The LGB technology allows auction houses to broadcast their auctions through simultaneous audio and video feeds to all participating Internet users from any location.
LGB, which will be renamed LiveBlock Auctions International, Inc., will continue to provide services to LGB’s current customers and to other independent auctions in the vehicle re-marketing industry. ADESA has used LGB’s bidding product under the name “LiveBlock” since 2004 and has owned approximately 18 percent of LGB on a fully diluted basis since 2005.
Jim Hallett, president and chief executive officer of ADESA, stated, “LGB has been instrumental in helping ADESA develop and deploy our LiveBlock product, and we are very excited to have them join ADESA.” Hallett further added, “This acquisition demonstrates ADESA’s full commitment to enhancing and expanding its e-business product line, which includes LiveBlock, DealerBlock, ADESA Market Guide, Notify Me and numerous private-label programs.”
John Nordin, KAR Holdings, Inc.’s executive vice president and chief information officer, stated, “I am looking forward to working with a very talented group of people in developing the next generation of Internet auction products for the vehicle remarketing industry.” Nordin further stated, “ADESA intends to continue to provide the same high level of service that LGB has provided its customers in the past.”
LGB was founded in 1999 by Barry White, LGB’s former chief executive officer. White stated, “We’ve been fortunate to run a successful technology business in support of the vehicle remarketing industry for the past nine years. ADESA has been a valued customer and partner during that time, and we are thrilled to know that our legacy will continue under ADESA’s strong management.”
ADESA offers a full range of auction, reconditioning, logistical and other vehicle-related services to meet the remarketing needs of both its institutional and dealer customers. With 60 auction locations in the United States, Canada and Mexico, strategically located near metropolitan areas with a large concentration of used vehicle dealers, the company is well positioned to host both physical and Internet auctions. Through its related subsidiaries of AutoVIN(R) and PAR North America, it is also able to provide additional services including inspections, inventory audits and remarketing outsourcing solutions including a network of repossession agents, titling and auction sale representation. Visit ADESA.COM for details.
Forward-Looking Statement Disclaimer
The statements in this release should be read in conjunction with the financial statements and notes thereto included in KAR Holdings, Inc.’s filings with the SEC, including its Quarterly Reports on Form 10-Q and Special Report pursuant to Rule 15d-2. The statements contained in this release that are not historical facts are forward-looking statements. Forward-looking statements are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected, expressed or implied by such forward-looking statements. In some cases, you can identify forward-looking statements by use of words such as “may,” “will,” “should,” “anticipates,” “predict,” “projects,” “targeting,” “potential,” “or “contingent,” the negative of these terms, or other similar expressions. Actual results could differ materially from those discussed in or implied by forward-looking statements for various reasons, including those discussed in “Risk Factors” in KAR Holdings, Inc.’s Special Report and Form 10-Q. You should not place undue reliance on any forward-looking statements. Except as expressly required by the federal securities laws, the parties undertake no obligation to publish, update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason.