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The company will list on the stock exchange in NovemberReuters

Webuyanycar.com owners British Car Auctions (BCA) has announced its intention to float on the stock exchange.

The motor auctioneer hopes to raise around £200m ($322m; €255m) via the initial public offering (IPO) that it will press ahead with in November, which would value the business at roughly £1.2bn.

BCA, which bought over 100,000 cars in 2013 and sells over 900,000 a year, is looking to raise the funds in a bid to clear some of its debt and to pay off other borrowings.

"The IPO of BCA is a natural development for our business and will provide us with the right ownership base to continue to deliver on our strategic ambition," said John Olsen, chief executive of the firm.

"BCA comes to the market with an excellent track record of growth in revenues, earnings and strong cash flow generation."

Jefferies, JP Morgan and UBS Investment Bank will oversee the IPO.