ADESA Acquires Independently Owned Salvage Auction in Pennsylvania
Purchase expands ADESA Impact's U.S. coverage
CARMEL, Ind., Feb. 23 -- ADESA, Inc. , North America's largest publicly traded provider of wholesale vehicle auctions and used vehicle dealer floorplan financing, announced today that it has completed the acquisition of an independently owned salvage auction in northeast Pennsylvania. The acquisition of the N.E. Penn Salvage Company expands the nationwide footprint of ADESA Impact, the company's total loss vehicle auction business.
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The acquisition expands Impact's salvage auction business in the mid- Atlantic region and positions Impact as the market leader in the area with the only salvage auction located in northeast Pennsylvania. The auction is located at 103 Thompson Street in Pittston, PA, just southwest of Scranton. The terms of the sale were not disclosed.
About ADESA Impact and ADESA, Inc.
ADESA Impact is the third largest salvage remarketing company in North America with 37 auction facilities in the United States and Canada. Headquartered in Carmel, Indiana, ADESA, Inc. is North America's largest publicly traded provider of wholesale vehicle auctions and used vehicle dealer floorplan financing. The company's operations span North America with 53 ADESA used vehicle auction sites, 37 Impact salvage vehicle auctions sites and 84 AFC loan production offices. For further information on ADESA, Inc. or ADESA Impact, visit the company's Web sites at http://www.adesainc.com/ and http://www.adesaimpact.com/ .
Forward-Looking Statements
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including among other statements, statements regarding ADESA's acquisition of N.E. Penn Salvage Company and the anticipated consequences and benefits of such transaction. Such statements are subject to certain risks, trends, and uncertainties that could cause actual results to differ materially from those projected, expressed or implied by such forward-looking statements. The statements are based on assumptions about important factors including: general business conditions; trends in new and used vehicle sales and incentives, including wholesale and used vehicle pricing; economic conditions, including fuel prices, exchange rate and interest rate fluctuations; competition; market trends; business development activities, including acquisitions; litigation developments; vehicle production; weather; and the other risk factors described in the company's Annual Report on Form 10-K, and other risks described from time to time in the company's filings with the Securities and Exchange Commission. Many of these risk factors are outside of the company's control, and as such, they involve risks that are not currently known to the company that could cause actual results to differ materially from forecasted results. The forward-looking statements in this document are made as of the date hereof and the company does not undertake to update its forward-looking statements
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