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Manheim Auctions Signs Definitive Agreement to Acquire ADT

14 January 2000

Manheim Auctions Signs Definitive Agreement to Acquire ADT

    ATLANTA, Jan. 14 -- Manheim Auctions, Inc. today announced
that it has signed a definitive agreement to acquire ADT Automotive Holdings,
Inc., a wholesale auto auction company with 28 U.S. locations.  ADT is
currently a subsidiary of Tyco International.

    Executive Comment
    Dennis Berry, President and CEO of Manheim Auctions said: "Our agreement
with ADT will bring both companies' customers and employees the best of both
organizations.  The combination of Manheim and ADT will provide a new
generation of remarketing services to dealers, manufacturers and finance
companies. The result will be a stronger, better company with the best
services in our industry."
    "When the merger of the two companies is completed, I would say that
everyone at ADT Automotive can take great pride in the fact that we are
handing over a business that has never been in better shape," said Tony
Moorby, President and CEO of ADT.  "The opportunities in the used car business
are more exciting than they have ever been, and we welcome the chance to
pursue those opportunities in concert with a company with whom we have always
shared a strong mutual respect.
    "Obviously, until the deal is consummated, we will continue to operate as
ADT Automotive, and no changes will take place," added Moorby, who helped
found ADT in 1992.

    About Manheim Auctions
    Manheim Auctions has set the standard for quality in the wholesale
automotive auction industry for more than 55 years.  With locations in the
United States, Canada, Puerto Rico, France, the United Kingdom and Australia,
the company is dedicated to helping dealers succeed, and to enabling auto
manufacturers, fleet and lease companies, and banks to sell their used car
inventories efficiently and effectively.  Manheim Auctions is a leading
innovator in automotive e-commerce with Manheim Online, Manheim's CyberLots,
and the Manheim Market Report, an Internet-based vehicle value guide.  The
company also offers reconditioning and certification services, dealer floor
planning, dealer business software, and government auction services.
    Manheim Auctions is a member of the National Auto Auction Association
(NAAA), a trade organization for wholesale automobile auctions.  The NAAA has
more than 300 members worldwide, 260 of which are located in the United
States.  Manheim Auctions is a fully owned subsidiary of Cox Enterprises, Inc.