For Immediate Release
ADESA Announces Agreement to Acquire Sanford Auto Dealers Exchange
CARMEL, Ind.—ADESA, a business unit of KAR Auction Services (NYSE: KAR), today announced it has signed a definitive agreement to acquire Sanford Auto Dealers Exchange (SADE) in Sanford, Florida.
This location joins four other ADESA auctions in the region: ADESA Sarasota, ADESA Tampa, ADESA Jacksonville and ADESA Ocala.
“The addition of Sanford Auto Dealers Exchange expands our geographic footprint in the large, robust car market in central Florida,” said ADESA President and CEO Stéphane St-Hilaire. “It is the perfect fit for bringing our end-to-end vehicle remarketing services and comprehensive online solutions to customers in and around that thriving market. I look forward to having Mike Tumminello and his experienced team join ADESA.”
The modern, 70-acre facility is conveniently located just north of Orlando, near the I-4 and 417 Greenway. It has six fully automated auction lanes, along with full-service reconditioning facilities, including a body shop and mechanic shop. The auction will be renamed ADESA Orlando, and Mike Tumminello, president of SADE, will remain as general manager.
“For the past 24 years, Sanford Auto Dealers Exchange has strived to provide the best customer service possible to car dealers in the Orlando area,” said Tumminello. “I am proud of the accomplishments of my team, and I look forward to taking our service to the next level with ADESA.”
This transaction includes The Ocala Auto Dealers Exchange (OADE) in Ocala, Florida. This auction will merge and move to the ADESA Ocala location. The closing of this transaction is subject to customary conditions and is expected to close in the second quarter of 2016.
ADESA offers a full 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 66 auction locations across the United States, Canada and Mexico. The company also builds and manages online sale platforms for many major vehicle manufacturers. The company’s online auction venues include ADESA LiveBlock, which simulcasts vehicles worldwide; and ADESA DealerBlock, which offers two ways to buy: bid-now sales events or buy-now pricing 24/7. ADESA is part of the KAR Auction Services family of companies. Visit ADESA.com for details.