Consumers Financial Corp. announces sale of its auto auction business.CAMP HILL, Pa.--(BUSINESS WIRE)--Nov. 7, 1996--Consumers Financial Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CFIN CFin Computational Finance CFIN Combat Flight Inspection ) Thursday announced that is has finalized See finalization. the sale of the operating assets Operating Assets Another term for working capital. of its subsidiary, Interstate Auto Auction Inc., to ADESA Corp., located in Indianapolis, for an undisclosed cash amount. ADESA, one of the leaders in the auto auction business, is a wholly-owned subsidiary of Minnesota Power, and now owns 25 auctions throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . An ADESA spokesperson said the continued operation of the wholesale auto auction at its current location in Mercer will give ADESA a strong presence in Pennsylvania. Last week, Consumers announced that it had signed a definitive agreement to merge the corporation with a wholly-owned subsidiary of LaSalle Group Inc., a private insurance and financial management firm based in Philadelphia, for cash of approximately $11.9 million. James C. Robertson, Consumers Financial Corp.'s president, said, "The sale of our auction operations is part of our strategy to merge with the LaSalle Group, in as much as LaSalle is primarily interested in our core credit insurance business." Consumers Financial Corp., an insurance holding company, now operates through the following business units: the Automotive Resource Division, which provides management training and education services as well as credit insurance and other products to automobile dealers, and the Individual Life Insurance Division, which administers a small closed block of universal life business. CONTACT: Consumers Financial Corp., Camp Hill Christy L. Leo Leo, in astronomy Leo [Lat.,=the lion], northern constellation lying S of Ursa Major and on the ecliptic (apparent path of the sun through the heavens) between Cancer and Virgo; it is one of the constellations of the zodiac. , 717/761-4230 |
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