The agreement, which covers the key assets and business of Factor Sales, will aim to increase the company’s presence in the aftermarket industry, which focuses on the market for automotive spare parts, accessories and maintenance services.

Nick Richardson, executive director of Automotive Insights & Research Services, said the company was excited to expand into the aftermarket industry through the acquisition of Factor Sales, which he added should aim to be “the mission-critical partner for any company that is serious about the aftermarket industry”.

Isaac Shalaan, co-founder and technical director at Factor Sales, added: “We are delighted to be joining such a highly regarded insights specialist, one that is eager to invest, innovate and enhance our proposition.”

Nigel Morris, commercial director at Automotive Insights, also said: “We believe that Factor Sales fits perfectly in our offering, and we look forward to sharing our exciting plans for the business in due course.”