XLerate Group, (formerly American Auto Auction Group) announced that the Rea family has repurchased XLerate’s Mid-South Auction in Pearl, Miss. Mid-South, originally founded in 1972, was formerly owned by the Rea family and operated under the name of Rea Brothers Mid-South Auction (RBMSA) until being acquired by American Auto Auction Group (AAAG) in 2010. Rea Brothers’ became a member of the XLerate Group when XLerate acquired AAAG in 2014.
Cam Hitchcock, CEO of XLerate commented, “Because of its strong industry reputation and market leadership, Rea Brothers’ was one of American Auto Auction Group’s initial acquisitions in 2010 and served as a cornerstone of AAAG’s buy-and-build strategy.”
Hitchcock continued, “Under XLerate’s brief ownership, Mid-South’s auction facility was rebuilt after an April 2014 tornado and received significant facility and technology upgrades. After weighing numerous strategic alternatives, we came to believe that this newly renovated sale can better serve Mississippi dealers in the hands of the Rea family.”
John Rea, the Managing Partner of Rea Brothers’ Mid-South Auction when it was sold to AAAG, stated, “Our family owned and operated Rea Brothers’ Mid-South Auction for almost 40 years, and is proud of the brand and organization that we built through hard work, excellent customer service, and a clear sense of integrity and fairness. We are glad to have Mid-South Auction back in our family, and we look forward to continuing the personal level of dedication and involvement we have always had for our employees and our customers for four decades.”
Rea was also a past president of the National Auto Auction Association (NAAA) in 2007, during the Association's 60th Anniversary.