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Adesa Acquires Sanford Auto Dealers Exchange Used Vehicle Auction in Florida.

MANews-(C)2009-2016

12 May 2016 - US-based auto auctioneer KAR Auction Services (NYSE: KAR) Adesa unit has completed the acquisition of Sanford Auto Dealers Exchange in Sanford, Florida, the company said.

Terms of the deal were not disclosed.

This location expands the company's presence in the Florida market and joins four other Adesa auctions in the region: Adesa Sarasota, Adesa Tampa, Adesa Jacksonville and Adesa Ocala.

The auction will be renamed Adesa Orlando, and Mike Tumminello, former president of SADE, will remain as general manager.

Adesa Orlando has six fully automated auction lanes, along with full-service reconditioning facilities, including a body shop and mechanic shop.

This transaction includes The Ocala Auto Dealers Exchange in Ocala, Florida. This auction's operations will be combined with and moved to the Adesa Ocala location.

Adesa offers a range of auction, reconditioning, logistical and other vehicle-related services to meet the remarketing needs of both its institutional and dealer customers.

The company handles virtually every stage of the used-vehicle lifecycle through its related subsidiaries of PAR North America, RDN, AutoVIN and CarsArrive.

Remarketing services include a variety of activities designed to transfer used vehicles between professional sellers and buyers.

Adesa hosts weekly sales at its 75 auction locations across the United States, Canada and Mexico.

The company also builds and manages online sale platforms for many major vehicle manufacturers.

Country: USA

Sector: Motor Vehicles

Target: Sanford Auto Dealers Exchange

Buyer: KAR Auction Services

Vendor:

Deal size in USD:

Type: Corporate Acquisition

Financing:

Status: Closed

Buyer advisor: , ,

Comment: Terms of the deal were not disclosed

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Publication:M & A Navigator
Geographic Code:1U5FL
Date:May 12, 2016
Words:258
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