Press Release

North America’s largest publicly traded provider of wholesale vehicle auctions and used vehicle dealer floorplan financing, announced today that it has entered into an agreement to acquire N.E. Penn Salvage Company, an independently owned salvage auction in northeast Pennsylvania. The acquisition of the N.E. Penn Salvage Company will expand the nationwide footprint of ADESA Impact, the company’s total loss vehicle auction business.

“When completed, this acquisition will expand our salvage auction business into the mid-Atlantic region,” said ADESA Chairman, President and CEO David Gartzke. “It’s a good fit for Impact’s expansion strategy in that it allows us to enter as a market leader with the only salvage auction physically located in northeast Pennsylvania, as well as filling in our coverage area between recently acquired salvage auctions located all across Ohio and our existing strong presence in the country’s northeast and mid-Atlantic regions.”

According to ADESA Impact President Cheryl Munce, “The N.E. Penn Salvage acquisition will allow us to further enhance customer service via the addition of Impact’s full line of products and services. This is a great opportunity to join forces with a wonderful management team and an experienced staff. We look forward to working with them and our customers in the area.”

The auction is located at 103 Thompson Street in Pittston, PA, just southwest of Scranton. Completion of the transaction, which is anticipated to close at the end of February, is subject to customary closing conditions.

Posted: 02|15|06 at 10:16 am. Filed under: US News.