Tuesday, 31 October 2006 17:00

ADESA acquires 3 Texas salvage auctions

ADESA Impact, a unit of ADESA's Auction Services Group, has acquired three independent salvage auctions in the state of Texas, according to ADESA, Inc. (NYSE: KAR), provider of wholesale vehicle auctions and used vehicle dealer floorplan financing.

"These acquisitions position ADESA Impact as a major player in the second largest U.S. salvage market," said David Gartzke, CEO and chairman of ADESA, Inc. "We anticipate the transactions will be accretive in their first full year of operation.

"Each of the Texas salvage auctions has experienced staff and solid client relationships to build upon," Gartzke continued. "We look forward to working with our new employees to continue the excellent customer service at these locations and to introduce ADESA's full range of products and services to our customers."

ADESA also operates used vehicle auction sites in Austin, Dallas, Houston and San Antonio. The acquisitions bring to six the total number of auctions added to ADESA Impact this year, increasing the total number of ADESA Impact salvage auctions operating in North America to 42.

Read 2261 times