complete the sale of its European car auction business soon, a British paper has reported.

The business, put up for sale in May, is expected to fetch between $298 million and $345 million, Bloomberg business news said, citing the Sunday Times.

A consortium of investors, including management consultant Mr. Rick Grogan, is believed to be the front runner of three bidders, the paper said.

But a spokesperson for ADT said the company has made no new announcements about its previously plans to sell the auction division.

"ADT is not making any comment (on British press articles),'' said ADT marketing director Ms Angela Entwistle.

"We announced in May that division was up for sale.

Earlier this month ADT, with head offices in Boca Raton, Florida, formed an alliance with Rockwell International Corp. to create a roadside emergency response network in the US.

The company has offices across North America and Europe.