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ADESA Boosts Southern Presence With Acquisition of Two Arkansas Auto Auctions

14 August 2000

ADESA Boosts Southern Presence With Acquisition of Two Arkansas Auto Auctions

    INDIANAPOLIS - ADESA Corporation is acquiring the Mid-Ark Auto Auction in 
Little Rock and Central Arkansas Auto Auction in Beebe, Ark. from Kelton 
Keathley. Together, the Mid-Ark and Central Arkansas auctions sold more than 
40,000 cars last year.

    Financial terms of the deal are not being disclosed.

    "These strategic acquisitions strengthen our presence in the South and
complement existing auctions in Shreveport, Memphis, Dallas, Houston, San
Antonio and Austin," said Jim Hallett, president of ADESA Corporation. "Kelton
Keathley, his family and employees have built a tremendous business over the
past 22 years, and we are honored to carry forward their legacy. ADESA will be
able to offer Arkansas customers additional services, including auto
financing, transportation and remarketing."

    With completion of these and other recently announced acquisitions, ADESA
will operate 57 auctions across North America.

    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, Minn.  In addition to ADESA, 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; Professional Auto Remarketing (PAR) which sells
vehicles and provides other value-added services through a nationwide network
of auctions; and Great Rigs, Inc., one of the nation's largest independent
transport carriers of used automobiles.