Auction Broadcasting sells site, invests in Net.(News)

Automotive News, April, 2006 by Sawyers, Arlena

Byline: Arlena Sawyers

Auction Broadcasting Co. LLC sold its vehicle auction site in Bradenton, Fla., to ADESA Inc. Revenue from the deal will enable Auction Broadcasting to strengthen its Internet sales capacity, company executives say.

The sale of the 61-acre site late was completed last month. Terms were not disclosed. Auction Broadcasting is the third-largest U.S. vehicle auction company. ADESA is No. 2, and Manheim is No. 1.

Auction Broadcasting CEO Mike Hockett Sr. said the Indianapolis company will invest proceeds from the sale in an Internet system called Auction Broadcasting Exchange. The system is designed to help remarketers work more efficiently with franchised dealerships on used-vehicle sales.

"We're going to give...

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