Business Services Industry
Auto Subsidiary of Duluth, Minn.-Based Firm to Buy Nine Auctions.(Knight Ridder/Tribune Business News)
Knight Ridder/Tribune Business News, June, 2000
Jun. 28--A Duluth-based corporation that's already a big wheel in the used auto business will likely be growing even larger.
Minnesota Power Inc. announced Tuesday that its ADESA auto auction subsidiary has signed a letter of intent to buy eight ADT Automotive auctions and one Manheim auction, all from Manheim Auctions.
For the twelve months ended May 31, 2000, these nine auctions sold approximately 400,000 vehicles and generated roughly $130 million in revenue.
ADESA sold about 1 million vehicles last year.
The auctions involved are: Southwest Auto Auction, Phoenix; Golden Gate Auto Auction, San Francisco; Southern States Vehicle Auction, Atlanta; Metro Auto Auction, Kansas City; Puget Sound Auto Auction, Seattle; Colorado Springs...
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