KAR Completes $283M Acquisition
CARMEL - A subsidiary of Carmel-based KAR Auction Services Inc. (NYSE: KAR) has completed the acquisition of eight auctions in the western U.S. ADESA Inc. acquired the auctions from the Brasher family, including its floor plan financing business, for $283 million.
ADESA says the key corporate and local auction personnel with Brasher's will maintain leadership roles at the auctions. The acquisition means ADESA now owns 74 whole car auction locations throughout the United States, Canada and Mexico.
"Finalizing the acquisition of these eight auction sites is great for our customers and our employees," said Jim Hallet, chairman and CEO of KAR Auction Services. "It allows us to provide an even wider assortment of services to dealers at these new locations and leverage the strength of the entire KAR group of companies. The Brasher family has a long history in our industry as a premier auto auction and is a great fit with our organization."
The eight locations will be renamed to ADESA Salt Lake, ADESA Brasher's (Sacramento), ADESA Portland, ADESA Boise, ADESA San Jose, ADESA Northwest (Eugene), ADESA Reno and ADESA Fresno.
Brasher's President John Brasher says his company is excited to become part of the KAR team.