Investment bank Barrenjoey runs the sale process, with DataRoom indicating Pickles produces around $130m in annual EBITDA supporting a potential valuation north of $1bn.
Several interested buyers already appoint investment banking advisers to prepare for a competitive auction.
Private equity giants including Blackstone, EQT and Kohlberg Kravis Roberts are all reported to be lining up bids.
Attention also turns to industry strategics that could see major synergies in a deal.
Copart, a dominant force in online car auctions worldwide, is viewed as well placed to assess Pickles for expansion in Australia.
Ritchie Brothers, operating under omnichannel marketplace company RB Global, is also seen as a logical contender.
Their interest could push valuations higher as they weigh operational overlap and market share gains.
If Copart or RB Global secure Pickles, the transaction is expected to reshape the auction landscape in vehicle and industrial asset sales across Australia.
A private equity win would likely focus on operational optimisation and eventual exit rather than direct industry consolidation.
