ADESA Corporation Appoints Executive Vice President of Marketing and Strategic Planning

1 June 2000

ADESA Corporation Appoints Executive Vice President of Marketing and Strategic Planning

    INDIANAPOLIS--June 1, 2000--ADESA Corporation today announced the appointment of Mr. Frank Stephens as Executive Vice President of Marketing and Strategic Planning.
    Mr. Stephens has served the past 22 years at DaimlerChrysler Corporation, most recently as Senior Manager, Vehicle Remarketing. In his new duties at ADESA, Mr. Stephens will be a key member of senior management focusing on sales, marketing and strategic planning, including planning the company's eCommerce initiatives.
    "We are extremely pleased to attract a person with Frank's credentials. He has been well respected for his industry knowledge and forward thinking while directing DaimlerChrysler's vehicle remarketing around the globe for the past four years," said Jim Hallett, President and CEO of ADESA Corporation. "We believe the skills and experience he has gained at DaimlerChrysler will greatly benefit the customers of ADESA as we continue to expand and enhance the automotive services we provide."
    "I am very excited with the opportunity to assist ADESA in becoming one of the premier automotive remarketing companies in North America," said Stephens. "DaimlerChrysler has provided a wonderful career and opportunities for me and my family over the past 22 years for which I am eternally grateful."
    ADESA Corporation is North America's second largest provider of wholesale vehicle remarketing services. The company is a wholly-owned subsidiary of Minnesota Power, Inc. , a multi-services company with corporate headquarters in Duluth, Minnesota. In addition to ADESA, Minnesota Power's automotive holdings include Automotive Finance Corporation, with more than 80 offices across North America, the leading provider of inventory financing for auto dealers who purchase vehicles at auction; PAR North America, which sells vehicles and provides other value-added services through a nationwide network of auctions; Great Rigs, Inc., one of the nation's largest independent transport carriers of used automobiles; and AutoVin, which provides vehicle inspection services throughout North America.