Southfield, Michigan — November 2016 — P&M Corporate Finance (“PMCF”) is pleased to announce that it served as the exclusive financial advisor to Flint Auto Auction ("Flint Auto Auction" or the "Company") of Flint, Michigan, a whole car auction, in its successful sale to KAR Auction Service (NYSE: KAR) of Carmel, Indiana.
"Fortifying KAR's presence in the epicenter of the U.S. automotive industry has been a long-term strategic priority," said Jim Hallett, chief executive officer and chairman of the board of directors, KAR Auction Services. "ADESA Flint enhances KAR's end-to-end remarketing platform in Detroit and positions us to accelerate growth in the very dynamic Midwest marketplace."
Founded in 1953 and located just northwest of the Detroit metropolitan area, Flint Auto Auction is a fully automated, eight-lane auction on 60 acres of land. It offers full-service reconditioning facilities, including a body shop and mechanical shop. The auction hosts factory, fleet and dealer sales each Wednesday and has received multiple industry recognitions based on service and performance. It earned the SmartAuction Mid-Stream Auction of the Year award for Ally Financial multiple times in recent years. U.S. Bank honored the auction with its Director's Award for 2013, and it was named auction of the year for General Motors in 2007 and 2008.
The shareholders of Flint Auto Auction selected PMCF to serve as the exclusive financial advisor for the transaction. Bill Williams, Jr., President, Flint Auto Auction noted, “PMCF was critical to the success of this transaction. Their consultation and investment banking expertise was instrumental in completing this transaction. I would highly recommend the PMCF team.”
KAR Auction Services, Inc. (NYSE: KAR), a FORTUNE® 1000 company, operates worldwide vehicle auction services and provides related services. Based in Carmel, Indiana, the KAR group of companies is comprised of ADESA, Inc. (ADESA), Insurance Auto Auctions, Inc. (IAA), Automotive Finance Corporation (AFC), and additional business units, with over 17,000 employees and 300 locations. Together, KAR's complementary businesses provide support, technology and logistics for the used vehicle industry. For more information, visit karauctionservices.com.