CARMEL, IN – ADESA Impact, a total loss vehicle auction subsidiary of ADESA, Inc., has acquired four independently owned salvage auctions. The acquisition of the "Ohio Connection," a group of Ohio salvage auction companies, expands ADESA Impact's regional coverage and is expected to be mildly accretive to ADESA's 2006 financial performance.
"The acquisition of the Ohio Connection allows us to expand our reach into the country's seventh-largest state," said ADESA Chairman, President and Chief Executive Officer David Gartzke.
The Ohio Connection auctions were formerly owned by three entities: the Ohio Valley Salvage Pool; the Cincinnati Auto Storage Pool; and the Ohio Valley Salvage Pool of Columbus. The four Ohio locations are: New Philadelphia (serving Canton and Akron); Loraine (serving Cleveland and Toledo); Amelia (serving Cincinnati and Dayton); and Grove City (serving Columbus). These locations handle approximately 20,000 vehicles per year, which will represent about 10-percent growth of ADESA Impact's salvage business.
The terms of the sale were not disclosed.
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