British Car Auctions (BCA), Europe's biggest used-vehicle marketplace, has scrapped plans for an IPO as "volatility in global equity markets" put the firm off.

In a letter to the stock exchange, BCA wrote: "Given the volatility in global equity markets, the Board and Shareholders of BCA Marketplace ("BCA") have chosen not to proceed with its initial public offering at this time.

"The Board and Shareholders were very encouraged by the broad engagement and interest in BCA shown by investors and remain excited about supporting the next phase of the Group's growth."

The owner had hoped to raise around £200m ($322m, €255m) via the IPO that was scheduled for November.

BCA's decision to back out of IPO plans follows on from several other major companies who have done the same recently.

Aldermore bank cancelled its London IPO last week because of deteriorating global stock markets. Virgin Money followed suit as the Richard Branson-backed company was "mindful of market conditions. It now expects admission to occur later than October 2014 and as soon as constructive market conditions allow."