjacent and demonstrating early
markets eg traction eg
– Growing share of – Access to new
volumes volumes (competitor – New services: Buyer – Salvage auctions
and growth) finance, online
– Optimising pricing – Business intelligence
aggregator
– Logistics efficiency
– Driving product – Retail services
– New geographies:
penetration – Assured penetration
Brazil, Turkey
– Reducing costs
Timing: 2013- Timing: 2013- Timing: 2014- Timing: 2014/15-
030
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bca.co.uk 29
Contents
1. Who we are?

• UK
• Europe
• WBAC
031
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bca.co.uk 26
A): UK
The UK plan is driven largely by the Core business and
WBAC synergies
EBITDA
£80M
Operational Efficiencies
1 0 60
Operational Efficiencies
5 Buyer Finance Buyer Finance
60 9 Synergies
45
40
UPDATE WITH 3 YR PLAN 2013-2016
20
0
2013E Core Synergies Growing the Future Growth 2015 Target
Core Potential
• Protect (Cust. Loss)
• Competitor vol.
• Tier 1 • Growth Vol.
• Salvage/non-runner
Volume Initiatives • Tier 2/3 • Assured (fee benefit) • Buyer Finance
• Consumer to auction
• Buyer experience • Transport scale ben.
• Sweep-up sales
• Trans. on Sweep-up
• Product push
• LOL / AVS / Assured
• Valet & Repair
• Transport
• Remarketing
• “No Quibble” guar.
Margin Initiatives • Buyer fee increase • Bus. Intel & insight
• Selective Vendor fee • Refurbishment

increase
• Merchandising supp.
• Premium listings
• Broaden scale
Cost Initiatives • Acq. Bond • Operational eff.
• Acq. AutosOnShow
032
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bca.co.uk 30
A)1: UK – Core
Core plan driven by steady growth in volume and margin

UK Core
EBITDA, 2013E – 2016 £m
+14.3%
CAGR
44.9
39.3 5.0 5.3 4.6
1.3
2013 E Volume GP / Unit Overheads1 Logistics & 2016

Remarketing
Auctions
CAGR 10- CAGR 13-

2010 A 2011 A 2012 A 2013 E 2014 P 2015 P
13E 15P
Auction Volumes 000 592.6 566.5 567.0 600.0 610.0 620.0 0.4% 1.7%
Auction GP / Unit £ 178.1 189.2 192.1 186.4 188.3 190.5 1.5% 1.1%
Overheads (& Depn) £m -70.2 -70.6 -72.3 -75.5 -76.5 -78.5 2.5% 1.9%
Logistics, Remarketing £m 4.0 4.7 6.4 8.6 10.0 11.7 29.1% 16.8%
EBITDA £m 39.3 41.3 43.0 44.8 49.4 54.9 4.4% 10.7%
033
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bca.co.uk 31
A)1: UK – Core
The Core plan is well underpinned

UPDATE WITH FINALISED PLAN & INITIATIVES
UK Core: Plan Summary
Lever Opportunity (& Threats) Plan Initiatives
• Market expected to return to steady growth as the economy
• Market growth • n/a
recovers
• Auction share of • Auction retains a relatively small share of overall remarketing • Continued roll-out of AVS to target dealers
Volume
remarketing volumes, with significant opportunity in the dealer segment • Sales-team training and restructuring
• Buyer Experience initiative to dramatically improve
• BCA share of • BCA retains significant advantages over nearest competitor
customer service
auction • Buyers have identified opportunities for improvement
• Acquisition of AutosOnShow
• Track record of putting through annual 6%+ price increases • Lower price increases planned, justified by significant
• Buyer fees with no change to proposition improvements in customer experience
• Significant headroom to target higher-value buyers • Buyer development team recruited
• Buyer-paid • Current penetration remains relatively low [vs benchmarks?] • Live-Online revamp as part of Buyer Experience
• Demonstrable value-add • Repackaging and re-launch of other services
Margin
services
• Vendor fees have declined significantly since 2013 and the • Improve communication of value-proposition
• Vendor fees pressure is expected to continue • Review salesforce incentives
• Vendor-paid • Current profitability very low, despite evidence of RV uplift • Repackage and re-launch services
services provided • Collect and communicate data on RV performance
• Personnel costs • Benchmarks suggest UK overweight vs Manheim • xxxxxx
Costs
• Logistics • Underperforming Branch Transport organisation • Merge Branch Transport and BCA Logistics
Services
• Significant wider-market opportunity • Repackage products and drive pricing and penetration
• Remarketing • Increasing corporate demand for direct platforms • Develop outsourcing proposition (re Toyota)
034
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bca.co.uk 32
A)1: UK – Core
Disposal volumes set to benefit from improving economic

conditions
Volume: Forecast Market Growth
Returning economic confidence driving growth in new car sales Corporate disposals set to recover from 2013 lows
New Car Registrations & GDP Growth, 2008-2015F Corporate Disposals, 2008-2015F
New Car Sales to Fleet & Business (YoY growth, %)

2.4 2 0.55 10
Fleet & Business Car Disposals (3-5 years) (m)

2.2 2.2 2.3 0.52 0.52
2.1 0.50 0.50
2.2 2.0 2.0 0.50
2.0 1.9 1 5
2.0 0.45 0.42 0.43
0.42
New Car Registrations (m)
1.8 0 0.40
0.40
Real GDP Growth (%)

0
1.6
-1 0.35
1.4 -5
0.30
1.2 -2
0.25 -10
1.0
-3 0.20
0.8
0.15 -15
0.6 -4
0.4 0.10
-5 -20
0.2 0.05
0.0 -6 0.00 -25
2008 2009 2010 2011 2012 2013 2014 2015 2008 2009 2010 2011 2012 2013 2014 2015
Real GDP New Car Registrations Sharp drop in corporate New Car Sales to Fleet & Business
acquisitions in 2009 drove sharp Fleet & Business Car Disposals1
fall in disposals in 2012 and 13
035
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1. Forecast growth based on historical acquisitions and 3.5 year disposal cycle
bca.co.uk Source: ONS, HM Treasury, SMMT, UCMR, BCA Analysis
33
A)1: UK – Core
There is a large opportunity if BCA can access segments of

the market not currently using auction...
Volume: Remarketing Share Growth Estimates
Remarketing Vehicle Flows

Vehicles, m
1.5 0.7 0.3 0.1 0.1 2.7 5.4
Direct to Consumer
0.1
0.0
2.8
0.9 Direct to Consumer
Trader / Informal (51%)
(58%)
0.3
Disposal Channel
(43%)
2.7
(100%)
0.1 0.9
B2B Direct2 Trader / Informal2
(6%) (17%)
0.6
B2B Direct1
0.3 (11%)
0.5
Auction (42%)
(36%) 1.2
Auction
(21%)
1%
Dealer CH&L & Fleet3 Daily Rental Consumer

Manufacturer Guaranteed Cash
Finance House
= key opportunity
Disposal Source
Growth Presentation
1. Includes online sale platforms and formalised telesales & closed physical programmes
036 2. Via Traders and informal / ad-hoc networks (including Autotrade.mail)
3. Includes Motability and Corporate fleet
bca.co.uk Source: BCG, FN50, SMMT, UCMR, AM 200, Andrew Shaw, BCA estimates
16
A)1: UK – Core
...and initiatives are underway to address this opportunity

Volume: Remarketing Share Growth
Opportunity Existing Solutions BCA Advantages BCA Initiatives
Dealer • Professional / semi-professional • Faster sale • AVS launched to support dealer PX

traders • More transparent, professional • Dealer sales pitch refined
• Dealer networks (individual / group) process • Salesforce refocused on dealer
• Autotrade-mail • Logistics offer segment
• In-house solutions (eg Syntner)
Consumer • Private sales via classified ads (eg • Faster sale (via WBAC) • WBAC acquisition
Autotrader) or personal networks • Low-hassle, transparent process(via • WBAC volume growth initiatives
WBAC)
CH&L / • Direct sales to dealers via in-house • Choice of sales channels (auction, • Provision of end-end remarketing offer
Manufacturer online, phone or physical channel private online etc) with full suite of disposal channels (eg
(Corporate) • Lower remarketing costs (preparation, Toyota contract win)
appraisal, storage, logistics etc) driven
by BCA scale
Primarily Remarketing rather

than Auction opportunity for BCA
037
bca.co.uk
A)1: UK – Core
The dealer market remains highly fragmented, offering

significant potential outside of the largest groups
Volume: Remarketing Share Growth (Dealer)
Significant headroom for growth from further

>9k sites belonging to >6k different companies
penetration of Top 200 groups
Dealership Sites by Vehicle Sales Type & Segment, 2012 Top 200 Franchised BCA Share of
000s Dealer Turnover Disposals
5.2 3.9 % Share Avg. Disposals / Vehicles k
£43bn Dealer1 600-800
Single Site Franchise Dealers
101-200 13% 1k Significant
0.8
Small Independent Dealers opportunity
Manufacturer Owned Groups
2.2 51-100 16% 2k outside the
0.1
top groups
(>2,000 companies)
26-50 14% 4k
11-25 16% 8k
Multi-site, Multi-marque Groups
2.9
Large Independent Dealers
(300-400 companies)
3.0
Top 10 41% 30k BCA 250
(>2,000 companies)
Including large car

supermarkets such
as Motorpoint c.25 dealers in BCA Top 50
Used Cars New & Used Cars
(£367m t/o), Carcraft BCA
BCAsales
salespriority
priority vendors; average volumes
segments
segments c.9k; smallest dealer in top 50
Porsche Presentation v12

c.1.5k
038
1. Based on average turnover for each segment, £10k selling price, 20% of sales resulting in a disposal
bca.co.uk Source: Trend Tracker, Mintel, MotorTrader, BCA analysis
10
A)1: UK – Core
Ongoing consolidation in the market, led by key BCA

vendors should further support volume growth
Top BCA Dealer Vendors, Recent Acquisitions
Date Target Target Deal Value

Revenue Commentary
Jul-13 Albert Farnell £113m £31m
Cash-rich major dealers continuing
to acquire small and medium-sized
Jan-13 Dobies (Carlisle) £11m £4m
regional dealer groups
Dec-12 Springfield Cars £29m £4m
Volumes from acquired groups
more likely to go to BCA auction
Jan-12 W. Grose £20m £2m
– Auction preferred remarketing
Oct-13 Chipperfield Holdings £26m £10m method for larger, more
professional groups
May-13 Shields Automotive £21m £11m – Existing BCA relationship with
acquirer
July-12 Lomond Motors £172m £16m
Aug-12 Turner Motors £17m n/a
May-11 Wayside £300m n/a
039
bca.co.uk Source: Mergermarket, BCA analysis

A)1: UK – Core
BCA’s dealer initiatives are starting to pay dividends

Dealer Segment Volumes wk 42 YTD (20th Oct)1

000
Initiative Overview
+18.0%
204.8 AVS
5.4
25.7 – Launched in 2012
173.6
– Online tool to help dealerships control
vs c.8% market and professionalise vehicle appraisals,
growth (new car provide accurate valuations and manage
proxy) disposals across multiple channels
– [# dealer users]
Salesforce
– [Overview of salesforce redesign initiative]
Total Dealer Existing Customer Net Customer Total Dealer

2012 wk 42 Growth Wins 2013 wk 42
040
1. Excludes WBAC
bca.co.uk Source: DB Team YoY Oct wk 42
A)1: UK – Core
BCA has a significant scale advantage over its auction

Our geog presence not
competitors... much better than
Manheim – website
says only 17 auctions
Volume: BCA Share of Auction vs 16 Manheim.
Correct?
Auction Volumes, 2013E Auction Sites, 2013
BCA
600,000
Manheim
SMA
Aston Barclay
324,000
84,000
48,000
BCA Manheim SMA Aston Barclay
041
bca.co.uk Source: Competitor tool, company websites

A)1: UK – Core
...helping drive improved performance for its vendors

Volume: BCA Share of Auction Data does not account for vehicle grade
Significant price outperformance across customer groups... ... and vehicle types
Average Monthly Performance, Mar-Aug131

Dealer segment
Conversion accounts for c.70%
Hammer Price Age Mileage BCA vs Competitor Price, CH&L
% market volumes sold £000 (months) (000) % Difference
A - SMALL/CITY CARS 1.2%
80% 2.8 104 78
Dealer Dealer B - SUPERMINI CARS 0.9%
74% 2.1 108 82
C - LOWER MEDIUM CARS 2.9%
D - UPPER MEDIUM CARS 2.3%
73% 8.3 42 47 E - PREM UPPER MEDIUM CARS 1.0%

CH&L CH&L G - PREMIUM LARGE CARS -2.2%
78% 7.6 42 46
K - COMPACT MPVs 1.3%
N - 4X4 LIFESTYLE CARS 2.7%

79% 15.6 19 18 P - GEN MKT CONVERTIBLES 8.9%
Manuf / Manuf /
Rental Rental Q - PREMIUM 4X4 SUV 1.7%
83% 11.7 20 19
Y - UPPER MED CONVERTIBLES 1.7%
BCA Competitor
042
1. All data based on 6 month average across 550k vehicle sales; c.50% BCA, 50% Competitor
bca.co.uk Source: Glass NAMA, BCA analysis
A)1: UK – Core
Upcoming Buyer Experience programme will enhance this

position
Volume: BCA Share of Auction Europe-Wide
Buyer Experience Programme Overview
Objectives Metrics Key Initiatives Timing
• Net promoter score Buyer Development Team Q4 13 – Q2 15

Become the leading customer- • Customer service awards – Dedicated to recruiting new buyers
centric remarketing company Improved Online Experience
– Registration & log-in
– Search
• More buyers... – Pricing
Generate the strongest buying • ...buying more often – Appraisals
power – Payments (online check-out)
– Mobile
Personalisation & Upsell
• Higher blended buyer fee – CRM
Drive value from buyers • Improved product penetration – myBCA
– Recommendations
– Promotions
New Services (Cross-Sell)
• Improved RVs
Increase negotiating power with – Buyer finance
• Improved conversion – Retail listings
vendors • Improved volumes – Auction sale
Programme Investment: c.£2.50 per vehicle
043
bca.co.uk
A)1: UK – Core
Further Buyer Fee increases will be possible

Margin: Buyer Fees
Track record of fee increases during challenging Market environment and BCA initiatives support ability
economic environment to put through further increases
Buyer Fee / Vehicle Limited switching options
£
8% 143.4 – Nobody else in the market can match BCA’s offer
134.7 (see following slide)
125.4
114.0 Significant elasticity on buyer-side
– Buyer feedback describes a ‘retail-minus’ buying
model – ie £10 increase in buyer fee reflected in
£10 lower price paid for vehicle to maintain margin
Buyer economics supported by more buoyant market

environment
Increases justified by Buyer Experience programme

underway
– Historical increases put through with no material
2010 2011 2012 2013 YTD improvement to buyer experience
044
50 Pagerv1
bca.co.uk 36
A)1: UK – Core
Buyers have few attractive options to meet their needs

Check cost
outside BCA col – is this
true?
Margin: Buyer Fees
Buyer Options
Buyer KPC
Volume
Range Convenience Transparency2 Cost Commentary
Listed1
Multi-vendor, multi-channel,
BCA 13,000 5 5 5 4 transactional, in-house delivery,
Auction
Assured
Lower volumes, fewer sites,
Manheim 6,000 4 4 5 4
comparable buyer fees
Single vendor, <25k mileage only,
Platforms
MFL 1,200 3 3 5 4
Direct
online buy-now only
Sytner Auction 250 2 3 5 4 Limited availability

Networks
Auctotrade.mail 4,000 3 2 2 4 Facilitates introduction only
Other networks n/a 2 2 2 4 Limited availability, opaque
Traders n/a 2 2 1 4 Limited availability, opaque
Relative attractiveness 5 High 3 Med 1 Low
045 1. # vehciles currently listed on site available to buy

2. Easily auditable transaction
bca.co.uk Source: websites, BCA analysis
A)1: UK – Core
Rebalancing the buyer base through new buyer recruitment

or loyalty scheme redesign offers growth opportunity
To be refined as part
Margin: Buyer Fees of Elaine work,
awaiting data from
Matt J
Volumes increasingly concentrated in lower value

Rebalancing the base could generate >£2m
buyers
Buyer Volumes by Loyalty Card Colour, 2010- Based on 2013E current buyer volumes, fees and sale
2013 YTD Buyer Fee / prices, rebalancing the buyer base to look more like
Vehicle, 2H 2011 could be worth £1-2m2
100 100 100 100 20131
No Card 7% 6% 1%
5%
2% 0% 4% 206
4% Newly recruited Buyer Development team will
Blue 9% 3%
4% support this rebalancing effort through the
Silver 29% 157
29% recruitment of new Silver and Gold buyers
32%
Gold 31%
Loyalty card scheme review getting underway in 2014
– Preliminary analysis suggests the business lost
40% 42% 147 c.£1.5m in 2013 to buyers who have the wrong
35%
Platinum 31% card (ie volumes do not justify their card colour)
20% 23% 23% 144

Black 18%
2010 2011 2012 2013 YTD
046
1. Based on Average Hammer Price for card colour
bca.co.uk Source: Buyers by Card Type, S. Wren analysis of incorrect cards
A)1: UK – Core
There remains significant headroom for online growth

Margin: Buyer Paid Services (Online)
End-end overhaul of online experience getting

Low penetration vs US and European comparators
underway
Online Penetration Registration & log-in
% of Vehicles Sold Online 80% Personalisation (myBCA)
Recommendations
Search
Pricing
Appraisals
Payments (online check-out)
Retail listings
26%
Mobile
25%
19% 21% 20%
16%
2010 2011 2012 2013 YTD Manheim BCA BCA

US 2012 Germany France
2013 2013
047
50 Pagerv1
bca.co.uk Source: P&L
37
A)1: UK – Core
Increasing vendor power has put significant pressure on

fees
Margin: Vendor Fees ‘Remainder’ to be investigated further2
Share of Total Volumes Net Commission1 / Vehicle
100
23% 21% 20% 19% 90 Net commission has declined

32% 29%
36% 76
significantly even outside the
80
Share of Total Net Commission %

Top 30
Net Commission / Vehicle £

70 64
60 55
52
49
50
39 38
77% 79% 80% 81% 40
68% 71% 31 31
64% 28
30
19
20 17
12
10
3
0
2007 2008 2009 2010 2011 2012 2013 YTD 2007 2008 2009 2010 2011 2012 2013 YTD
Remainder Net Commission / Vehicle (Remainder)

Top 30 (2012) Net Commission / Vehicle (Top 30)
048 1. Net Commission = Commission – Rebates; excludes entry fees and variable sale car costs
50 Pagerv1
2. Calculated on balancing figure in Accounts after summing Top 30
bca.co.uk Source: Matt Jenkins, P&L
38
A)1: UK – Core
[However, over 60% of volumes 2014 already under

contract]
Margin: Vendor Fees
Do contracts
Vendor Net Commission, actually offer
2010-2013 YTD1 much
£ / Vehicle Vendor Name 2010 2011 2012 2013 YTD 2013 vs 2012
2013E
Volumes
New Deal
2014 protection?
1 WBAC 13 18 -5 -7 -39.3% 108,000
2 Lex 15 9 13 8 -36.0% 47,605
3 Pendragon 11 6 4 3 -29.0% 32,000
4 Inchcape Retail 32 24 18 9 -49.9% 33,356
5 Motability 11 16 17 5 -71.4% 24,595
6 Bristol Street 35 25 24 16 -33.1% 31,015
7 VW Financial Services 66 66 66 23 -65.0% 23,444
8 Lookers -17 -14 -16 -37 -131.4% 21,112
9 LeasePlan -17 -16 -19 -16 16.3% 20,056
10 BMW Group 29 29 21 20 -7.3% 19,380 c.35% of our
11 Ford Retail 24 15 12 -3 -125.0% 16,000
12 Lombard 10 4 5 4 -1.9% 3,506
volumes are up
13 Mercedes Benz Retail / Used Cars 49 39 24 22 -9.1% 12,000 for renegotiation
14 Jardine / Wayside 29 24 18 -19 -202.2% 14,800
15 Motorhouse 2000 (The Car Group) 32 33 33 30 -11.1% 9,759 in 2014
16 Leasedrive 26 8 5 8 61.6% 4,367
17 Glyn Hopkin 29 31 29 10 -65.8% 7,600
18 Sytners 49 47 45 30 -32.5% 7,000
19 Cambria / Doves Group 21 19 9 9 -4.5% 6,100
20 Alphabet Fleet Management / ING 17 15 10 8 -19.9%
21 GE Capital 8 7 4 2 -42.0% 4,513
22 Renault Retail 37 35 34 33 -1.6% 5,500
23 Motorline Group 42 40 33 -38 -212.9% 6,100
24 Arval 24 -30 -40 -34.1% 5,177
25 Inchcape Fleet Solutions 31 29 18 10 -48.4% 4,000 Salesteam incentive
26 Johnsons Group 22 17 16 16 -0.4% 4,000 review planned,
27 Volvo UK 88 88 81 83 2.5% 3,910 aiming to reflect
28 Police 0 0 0 0 - 3,725
29 The Car People 68 68 64 42 -33.6% 3,000 pricing as well as
30 T C Harrision Group 38 32 29 23 -20.8% 3,000 volumes
Top 30 Average 19 17 12 2.9 -76.5% 484,620
Remainder Average 55 64 52 27.9 -46.5% 115,380
Total Average 27 26.6 20.3 7.7 -61.8% 600,000
049
1. Week 35
bca.co.uk Source: Matt Jenkins, P&L
A)1: UK – Core
Capturing a share of the value generated by BCA Assured

could be worth up to £1m to BCA
Margin: Vendor Paid Services (Assured)
Assured vs Non-Assured RV Performance1, 2012-13

%pt Difference in Performance vs CAP Commentary
1.3% BCA Assured introduced in 2012, and offered for

1.2% free to vendors as part of pilot test
1.1%
1.0% Average 1%
Data indicates BCA Assured vehicles outperform
comparable non-assured vehicles by c.1% of
0.9%
CAP...
0.8%
...worth c.£50 per vehicle to a vendor, based on

average hammer price2
BCA recently signed first paying vendor

– VW Financial Services agreed to pay £5 per
vehicle for BCA Assured
c. £1m upside to BCA if all vendors agree to pay

Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 – Based on 200k vehicles @ £5 per vehicle
050 1. Analysis based on LfL basket of vehicles [more description]
50 Pagerv1
2. Assumes £5k average hammer price; improvement from 94% of CAP to 95% of CAP
bca.co.uk Source: Quarterly BCA Assured Analysis, Shane
39
A)1: UK – Core
Valeting drives value for vendors – demonstrating this will

be key to enable BCA to capture more value
Margin: Vendor Paid Services (Valeting)
RV Performance by Valet Price1,

Performance vs Expected Sale Price2, £
Commentary
Average CAP Data indicates that investing in valeting drives

£k
improved RV performance
Less than £10 -115 -3 -112 4.4
Successfully communicating this message to
vendors will help BCA drive value from valeting
– Penetration of higher-margin services
– Improved pricing / risk share
£10-25 -16 73 56 6.4
– Enhanced ability to sell online (25% online for
valets >£10 vs £17% for valets <£10)
End-end valet product relaunch currently being

>£25 -47 153 106 7.6 investigated
Avg. Valet Price RV vs Expected More extensive valets

drive £50-100 of net
benefit per vehicle
051 1. Analysis covers 87k vehicles, from [X-Y] 2013
50 Pagerv1
2. Expected Sale Price based on CAP value and average % CAP achieved for given vehicle grade
bca.co.uk Source: Valet data proof, Shane
39
A)1: UK – Core
Benchmarks suggest >£3m could be saved from the

personnel cost base
Costs: Personnel Costs Indicative Only
Personnel costs account for c.50% of ...and account for a higher share of
Significantly higher than Manheim...
the overhead cost base Gross Profit, despite scale advantages
BCA UK Overhead Costs, 20121 Personnel Costs2 / Total Overheads, Personnel Costs / Gross Profit,
£m 20121 20121
77 % %
Other Central 6
14 47% 34%
Other Branch 32% 31%
(18%) Less
39%
addressable 36% 35%
20
Rent - Branch
(26%)
15
Personnel - Central
(19%)
22
Personnel - Branch
(29%)
2012 BCA UK BCA Branch Manheim Manheim BCA UK Manheim Manheim

Europe3 Auctions4 Europe3 Auctions4
Reducing personnel costs to 31% of Gross Profit

would be worth c.£3m EBITDA based on 2012
052 2. Wages, bonuses, pensions, T&E – note, unclear whether Manheim numbers include T&E
3. Manheim UK Group entity (includes Retail Services), does not include European auctions
50 Pagerv1
bca.co.uk 4. Manheim UK Auction entity, relating to remarketing activities (physical & online auction, direct sales)
Source: BCA Finance, Manheim 2012 Accounts, BCA analysis 40
A)1: UK – Core
Branch cost benchmarking

Costs: Personnel Costs
Awaiting data from PL
053
bca.co.uk
A)1: UK – Core
Falling gross margins have reduced contribution from Review

where this
branch transport fits – better
with
logistics
Logistics: Branch Transport story?
Income and Gross Margin Gross Profit

£m, % £m
4.4
24 23 23 25
22 22 22
22 3.9
20
9 20
18 10 2.1 3.2
9 9 10
16 2.9
Gross Margin %
2.2 2.6
15
Income £m
14
12
2.2
10 10 2.3
8 2.1
15
6 13 13 12 13 2.4
5 1.7
4
1.0
2 0.6 0.5
0 0
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013
Budget Budget
Delivery GM % Delivery
Collections GM % Collections
054
bca.co.uk Source: Branch Transport Budget

A)1: UK – Core
Integrating Branch Transport and BCA Logistics has the

potential to reverse this decline
Logistics: Branch Transport
Potential Benefits of Integration Commentary
Product ownership and refreshed / Branch transport currently fragmented with

new propositions limited functional support
Drive Revenue
£2-4m – No product ownership

Optimised and consistent pricing
– High degree of pricing freedom
Professional account management – No specialist sales teams
for dealer sector
– Separate admin / customer service teams
Operational efficiency BCA Logistics is a specialist, focused,

commercially-driven logistics organisation
Reduce Costs
– Scheduling
£1-2m
– Loads Integrating the two organisations could
generate >£5m of upside by 2016
Admin efficiency
– BT headcount
055
bca.co.uk
A)1: UK – Core
A total market margin opportunity of c.£80m has been

identified across both existing and new Logistics services
Logistics: All (BCAL and Branch Transport)
Logistics Solutions Identified Opportunities

Current Remarketing Margin
User Flow
• Plate Activity Related? Potential12
• Bespoke Inspect & collect User – Auction / Defleet 5 Y £18m
Collection & Handover
CH&L
Direct sale fulfilment User – Defleet – Buyer 5 Y £5m
Delivery • Express Plate
• Transported In-life vehicle reassign User – Defleet – User 3 N £4m
P/x collections Dealer – Auction / Sale 5 Y £4m
Management Services
• Cosmetic Dealer Purchase delivery Auction / sale – Dealer 5 Y £13m

• Mechanical Intra-dealer moves Dealer – dealer 2 N £4m
Inspection Demo fleet OEM – User 2 N £13m
Mgmt cars defleet / OEM – Defleet –
OEM
2 Y £5m
direct remarketing Franchise Dealer
New car handover OEM – User 2 N £3m
• Storage
Branch collect / deliver Branch – User 1 N £5m
• Refurbishment
De-Fleet • Valet
Rental
Branch – Defleet –
Defleet 1 Y £2m
Buyer
Inter-branch Branch – Branch 1 N £2m
• Services in
£78m
development
056 1. Based on estimated market volumes requiring service and average revenues and costs
2. Excludes de-fleet margin
bca.co.uk Source: BCAL Business Plan
A)2: UK – Synergies
BCA synergies from the WBAC acquisition are expected to

be worth £XXm annually by 2016
BCA Synergies (from WBAC) UPDATE WITH FINALISED PLAN & INITIATIVES TO 2016
10
Cost / unit to
BCA average
Increase penetration of
Assured / Online /
Delivery on existing 1
volumes
3 1
Competitor Volume Ancillary Service Transport / Logistics WBAC Growth 2015 Plan
Penetration
057
bca.co.uk
A)2: UK – Synergies
Further description of initiatives and upside / status /

results to-date
BCA Synergies (from WBAC)
INSERT LATEST SHANE SLIDE
058
50 Pagerv1
bca.co.uk 44
A)3: UK – Emerging Businesses
Buyer Finance and the [Universal Vehicle Portal] are the

priority emerging businesses
Emerging Businesses
Buyer Finance Universal Vehicle Portal

• Online platform providing access to vehicles listed
Initiative • 60-120 day finance offer for buyers to support
across the market (both BCA plus vendor direct
Description vehicle purchase at auction
channels)
• Funding difficult to obtain • All vehicles listed in one place – no need to look
Customer need
• Growth hindered by cashflow issues elsewhere
• Strong existing buyer relationships • AuctionView currently the largest B2B marketplace
BCA right to
• Credible brand • Market leading technology and logistics capabilities
play
• Own the transaction process to underpin the platform
Lever(s) • Margin / vehicle
• Volume
addressed • Attracts more buyers more vendor volumes
Owner • Andrew Shaw • [Matthew Treagus]
Status • Pilot to be launched Q4 13 • xxx

EBITDA 2016 • [£xxm]
Plan HIGHLY PRELIMINARY, V UNLIKELY
EBITDA 2018 • [£xxm] TO BE BAKED INTO ANY PLAN?
Potential
059
50 Pagerv1
bca.co.uk 45
Buyer Finance has been identified as a priority emerging

business for investment
UK Emerging Businesses: Buyer Finance
BCA Rationale Customer Demand Value Proposition
Oiling the virtuous cycle... Buyer Survey Feedback Funding offered

% Respondents, n=92
– 100% vehicle cost, plus fees,
Buyer delivery and warranty
Finance No Not Sure Yes
Loan term
100 100
More buyers, 3% – 60 days standard
buying more
– Option to extend to 120 days
52%
More vendors, Higher RVs and
Fees
more vehicles conversion 97% – Admin: £35 / vehicle
10%
– Interest: funding cost + c.10%
38%
Lending Criteria
...with the potentially to be highly
– >2 years in motor trade, 1 year at
profitable in its own right Would you find Would you buy
current premises
funding from your more from them?
vehicle source useful? – References and credit check
“I find it difficult to get much
“Nobody has offered this in funding from the bank – this
the past. This is something hampers the growth of the
that I would like and use” business”
– Platinum Card Buyer – Gold Card Buyer
060
bca.co.uk Source: Buyer Funding Presentation

US experience suggests the potential opportunity is

substantial
Emerging Businesses: Buyer Finance
Automotive Finance Corporation, Revenue, Automotive Finance Corporation

2010-2012
$m Acquired by ADESA, the second largest provider
of used vehicle auctions in the US (24% market
+17% 190 share), in 1994
164 – Now part of KAR Group, which also owns IAA
138 83 Salvage Auctions
79
Relationships with c.30% of the US independent
81 dealer population
107 83% of loans used to buy vehicles at auction

84 (56%)
57 (52%)
(41%) Typical loan 30-60 days secured, with possible
extension
2010 2011 2012
# Loan Interest rate 5% + spread
Transactions (000) 936 1,065 1,240
Tight credit standards
Revenue / Loan $146 $159 $156
– 99% of portfolio current
Revenue Operating Profit
061
50 Pagerv1
bca.co.uk Source: KAR 10k 2012
46
The UVP offers opportunity for a dramatic increase in

volumes
Emerging Businesses: Universal Vehicle Portal
062
50 Pagerv1
bca.co.uk 47
A)4: UK – Growth Options
A number of other initiatives have been identified which

offer upside to the plan / longer term growth potential
Growth Options
Initiative Overview
New
Retail Services
Consumer – Providing refurbishment, sales and marketing
Auctions
support for buyer base
– Manheim currently offer full-suite of digital retail
services
Salvage Business Intelligence
Customer
Car
Auctions – Exploiting our unrivalled data access to create
industry standard data propositions and bespoke
consulting offers
Salvage Car Auctions
– Leveraging our auction capabilities to offer salvage
Business auction services to existing and new customers
Intelligence
– Follow US example of KAR Group (ADESA & IAA)
Retail Services
Existing Consumer Actions
– Creating a consumer auction proposition to access
Existing New the huge volume of consumer disposals
Capability
063
50 Pagerv1
bca.co.uk 48
Contents
1. Who we are?

• UK
• Europe
• WBAC
064
50 Pagerv1
bca.co.uk 26
B): Europe
Europe plan growth is driven by the Core business

EBITDA
£30M 10 0 0 0 27
20 17
10 UPDATE WITH 3 YR PLAN 2013-2016
0
Core Potential
• Volume push • Brazil / Turkey • Poland

• Key Corp. acc. wins
Volume Initiatives • Buyer experience
• Acquire CarAuktion • Cross-border sales
• Digital/online shift • Acquire FleetSelect
• Buyer fee increase

• Overall • Buyer Finance
Margin Initiatives • Product push • Remarketing prop. • Data & consulting
• Market price
• Organise to win
• Pan-EU leverage
Cost Initiatives • Salesforce re-org.
• Close/open sites
065
50 Pagerv1
bca.co.uk 49
B)1: Europe – Core
Core plan driven by volume growth in France and Germany

and steady gross-margins
Europe: Core
EBITDA, 2013E – 2016 £m
2.0 1.0 1.0

5.0
5.0
3.0 56.3
2.0
10.0
10.0
39.3
Include table per UK slide
2013 Germany France ROE1 Germany France ROE Germany France ROE 2016P
Volume Margin Costs
066
50 Pagerv1
bca.co.uk 50
The Core plan is well underpinned

Europe Core: Plan Summary
To Do
Lever Opportunity (& Threats) Plan Initiatives

• Double-digit growth achieved in each of last 3 year
• Germany • Significant market headroom • Rollout of new sales-force structure
• Market coming back
Volume
• France • Dealer only just getting going
• ROE • xxx • Acquire FleetSelect
• Germany • xxx
Margin
• France • xxx
• ROE • xxx
• Germany • xxx
Costs
• France • Highly scalable online model

• ROE • xxxxx
067
50 Pagerv1
bca.co.uk 51
Worst of the recessionary decline is over, but overall

market growth expected to remain anaemic Add more
countries [or
scrap slide]
Volume Growth: Market Opportunity
New Car Sales Volumes Used Car Sales Volumes

Indexed, 2010 = 100 Indexed, 2010 = 100
110 130
120 Germany
100
Germany 110
90
100
80
France 90 France
70 80
60 70
50 60
40 50
40
30
30
20
20
10 10
0 0
2010 2011 2012 2013 2014 2015 2016 2010 2011 2012 2013 2014 2015 2016
068
bca.co.uk Source: BCA France & Germany

There remains significant headroom for BCA volume growth

across Europe
BCA Volumes / Total Market Used Car Sales Volumes1

%
8.5%
1.9%
1.1%
0.8%
0.6%
UK Germany France Netherlands Spain
069
50 Pagerv1
1. B2B plus B2C
bca.co.uk Source: BCA Financials, UCMR 2013
52
Capturing share from traders in the dealer sector offers the

highest potential opportunity
Remarketing Vehicle Flows (Estimates, excl. Consumer)
Vehicles, m
France Germany
550 140 210 550 140 210
3% 3%
10% 10%
20% 20%
84% Corporates 84% AWAIITING DATA,

70% NOT READY70%
UNTIL
enjoying high
65% degree of DEC 65%
success with
proprietary
online direct
channels
16% 20% 16% 20%

12% 12%
Dealer OEM / Rental Dealer OEM / Rental

Fleet / Contract Hire Fleet / Contract Hire
BCA auction proposition has
real advantages vs Traders Driver Sales & Retail Direct1
via Trader Auction
070
50 Pagerv1
1. Primarily in-house operated online platforms
bca.co.uk Source: BCA estimates
52
BCA penetration of the top dealer groups remains low

Add other
Volume Growth: Market Opportunity (Dealer) countries -
Spain
BCA Relationships & Volumes1 from Top 20 Dealers in Country, 2013
France Germany Holland
20 250 20 300 20 300

BCA
11
15
17
Awaiting
9
5
3
17
3 3
# Dealer Disposal Volumes # Dealer Disposal Volumes # Dealer Disposal Volumes
Relationships 000 Relationships 000 Relationships 000
071
1. Total disposal volumes are estimated
bca.co.uk Source: Country factpacks
The Market Price proposition will be a key tool in unlocking

the dealer sector
Volume Growth: Market Opportunity (Dealer)
France Volumes Subtitle

000 Units MarketPrice Overview
MarketPrice is a valuation service provided free-of-

charge to Dealers on the condition that BCA gets the
60 cars they do not retail themselves
+30% – European dealers have little / no experience of
52
valuing used cars outside their marque
34 Corporate +16% – Unlike in UK and US, no industry-standard price
37 guide to rely on
32
27 Most successful in France, driven by strong, well-
25 trained salesforce
– Dealer volumes increased by >4x since launch
22 26
19 Dealer +66%
(44%)
12 (38%)
Further investment in both the platform and
6 (33%) salesteams across Europe expected to drive further
(21%) growth
2010 2011 2012 2013 E
072
bca.co.uk
Buyer fee increases have helped offset declining vendor

fees in Auction
Margin: Auction Commission
Auction Commission / Vehicle1, 2010-2013E

€
Germany France ROE2

CAGR CAGR CAGR
444
10-13 431 10-13 10-13
406 48
386 56 -20.8% 377
364 369 364
113
310 310 107
292 139 -1.8%
273 30 -21.5% 147 146 141
62 41
47
396 375 8.6%
280 4.2% 293 279

247 251 238 3.1%
226 217 223 223
2010 2011 2012 2013 E 2010 2011 2012 2013 E 2010 2011 2012 2013 E
Commission / ASP
3.2% 2.8% 2.9% 2.7% 6.1% 6.2% 7.2% 7.6% Vendor (incl. Entry) Buyer
073 1. Excludes remarketing volume and commission

2. Holland, Denmark, Portugal, Spain
bca.co.uk
UK comparison suggests some risk to commission levels in

Europe
Margin: Auction Commission
Auction Commission / Vehicle as % Average Selling Price, 2013E

Key Risks
7.6%
Buyer Fees
1.0%
6.5% – Significantly higher proportion of ASP
than UK, particularly in France
5.6%
5.3% – Strong commission-free competing offers
2.3%
from major corporates (Arval, ALD etc)
2.7% 1.8%
3.7% – Ongoing weak economic climate
6.6% 1.1% 2.9% – Increasing dealer sector volumes will
2.7%
0.1% likely drive down ASP and absolute buyer
0.3%
4.2%
fee
3.5%
2.9% 2.6% 2.8% 2.5% Vendor fees
– Vendor fees reduced to nearly 0 in UK as
vendors exploit balance of power
France Spain Holland Portugal Denmark UK Germany
– Europe showing signs of following the
same experience
Vendor (incl. Entry) Buyer
074
bca.co.uk Source: Euro 7+5, UK Aug 13

There is an opportunity to drive profitability in Europe

through ancillary services
Margin: Ancillary Services To test
GP / Vehicle1, 2013 E
€ Key Opportunities
Inspection
32 BCA Assured Valeting
3 0 Transport
3
Valeting
– UK generates on average €11 margin per
11
7 vehicle
LOL
15 1 0
8 – Loss-making in all European countries bar
-3 0 1 2
-4 0 -4 -1 -5 Holland [included in vendor fees?]
-2 -5 -9 -21
– Repackaging offers potential opportunity
-8
to drive profitability
-21
BCA Assured
-42
– Launched in 2012 in UK generating c.€3
per vehicle, with opportunity from
further growth on vendor side
-25
Transport
-88 – [Do we offer deliveries in Europe?]

UK Holland Portugal Spain Denmark Germany France
075
1. Excludes Sundry income
bca.co.uk Source: Euro 7+5, UK Aug 13
Driving down personnel costs towards levels currently

being achieved in France could be worth >€5m
Overhead Cost Reduction
Overhead Cost / Vehicle & Volume, 2013E
€, 000
Overhead Cost / Vehicle Volumes Sold (000) Commentary
Volumes
400 Other 130
375 There is significant variation
Fixed 29 120 in the overhead cost-base
350
Establishment 110 across Europe
61 100
300 Personnel
90 France’s predominantly
242 243 65
250 80 online model helps it drive
20 37 212
201 23 70 efficiencies, particularly on
200 180 19 15
24 30 28 60 personnel costs
13 29
27 50
150 38 35
36 Reducing personnel costs
28 40
100
219 across Europe to France
170 30
158 levels would be worth >€5m
113 133 20
50 101
10 – Worth c.€1.5m in Spain
0 0
alone
Germany France Holland Denmark Portugal Spain
Overheads /
Gross Profit % 72.5% 76.7% 64.3% 60.9% 59.7% 86.6%
Units Sold / 40 55 25 35 20 16
FTE / Month
France sells over 3x more
vehicles per FTE than Spain
076
bca.co.uk Source: Euro 7+5 P&Ls, Euro Finance Pres, July,

B)2: Europe – Synergies
Rolllout and growth of WBAC across Europe could be worth

£XXm to BCA
Synergies (WBAC)
Overview of WBAC Euro entry plan and expected results
077
50 Pagerv1
bca.co.uk 57
B)3: Europe – Emerging
New market entry and Buyer Finance are the priority

emerging businesses
Emerging Businesses
Brazil Switzerland Buyer Finance ....

Initiative • JV to launch auctions in • Acquisition of
Description Brazil CarAuktion
Customer need • xxx • Pan-European presence
• Immediately installs
• BCA brings remarketing Anything else
BCA as market leader in As per UK
BCA right to experience,
Switzerland
play • XX brings local market
• Complements existing
knowledge
presence
Lever(s)
• Volume • Volume
addressed
Owner • xxxx • Xxx • xxx
Status • xxx • Completing Q4 13 • xxx

To do
EBITDA 2016
Plan
EBITDA 2018
Potential
078
50 Pagerv1
bca.co.uk 56
Brazil
Emerging Businesses: Brazil
1-2 slide overview of Brazil opportunity
079
50 Pagerv1
bca.co.uk 57
Acquiring CarAuktion reinforces BCA’s position in central

Europe
Emerging Businesses: Switzerland
Target Overview Acquisition Rationale
CarAuktion is the market leader in car auctions in Immediately installs BCA as market leader in
Switzerland (c.10k units pa) Switzerland
100% online, remarketing vehicles from ‘blue-chip’ Enhances credibility with Pan European vendors who
vendors to trade buyers view Germany, Switzerland and Austria as one business
Recently introduced dealer self-entry tool allowing unit
dealers to offer vehicles to CA buyers from their own Exploits existing BCA Schweiz (1 FTE) vendor
locations relationships
Top vendors include Arval, ALD, Mobility and AMAG Gains ownership of highly regarded online platform,
(c.50% 2012 total) together with dealer self-entry which may be
878 individual buyers (16% CAGR 10-12) leveraged across other markets
Founded in 2006 by owner Remo Carpeder (45 yo, Provides scale market for <4 yr big engine vehicles
100% shareholder) which are difficult to remarket in other territories
(exchange rate and 8% VAT)
Based in Tuggen, also operates using two 3rd party
logistics suppliers Multiple other synergies including raising CA buyer
fees to BCA levels
13 FTEs: 1 Ops / Sales Director, 6 IT, 3 vehicle-handling,
3 back-office EBITDA (2015F): €1.6m
Identified Synergies: €XXm
080
bca.co.uk Source: CarAuktion acquisition paper

B)4: Europe – Growth Options
A number of other initiatives have been identified which

offer upside to the plan / longer term growth potential
Growth Options
Initiative Overview
New
Consumer Enter Turkey & Poland
Auctions
– Entering new large and rapidly growing markets
through selective acquisitions or joint ventures
Enter
Turkey Cross-Border Sales
– Exploiting international presence to offer cross-
Customer
Enter border sales to better match supply and demand

Poland Salvage
Car
Auctions
Business
Cross- Intelligence
Border
Retail Services
Sales
Existing
Existing New
Capability
Group wide
Europe specific
081
50 Pagerv1
bca.co.uk 48
Contents
1. Who we are?

• UK
• Europe
• WBAC
082
50 Pagerv1
bca.co.uk 26
C)1: WBAC – Core
WBAC plan driven by xxx

EBITDA
£30M
5 0 0 21
20
8 Synergies
10 8 UPDATE WITH 3 YR PLAN 2013-2016
0
Core Potential
• Quotes to Appmts
• Right price
• Available Appmt slot
• Appmts to Purchase • Consumer auctions
Volume Initiatives • Right team/ training • Europe expansion
• Right locations • Online growth
• Optimising volumes
• When to buy/hold
• How to price
• Improving PPU • Assured RV uplift

Margin Initiatives • Right auctions • Online upstream
• Right mix at auction • Smart Rep. RV uplift
• Effective marketing
• Right messages
Cost Initiatives • Right audience
• Right media price
083
50 Pagerv1
bca.co.uk 60
CONDENSE & SIMPLIFY
Regression model identified three short-term issues lagging historic

trends that if unaddressed would become significant over 2013-15
Loss to 2013-15 WBAC/BCA combined EBITDA, Total
(Excludes Existing non-WBAC related BCA business)
A B C
£0M
WBAC WBAC
-10 BCA Synergy -7

WBAC
-11
-20
-22
-30
Recent Mkty performance Recent Appmts to Purchases Recent reduction in Re-appriaisal

performance accuracy
Spend efficiency in In recent months

In last month this appears
recent months has been suggestion that c.£20 less
to have dropped c.10%
much lower than historic damage spotted per car
Purchases (M) 0.00 -0.02 0.00

Quotes (M) 0 0 0
084
bca.co.uk
CONDENSE & SIMPLIFY
A
Marketing – Two key areas of focus will get us back in line with
historic performance levels
Improve where we spend the Improve the creative message

money we use
• Significant data generated on spending to • 97% of those not considering WBAC site
date, hired two internal analysts lack of trust, building trust through best
(including Mr. 168) to optimise media prices, social corporate responsibility and
spend for maximum returns likeable brand
• Significant opportunity in appealing to

• Access to c.6.5M unique email addresses, consumers continuing the push on part
target more effectively over time to exchange, analysis shows WBAC seen as
reduce media spend less hassle than Dealers and comparable
risk to dealers, only issue is perception of
worse price realised
• Increase utilisation of affinity to build

trust in product (e.g. Leaseplan, AA, direct
line)
085
Colour coding: Underway Getting Started To be started
bca.co.uk
CONDENSE & SIMPLIFY
B
Appmts to Purchase % – Two key areas of focus will get us back in
line with historic performance levels
Recruit, train and develop Improve Retail estate

vehicle purchasers management
WBAC New starter VPs days of service
100 • Incentives not normalised to retail centre
specific conditions creating bonus
80
structures which are unachievable in
60 R² = 0.00
some locations, being evaluated
40
20
• Processes are not adhered to consistently
creating variability in experience for
0
0 10 20 30 40 50% consumer resulting in inconsistent retail
Average % Conversion of Vehicle Purchaser centre performance, hiring an additional
• Huge variability in new starter member of the Operational leadership to
performance need more targeted address
recruitment & better training, hired new
internal recruitment team to drive this
• Some weak performers in employees with

>1 year tenure, being performance
managed out of business
086
bca.co.uk
CONDENSE & SIMPLIFY
C
Re-appraisal – Two key areas of focus will get us back in line with
historic performance levels
Ensure consistent adherence to Be dynamic in valuing re-

re-appraisal process appraisal impact on offer price
• WBAC process well defined but not • Valuing damage identified is a relatively
consistently adhered to by vehicle static matrix of data which could be
purchasers, improving the IT system to dynamic to flex for seasonal effect
enforce completion of process
• BCA has significant experience and

auditing, looking to get BCA team to
support training of Vehicle Purchasers and
provide on going Audit
087
bca.co.uk
CONDENSE & SIMPLIFY
There are 6 opportunities for improvement within the WBAC plan
WBAC/BCA combined EBITDA, 2013-2015 Total ESTIMATED – Based on Wagon detail available
(Excludes Existing non-WBAC related BCA business) I
Optimisation of Volume/Price/Stock levels by month could improve Margins significantly
D E F G H
10% lower 10% higher 10% higher £10 Higher re- 10% Higher
Scope of upside mktg for same conversion conversion appraisal per PPU on each
(2013-15, £M EBITDA) quotes would would deliver would deliver car would car would
deliver £8M £17M £18M deliver £4M deliver £14M
£150M
123
WBAC
Synergy
EBITDA
100 BCA 0
Synergy
-22 -4
EBITDA
-4 -4 74
BCA E xist in g -1 -3
WBAC
bu sin ess -5 66 64
-15
50
WBAC
EBITDA WBAC has ability to affect Plan adjustments or
beyond WBAC ability to affect
0
WAGON Mktg to Quotes to Appmts to Re-appraisal PPU Other Costs Stock REGRESSION BANK BCA BUS.
Quotes Appmts Purchases changes MODEL PLAN PLAN
Synergies
Volume Margin
Purchases (M) 0.47 0.00 -0.01 -0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.45 0.36
Quotes (M) 28 0 0 0 0 0 0 0 0 0 28 21
088
Note: E&Y plan only calculated WBAC EBITDA, other elements have been estimated based off volumes assumed
bca.co.uk
CONDENSE & SIMPLIFY
D
Marketing – Scope to considerably outperform historic
performance but weighting for risk, expect £10M improvement
Improve where we spend the Improve the creative message

money we use
(Beyond short-term actions already identified) (Beyond short-term actions already identified)
• Consider Xmas lighter touch on Xmas buying • Avoid the pitfalls of the past (e.g. Little dancers)
(which is expensive whilst building stock for by increased use of customer insight leading the
“hot” January market process
• Go after the part exchange market hard with the

right proposition that could unlock a massive
2M+ pool of cars
• Utilise the WPP report commissioned that clearly

identified how to segment the market to target
messages more effectively
Delivering Part Exchange uplift in marketing efficiency is not without

risk, assume we can achieve 50% of the upside planned in Wagon
089
bca.co.uk
CONDENSE & SIMPLIFY
E
Quote to Appmt % – New opportunities to improve beyond current
plan suggest we can at least close the gap versus Wagon plan
Make the most appealing offer Make it easy for the consumer to
to the consumer make the appointment
• Continue to refine the pricing engine to offer the best • Continue to refine the website experience with
price most consistently using the best data feeds (e.g. features like “easy quote” and offering different user
CAP vs Glass) and improved statistical analysis experiences for new versus existing users
• Utilise BCA methodology where appropriate to • Optimise existing and future retail footprint based on
further refine and improve model accuracy postcode demographics to offer “nearby” sites as
much as possible
• Improve understanding of Price/Vol impact on Trade
and LCV (building on work already done on • Utilise an “Easyjet” type strategy on taking
Wholesale) appointment bookings and over-book in peak slots
based on expected cancellations to maximise
utilisation
• Consider utilising a field service to collect cars in areas

with lower retail presence
Sufficient levers exist to more than exceed original Wagon plan, but
after risk assessing for success assume we close wagon gap
090
bca.co.uk
CONDENSE & SIMPLIFY
F
Appmts to Purchase % – New opportunities to improve beyond
current plan suggest we can at least close the gap versus Wagon plan
Recruit, train and develop Improve Retail estate

vehicle purchasers management
• Investing in CRM system to better track • Expand on existing retail expansion plans
adherence to the process and to improve by evaluating what our best performing
follow-up on customers sites look/feel like
• Investigate good/bad behaviours across

the retail estate to share best practice and
to further stamp-out bad practice
091
bca.co.uk
CONDENSE & SIMPLIFY
G
Re-appraisal – Opportunity exists to improve returns c. £4M over
the 3 year horizon
Ensure consistent adherence to Be dynamic in valuing re-

re-appraisal process appraisal impact on offer price
• Investigate the volume impact on level of
appraisal applied to feed dynamic damage
matrix
Better understanding the key relationships should enable use to

improve re-appraisals £10 even after factoring in ability to deliver
092
bca.co.uk
CONDENSE & SIMPLIFY
H
PPU - New opportunities to improve beyond current plan suggest
we can at least close the gap versus Wagon plan
Put stock into auction at the Maximise the RV achieved by

right times stock at auction
• Investigate the relationship between • Consolidate similar cars together into new
auction conditions (e.g. stock at BCA) to auction slots to closer mimic
PPU performance to focus efforts at dealer/corporate approach where higher
generating stock when returns are likely RVs are achieved (e.g. recent trial of a
to be highest Ford only auction)
093
bca.co.uk
CONDENSE & SIMPLIFY
I
Optimising month to month activity based on complex relations
could deliver significant returns particularly via monthly volumes
Incremental WBAC/BCA combined EBITDA to OUTLOOK, Highly unlikely to be achievable in
2013-2015 Total reality due to extreme levels of
(Excludes Existing non-WBAC related BCA business) month to month flex, but suggests
opportunity exists at some level
£125M
111
WBAC Synergy EBITDA
100
75
BCA Synergy
50 EBITDA
34
28
25 15
0
-3 -2
-25
Optimising mth to mth volume Optiming for pricing flex (i.e. Optimising Days of inventory Optimising Volume & Pricing
(>1% of Wagon) better pricing offered -2 to 8% (i.e. to allow for mth to mth & Inventory
to customers to improve Quotes arbitrage flexing 5-25 days)
to Appmts)
Typically peaks inventory in Typically 200% of Wagon plan

Typically 160% of Wagon plan
Typically reduces prices 2% to June/July but misses Dec/Jan but up to 500% and down to
but up to 300% and down to
improve PPU as analysis based on quarters 30% in some months, with
30% in some months
and misses this opportunity typically 2% lower prices
Incremental
Purchases (M) 0.20 -0.02 0.00 0.62
Quotes (M) 11 0 0 27
TOTAL EBITDA
IMPACT £31M £26M £15M £111M
094 Note: Assumes that as you grow volumes that PPU will sustain on the expectation that BCA will find more buyers and create new auctions to
sell the cars at best possible RVs
bca.co.uk
Contents
1. Who we are?

• External
• Internal
095
50 Pagerv1
bca.co.uk 62
There are a number of major risks to BCA plan and longer-
term growth
Key Risks to Success: External
Description Impact Likelihood

• Already happening at significant scale in
Vendors shift volumes away • Auction volumes are BCA lifeblood
Corporate sector
Vendor from auction in favour of • BCA direct offers currently
4 4 • Dealer sector may follow suit as large
disintermediation more effective direct underdeveloped and lower margin
dealers develop own offers and scale digital
channels than auction
dealer-dealer propositions emerge
• Buyers unhappy with high fee increases for
Buyers desert auction as it • Fewer buyers impacts auction
same service offer
Buyer desertion becomes increasingly 4 performance and thus reduces 3
• Credible emerging alternatives increase
expensive vs other channels volumes
switching options
Vendor fees decline across
• Material impact on margin / vehicle as • Accelerating declines in UK risk becoming
Vendor fee Europe as vendors exploit
3 5
buyer-fee increases struggle to keep negative
decline competitive situation and
pace • Europe starting to follow the same pattern
BCA economics
• Already has most comprehensive
remarketing offer, with strong digital
Manheim share Manheim overtakes BCA as
4
• Vendors switch to ‘one-stop-shop’
3 capabilities
gain the world moves digital offer
• BCA may be able to ‘fast-follow’ given
strength of existing position
• BCA has successfully grown through • Most forecasters expect return to moderate
Recession Europe re-enters recession 2
last recession
2
growth
096
50 Pagerv1
bca.co.uk 63
Vendor Disintermediation
Market estimates suggest BCA UK lost share of CH&L

disposals in 2013
BCA Share1 of CH&L Disposals
Based on SMMT New Car Sales2 Based on FN50 Fleet Size3
39% 28%
27%
36% 36%
34% 24%
n/a
2010 2011 2012 2013 E 2010 2011 2012 2013 E
1. BCA 2013 E numbers based on CH&L share of wk 43 YTD volumes and total 2013E volumes of 600k. Excludes Motability
097 2. Based on historical new car sales to Fleet and average of 3 and 4 year disposal cycles
3. Based on historical FN50 fleet size and average of 3 and 4 year disposal cycles
bca.co.uk Source: SMMT, FN50, BCA P&L
Growth of the Corporate direct channel represents a risk to

Auction volumes across Europe (1 of 2)
Corporate Disintermediation
UK’s largest fleet with c.610k vehicles World’s largest fleet operator Fleet size of c.690k worldwide
Buy-now online platform – #1 in France, c.200k vehicles
mfldirect.co.uk launched in 2001 Reducing share of disposals going to
physical auctions in the UK – #4 in UK, c.85k vehicles
Now accounts for c.65% of all
disposals, with growth coming at the – c.75% of volumes vs >90% two
Direct e-commerce platform,
expense of auction years ago
Motortrade, now sells >200k vehicles
Disposals by Channel
195
– Increasing proportion of physical annually
000
and online direct sales
173 43 – Launched in 2009, now in 13
Other
49 (22%) countries
25 Direct channel already well
(28%) BCA Auction
(13%) established in Europe – Largest vehicle source in France
36
(21%) – Cars sold 24/7 via auction or buy-
Recently launched Carnext.com, an
127 now
mfldirect.co.uk international online auction platform
88 (65%)
offering vehicles direct to traders – Absence of middle-man
(51%)
across Europe commission emphasised heavily in
sales proposition
20101 20121
098
1. Motability FY to end September, BCA to end December
bca.co.uk Source: Motability annual reports, am-online, Leaseplan annual report, Arval website
Growth of the Corporate direct channel represents a risk to

Auction volumes across Europe (2 of 2)
Corporate Disintermediation
Remarkets c.180k vehicles annually No longer uses physical auctions to Volkswagen Group UK recently
worldwide sell to dealers centralised its remarketing activity
Direct e-commerce platform, >90% of vehicles now sold direct to Aiming to sell more than 90% of
Carmarket, now sells >100k vehicles dealers brand vehicles within the dealer
annually network
– 25% via online auction platform
– Launched in France in 2009 – Dedicated telesales team
– 12.5% via online fixed price
– Second largest vehicle source in – Dealer incentives
– 60% via direct sales team
France
Previously most sales to dealers were
– Currently deployed across 19 “Dealers don’t need to see vehicles at
via auction
countries, excluding the UK physical auction, they know they are
refurbished to a high standard”
– Aiming to sell 90% of disposals
through the channel by 2015 – Operations Director, Network Q
099
bca.co.uk Source: ALD website, am-online

There are early signs of Dealer disintermediation

Dealer Disintermediation
Dealer ‘Corporates’ seek direct solutions New online platforms facilitating dealer-dealer
Ongoing consolidation in dealer sector creates large Dealer-dealer still dominant channel among smaller dealers
‘Corporates’, seeking multichannel remarketing solutions Efficient online platforms have the potential to erode
– Sytner Group sells vehicles it does not retail direct via its auction advantages over this channel through aggregating
Sytner Auction platform, with only those that remain supply and demand
unsold going to auction – Dealermatch.com, owned by Manheim parent, is the
most successful example with over 800k retail-ready
vehicles listed in US
0100
bca.co.uk
Auction may become the channel of last resort

Toyota Remarketing Strategy
Only low volumes and low

quality vehicles come to
auction – dramatically
reducing the appeal of
auction to buyers
0101
bca.co.uk
There is an outsourcing opportunity for BCA, but it requires

high volumes to compensate for significantly lower margins
Outsourcing Opportunity
Outsourcing Proposition BCA / Toyota UK Case Study Margin / Vehicle
Outsourcing end-end remarketing In November 2012, BCA, in BCA France

programmes offers a number of partnership with Ambrosetti, GP / Vehicle, €
potential opportunities for secured a contract to deliver a
286
corporates complete end-end remarketing
service for Toyota, comprising
– Exploits BCA specialist skills and
experience – Pre-sale / defleet services
– Lower costs due to scale – Inventory management
economies
– Marketing 131
– Access to the full range of
– Direct sales programmes
remarketing channels
Online (Bid Now, Buy Now)
– Insight to optimise residual
values Telesales
– Enables focus on core Physical
Auction Remarketing
– Auction sales programmes (Direct)
0102
bca.co.uk
Buyer Desertion
BCA cost to buyers has more than doubled since 2007

Buyer Fees
BCA UK Buyer Fee / Vehicle

£
+145%
206
23 BCA Assured
40 Live Online Fee
84
143 Buyer Fee
2007 Physical 2013 YTD Online Buyer
ASP £4,924 £5,170
0103
bca.co.uk
Buyer Desertion
Further erosion of relatively thin buyer margins will drive

the search for alternatives
Buyer Economics Illustrative
Dealer margin £400-700 – under pressure
from economic climate and increasing
consumer price transparency
6,350
5,700
5,170 40 23 120
145
There may be some opportunity

to capture value through
BCA already accounts for a substantial
providing other services required
portion of dealer costs – fee increases
(eg retail-ready, marketing,
without associated benefits have a
documentation)
material impact on dealer margins
Hammer Price Buyer Fee LOL BCA Assured Logistics Other Costs Cost to Working Cost to Sell Dealer Margin Retail Price
Forecourt Capital /
Finance
Fee increases without clear justification, ideally by demonstration of value, will

increase buyer dissatisfaction and the search for alternatives
0104
bca.co.uk
Manheim Gain
Manheim has the most comprehensive service offering in

UK remarketing
Manheim Remarketing Service Offer
US sister company Specialist digital marketing
Dealermatch.com division provides full-suite of
currently lists 800k+ used retail solutions – serves 85%
vehicles of Top 200 dealer groups
Vendor Support / Defleet Vehicle Sale / Purchase Buyer Support / Retail Services
Lead Management
Physical Auction
Retail Websites
Dealer – Dealer
Stock Locator
Direct Online
Live Online
Car Buying
Inspection
Marketing
Aftersales
Logistics
Imaging
Auction
Storage
Refurb
Repair
Direct
Data
0105
bca.co.uk Source: company websites, BCA analysis

Manheim Gain
A strong #2 player in all major online marketplaces

Manheim Marketplaces
Vehicles Listed Online

000
Auction Dealer – Dealer Online Retail
13 4 380
230
115
1
Potential
Threat
BCA Manheim Autotrade Mail DealerAuction DealerMatch Autotrader.co.uk Motors.co.uk Carmony.co.uk

(Autotrader) (Manheim) (Manheim) (Manheim) (Manheim)
0106
bca.co.uk Source: websites, BCA analysis

Manheim Gain
Significantly out-investing BCA in IT / digital

Manheim Digital Investment
IT / Digital FTEs1 Manheim Online / Digital Acquisitions
Wewantanycar.com, October 2013

Manheim # from – Car buying service, with 60 locations and c.10k
Duncan. To verify.
1,000+ “As the pace of cars
Assume worldwide? technological change
continues to accelerate Kingfisher, July 2013
in the automotive – Leading UK provider of online auction
aftermarket, the need platforms, serving Manheim and 60+
to invest in people, independents
know-how and
EVS Online Auctions, June 2013
systems become an
increasingly important – Electronic auction platform for trucks, trailers
175 strategic issue” and plant
(Manheim CEO) Dealer-Auction, November 2012
BCA Group Manheim – Electronic dealer-dealer auction platform:

(Worldwide) buyers and sellers deal directly with each other
Motors.co.uk, March 2012
– UK’s 2nd largest online used vehicle classified
business
0107
1. Across Software / Development, Project Delivery, Infrastructure
bca.co.uk Source: BCA intelligence, company websites, BCA analysis
Contents
1. Who we are?

• External
• Internal
0108
50 Pagerv1
bca.co.uk 62
Internally, the business needs to focus and execute on its
key growth initiatives
Key Risks to Success: Internal
1. Inability to balance short and long-term

• Requirement to deliver short-term growth plans while positioning the
business for long-term success
• Longer-term strategy unclear making decision making difficult
2. Poor prioritisation of initiatives
• Long list of growth initiatives identified, both core and beyond
• Trying to do them all will lead to failure
3. Inadequate resources for delivery
• Existing resources stretched to deliver core growth plans
• Additional IT, Corporate Development and project resources needed to
deliver outside of the core
4. Resistance to change
• Physical auction mindset common across all levels of the company
• Change likely to be resisted without the proper communication
5. Incentive misalignment
• Focus on physical auction volumes will not work in new world
6. WBAC culture clash
• Careful management of very different cultures needed to ensure plan
synergies delivered
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IT investment has failed to keep pace with the increasing
demands of a digital world
IT Underinvestment
IT Expenses
+15%
-3% 6.4
5.9
5.6 Add data from Duncan on
5.5
proxies for workload etc
Websites managed etc
2010 2011 2012 2013 Budget

IT
Expenses xxx xxx xxx xxx
/ GP
0110
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Contents
1. Who we are?
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Plan synergies are [on track] for successful delivery
• Table
Shane synergy slide
• Synergy description
• Value
• Underlying assumptions
• Current status (RAG) and commentary
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Further synergies are also underway
• Eg Europe entry, Upstream etc

To Do
• Table
• Synergy description
• Value
• Underlying assumptions
• Current status (RAG) and commentary
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Contents
1. Who we are?
5. How confident are we in the WBAC synergies?
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Progression towards plan achievement must be monitored
and incentivised based on key metrics
Metrics and Incentives
• LHS: existing metrics and incentives

• Volumes
• RHS: new metrics and incentives

• As above, plus eg
• Mkt share by segment
• Buyer share / # buyers recruited
• Product penetration
• GP / pricing achieved
• ...
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Systems and processes will be put in place to make stuff get
done
Systems and Processes
• Will they?
• What will be put in place?

• Programme office?
• Assigned project owners?
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‘The

Next [3] Years’: BCA Strategy Overview

2. Where have we come from?

3. Where are we going?

4. What are the key risks to success?

5. How confident are we in the WBAC synergies?

6. What enablers / capabilities do we need for delivery?

Vendor Needs Buyer Needs

residual value BCA Strategy: “leverage • Volume

Remarketing Remarketing Guaranteed cash

21 auction centres 11 countries, 23 100k vehicles sold

Volumes Sold Online

BCA Live Online: enables buyers

• Spencer Lock • Paul Bradbury • Noel McKee

• Matthias Quadflieg • Jean-Roch Piat

Vendor decides to Vendor prepares Buyer processes Buyer receives

• Data • Inspect and Collect • Physical auction • Storage • Stock Locator

• Storage • Pure online (bid now / buy • Docusafe

• [Fee / service] vendor both vendor and buyer, buyer • []

• Other Logistics services • Outsourced / white-label

£6.5m sale services £1.8m

By Segment Concentration By Segment Concentration

UK Germany France UK Germany France UK Germany France UK Germany France

BCA Share of Auction Volumes Auction Share of Professional

Others 12% 13%

WBAC Business Model Acquisition Rationale

A IT / Website 1. Access to volumes

Guaranteed Cash Share of Consumer Disposals WBAC Share of Guaranteed Cash

130 branches, c.45k daily

2. Where have we come from?

3. Where are we going?

4. What are the key risks to success?

5. How confident are we in the synergies?

6. What enablers / capabilities do we need for delivery?

BCA has expanded both geographically and in the range of

1946 19XX 19XX 2010 2011 2012 2013

Bid Now Buy Acquires WBAC

Online BCA acquired by BCA acquired by

BCA Volumes1 BCA EBITDA1

Add 2013 E, split bars by UK, Europe, WBAC

2010 UK Europe 2013E BCA WBAC 2013E Group

UK growth driven by Logistics & Remarketing as auction

2010 Volume GP / Unit Overheads1 Logistics & 2013E Total

Volumes have returned to growth, driven by WBAC and the

Auction Volumes by Segment

136 CH&L / Fleet2 -11%

305 Dealer1 +5%

82 108 WBAC +9%

2010 2011 2012 2013E

018 1. Includes Trade and Non-Account

+3.8% -2.5% -3.4% 10-12 12- 13YTD July –

2010 2011 2012 2013 YTD July2 Aug-13

ASP £ 4,880 4,873 5,110 5,170

Overheads grew significantly driven by XXX

Logistics and Remarketing grew strongly driven by XXX

+29.1% 2 Remarketing Acquisition of [JTK]

2010 A 2011 A 2012 A 2013 E

In Europe, strong volume growth has come at the expense

2010 Volume GP / Vehicle Overheads 2013 7+5

Source: Euro P&L, 2007-2013F

Volume growth has been dominated by France and

Source: Euro P&L, 2007-2013F