The review is being run through AAR and the incumbent MB Advertising is taking part in the process.
The process does not affect Mindshare, which holds the main Ford media account.
A Ford Retail spokesman said: "AAR are assisting Ford Retail in finding a partner who can deliver a strategic, creative approach to media planning and buying, following on from the centralisation of its marketing function.
"Ford Retail’s incumbent agency, MB Advertising, are fully aware of the plans and are taking part in the process."
The group recently moved to a centralised marketing operation and selected PR agency The Red Consultancy to work on its comms function, following a six-way pitch.
Ford Retail operates 65 Ford dealerships in the UK under local brand names including Dagenham Motors, PolarFord and Heartlands Ford. Ford Motor Company wholly owns the group.