Auto Industry
Industry: Email Alert RSS FeedSpun off, ADESA says it's poised for takeoff.(News)
Automotive News, October, 2004 by Sawyers, Arlena
Byline: Arlena Sawyers
ADESA Inc. is ready to grow now that it is spun off from ALLETE Inc., company executives say.
Cameron Hitchcock, CFO of ADESA Inc., says the auto auction company could not expand when it was a subsidiary of ALLETE because ADESA could not invest in its own initiatives.
ALLETE owns water, electric and real estate companies. It competed with ADESA for capital and management attention.
As a separate company, ADESA can expand its auction sites and acquire others, Hitchcock says.
"Today ADESA is free to reinvest (its) cash flow for the benefits of its own shareholders,'' Hitchcock said here this month at the National Auto Auction Association convention.
ADESA of Carmel, Ind., is testing new...
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