Detroit-area facility will
operate as ADESA Flint
CARMEL, Ind., Nov. 15, 2016 /CNW/ -- KAR Auction Services
(NYSE: KAR) today announced it has acquired Flint Auto Auction, a
whole car auction facility in Flint, Mich. The facility will
operate as ADESA Flint, strengthening the national footprint of
KAR's ADESA business unit and extending the reach of KAR's
integrated operating model.
"Fortifying KAR's presence in the epicenter of the U.S.
automotive industry has been a long-term strategic priority," said
Jim Hallett, chief executive officer
and chairman of the board of directors, KAR Auction Services.
"ADESA Flint enhances KAR's end-to-end remarketing platform in
Detroit and positions us to
accelerate growth in the very dynamic Midwest marketplace."
ADESA Flint joins the presence of KAR's other primary business
units, Insurance Auto Auctions and Automotive Finance Corporation,
in the Detroit market and is KAR's
6th location in Michigan. Together, these companies provide a
full range of whole car, salvage and financing solutions and a
differentiated suite of innovative products and technology
solutions.
"Flint Auto Auction has a successful 63-year history serving
customers in Michigan,
Ohio, Indiana, Illinois and beyond," said ADESA CEO and President Stéphane St-Hilaire. "By integrating ADESA's technology
solutions and complementary online, digital and mobile
capabilities, we will empower those buyers and sellers and simplify
their auction experience."
Located just northwest of the Detroit metropolitan area, Flint Auto Auction
is a fully automated, eight-lane auction on 60 acres of land. The
site also includes full-service reconditioning facilities,
including a body shop and mechanical shop.
"ADESA is a leading brand in the industry, and Flint Auto
Auction is very pleased to join their international network of
auctions," said Bill Williams, Jr.,
president, Flint Auto Auction. "Both companies share a culture of
innovation and a strong commitment to customer service. Joining the
KAR platform will help us meet the demands of our increasingly
sophisticated buyers and sellers, many of whom have been with us
for generations."
Lawrence Cubitt will remain as
general manager and additional members of the auction team will
maintain key leadership roles. The auction hosts factory, fleet and
dealer sales each Wednesday and has received multiple industry
recognitions based on service and performance. It earned the
SmartAuction Mid-Stream Auction of the Year award for Ally
Financial multiple times in recent years. U.S. Bank honored the
auction with its Director's Award for 2013, and it was named
auction of the year for General Motors in 2007 and 2008.
About KAR Auction Services
KAR Auction Services, Inc. (NYSE: KAR), a FORTUNE® 1000 company,
operates worldwide vehicle auction services and provides related
services. Based in Carmel,
Indiana, the KAR group of companies is comprised of ADESA,
Inc. (ADESA), Insurance Auto Auctions, Inc. (IAA), Automotive
Finance Corporation (AFC), and additional business units, with over
17,000 employees and 300 locations. Together, KAR's complementary
businesses provide support, technology and logistics for the used
vehicle industry. For more information,
visit karauctionservices.com.
Forward Looking Statements
Certain statements contained in this release include
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995 and which are subject to
certain risks, trends and uncertainties. In particular, statements
made that are not historical facts may be forward-looking
statements. Words such as "should," "may," "will," "anticipates,"
"expects," "intends," "plans," "believes," "seeks," "estimates,"
and similar expressions identify forward-looking statements. Such
statements are not guarantees of future performance and are subject
to risks and uncertainties that could cause actual results to
differ materially from the results projected, expressed or implied
by these forward-looking statements. Factors that could cause or
contribute to such differences include those matters disclosed in
the Company's Securities and Exchange Commission filings. The
Company does not undertake any obligation to update any
forward-looking statements.
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SOURCE KAR Auction Services