Following 48 years of operation in northeastern Ohio, the Akron Auto Auction is expanding its footprint within the industry with its June 1 acquisition of Value Auto Auction, according to a press release.
The deal will allow the operation to apply its blueprint and roadmap in southeastern Ohio. “We truly believe that this auction is a diamond in the rough," said Chad Bailey, president of Akron Auto Auction and former president of the National Auto Auction Association. "A strong dealer base, staff focused on exceptional customer service and exponential growth made this a no brainer.”
Value Auto Auction, founded by brothers Chris and Robert Fahey, sits on 32 acres just south of Zanesville in Crooksville, Ohio. The Thursday Sale began in 2004 with one lane and 70 units, and has grown to six lanes averaging over 600 units, making Value Auto Auction a fast growing weekly auction in the Midwest.
Value Auto Auction offers pre- and post-sale inspections; maintains a state-of-the-art photo booth and carwash; is fully simulcast with a growing online presence, and has a full transportation fleet including seven and four car carriers, rollbacks and tow trucks.
“What sealed the deal was talking to Bob and Chris and seeing their commitment to their customers and staff as well as their desire to grow on multiple levels,” Bailey said. “Being able to use our strong online and national presence as well as focus on the growing markets in southeast and central Ohio, gets our blood pumping on many levels. Factor in our strong in-house finance company that will be incorporated at Value Auto Auction, and we truly believe we are poised for massive success.”
Bailey reports that both Bob and Chris Fahey will stay on as consultants as Akron’s management/ownership staff will be onsite daily for the foreseeable future. Current partners Jeff Bailey, Joel Hamsher and Tricia Short joined Bailey for their official “first sale” and ribbon cutting on June 3 with the Faheys present to pass the torch.
The Akron Auto Auction, founded in 1973, consigns 1000+ vehicles weekly on Tuesday. Combined auction staff will exceed more than 300 employees who will be cross-trained to have the ability to work at each sale when necessary. Both auctions have full technology capabilities thru Auction Edge, employing a full complement of Digital Technology tools.
Value AA will join Akron AA as a member of ServNet Auctions, of which Bailey is president-elect and have representation thru industry consultants TPC Management.
See all comments