For Immediate Release
Executive Vice President and Chief Financial Officer
OPENLANE Strengthens Management Team with Key Appointments
Carmel, Ind. – KAR Auction Services, Inc. (NYSE:KAR) today announced three key appointments to the executive management team of OPENLANE. In the U.S., Jason Ferreri has been appointed senior vice president in charge of commercial sales, and Tim Zierden has added responsibility for OPENLANE’s dealer sales within his capacity as senior vice president of dealer services for ADESA, Inc. In Canada, Trevor Henderson has assumed the position of managing director for OPENLANE while retaining his eBusiness and business development responsibilities for ADESA.
Commenting on the executive appointments, Peter Kelly, CEO and president of OPENLANE, stated, “I’m delighted to have Jason, Tim and Trevor on the OPENLANE team. Given their extensive industry experience and expertise, I’m confident that they’ll be great additions to the OPENLANE management team, helping bring OPENLANE and ADESA closer together, so we can provide our institutional and dealer customers the best upstream, mid-stream and downstream solutions for their remarketing needs.”
Previously, Ferreri was vice president of eBusiness sales and operations for ADESA, with responsibility for all of ADESA’s U.S. private label Internet remarketing initiatives. Prior to assuming his eBusiness role, Ferreri was vice president of sales for ADESA, where he focused on working with ADESA’s many commercial accounts.
Since joining ADESA in 2009, Zierden has led the company’s dealer services division, overseeing the growth in dealer consignment and related services across the ADESA U.S. organization. Previously, Zierden held executive level positions with DealerTrack and the JM Family, as well as CarMax. Zierden will continue to report directly to Tom Caruso, chief executive officer and president of ADESA, and will provide an aligned solution for all dealer activity at ADESA and OPENLANE.
Henderson was vice president of eBusiness and business development for ADESA Canada, where he was responsible for guiding the development and implementation of strategic online programs and services for ADESA’s commercial and dealer customers. Prior to joining ADESA, Henderson served in various product planning and strategic roles within a software development company focused on providing fleet maintenance and dealer service solutions.
Caruso commented, “Dealer consignment continues to be a major focus at ADESA and with the addition of OPENLANE, I feel we’re better positioned than ever to serve our dealers with end-to-end remarketing solutions that include both an industry leading Internet platform as well as 70 physical locations throughout North America.”
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and which are subject to certain risks, trends and uncertainties. In particular, statements made that are not historical facts may be forward-looking statements. Words such as “should,” “may,” “will,” “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “contemplates” and similar expressions identify forward-looking statements. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results projected, expressed or implied by these forward-looking statements. Such forward-looking statements include statements regarding the proposed transaction. Factors that may cause actual results to differ materially include the risk that the businesses will not be integrated successfully, risks that KAR may not be able to achieve the expected synergies from the transaction and risks of disruption from the transaction. Factors that could cause or contribute to such differences include those matters disclosed in KAR’s Securities and Exchange Commission filings. KAR does not undertake any obligation to update any forward-looking statements.
About KAR Auction Services
KAR Auction Services, Inc. (NYSE: KAR) is the holding company for ADESA, Inc., a provider of wholesale used vehicle auctions whose operations span North America with 70 used vehicle sites, Insurance Auto Auctions, Inc., a leading salvage auto auction company whose operations span North America with 159 sites and Automotive Finance Corporation, a leading provider of floorplan financing to independent and franchised used vehicle dealers with 89 sites across North America. For further information on KAR Auction Services, Inc., ADESA, Inc., Insurance Auto Auctions, Inc. or Automotive Finance Corporation, visit the company’s Web site at www.karauctionservices.com.