The sale of Kwik-Fit, the automotive repair group that US motor giant Ford sold this month for 44% of the price it paid for it, has rekindled a fierce debate among investment bankers on the best way to dispose of such businesses.

Ford's difficulty in selling its subsidiary has provided ammunition to bankers who believe auctions often fail to fetch the best price for an asset in present markets. The difficulty, they say, is that all the power is in the hands of buyers and vendors can lose control of the process.