A subsidiary of Carmel-based KAR Auction Services Inc. (NYSE: KAR) has agreed to another acquisition. The ADESA Inc. deal involves Sanford Auto Dealers Exchange and the Ocala Auto Dealers Exchange, giving the Hoosier company a presence in five cities in northern Florida.
The Sanford operation will be renamed ADESA Orlando and SADE President Mike Tumminello will be general manager. Sanford is located just north of Orlando. The facility covers 70-acres and includes six auction lanes, reconditioning, body work and mechanic shop services. The Ocala exchange will close and be folded into the company’s existing ADESA Ocala location.
ADESA Chief Executive Officer Stéphane St-Hilaire calls the region "robust" and says "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."
The transaction is slated to close in the second quarter.