For Immediate Release
KAR AUCTION SERVICES ANNOUNCES THREE NEW BOARD MEMBERS
Nationally recognized business leaders bring fresh insight to KAR team
CARMEL, Ind., December 17, 2013—Carmel, Ind.-based KAR Auction Services, Inc. (NYSE: KAR), a provider of used vehicle auction services, announced today the appointment of three new members to its board of directors: Stephen Smith, Donna Ecton and Michael Kestner. Board positions took effect on December 16, 2013. KAR Auction Services, Inc. CEO Jim Hallett made the announcement.
“Smith, Ecton and Kestner have extensive experience in finance, operations and corporate development in a wide variety of industries. Each has demonstrated an ability to develop and implement strategies to facilitate long-term growth,” said Hallett. “The insight and perspective these three bring to the table will be an asset as we continue to grow KAR and its family of companies in 2014.”
Smith has extensive sales and operations expertise, specializing in customer and commercial financial service businesses. Smith served as senior vice president–financial services and director of Torrance, Calif.-based American Honda Finance Corporation, where he worked from 1985 to 2012. His accomplishments there include: strong dealer satisfaction rankings in the top two consistently on National Automobile Dealers Association surveys and numerous J.D. Power awards for customer satisfaction. He also significantly grew the consumer finance business and commercial financing portfolio.
Ecton joins the board with more than 35 years of executive-level management experience, having spent the majority of her career serving as a change-making leader for a range of consumer and business brands. She is currently the chief executive officer and chairman of Paradise Valley, Ariz.-based EEI Inc., a management consulting firm serving clients in a variety of industries including business services and e-commerce. She is also on the board of directors for Houston-based CVR, GP LLC; Jacksonville, Fla.-based Body Central Corp.; and Portland, Ore.-based Knowledge Schools LLC.
Kestner is a financial executive with 16 years of experience as a chief financial officer of two international companies. He currently serves as partner of Cleveland-based FocusCFO, a regionally based consulting group providing CFO services to small and mid- size businesses. Prior to his work with FocusCFO, Kestner served as executive vice president, chief financial officer and director of Hilite International, Inc.; chief financial officer of Cleveland-based Sinter Metals, Inc.; vice president of Columbus, Ohio-based Banc One Capital Partners; a member of Cleveland-based Wolfensohn Ventures LP and senior audit manager for KPMG.
About KAR Auction Services
KAR Auction Services, Inc. is the holding company for ADESA, Inc. (ADESA), Insurance Auto Auctions, Inc. (IAA) and Automotive Finance Corporation (AFC). ADESA is a leading provider of wholesale used vehicle auctions with 65 North American locations and its subsidiary OPENLANE provides a leading Internet automotive auction platform. IAA is a leading salvage vehicle auction company with 164 sites across the United States and Canada. AFC is a leading provider of floorplan financing to independent and franchise used vehicle dealers with 105 sites across the United States and Canada. Together, the Company provides a unique, comprehensive, end-to-end solution for its customers’ remarketing needs.