Brightstar Capital Companions- Backed XLerate to Be a part of Forces with America's Auto Public sale – PR NewswireAugust 19, 2022
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Mixture Creates a Main Participant in Car Public sale Market
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Dec 22, 2021, 10:57 ET
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CARMEL, Ind. and DALLAS, Dec. 22, 2021 /PRNewswire/ — XLerate Group ("XLerate"), a number one nationwide car public sale and remarketing firm owned by associates of Brightstar Capital Companions ("Brightstar"), introduced at this time that it has signed a definitive settlement to accumulate America’s Auto Public sale ("AAA"), one other main car public sale supplier. The strategic mixture of XLerate and AAA will create one of many nation’s premier suppliers of auto auctions and associated financing to allow the remarketing of automobiles, delivering crucial providers and liquidity to the car ecosystem. Phrases of the transaction weren’t disclosed.
Headquartered in Carmel, Indiana, and Dallas, Texas, respectively, XLerate and AAA can have a complete of 39 public sale websites throughout 19 states, in addition to rising digital and cell public sale companies and associated financing. Brightstar would be the controlling shareholder of the corporate, which is able to function beneath the management of the present XLerate government workforce: Cam Hitchcock, Chief Govt Officer; Chuck Tapp, EVP/Chief Income Officer; and Charles Kunkel, EVP/Chief Monetary Officer.
"The unbiased car public sale sector is poised for vital development, as shopper demand expands, and know-how continues to reinforce the remarketing course of," stated Mr. Hitchcock, Chief Govt Officer of XLerate. "We’re thrilled to welcome our gifted colleagues at AAA, and respect the belief positioned in us by Brightstar. Collectively, we are going to develop a platform constructed on lasting relationships and superior service that leverages one of the best of digital and bodily choices, and additional redefines the remarketing business."
"Since founding AAA in 2000, now we have expanded to 23 areas throughout 15 states and developed a complete and trusted public sale course of, from car reconditioning, by way of bodily or on-line public sale bidding, financing and check-out," famous Ben Lange, AAA’s President and CEO. "I look ahead to the mixed firm constructing on this stable basis and benefiting our workers, suppliers and prospects."
"We’re excited to construct one of many main platforms within the public sale market," stated Gary Hokkanen, Companion at Brightstar. "The distinctive expertise and experience of the XLerate and AAA groups, enhanced attain of the mixed public sale website networks, and Brightstar’s entry to monetary and operational sources, will be certain that this firm continues its development trajectory as an important a part of the car gross sales ecosystem."
"Our funding in AAA, following our earlier acquisition of XLerate, clearly signifies our confidence within the car public sale market and its value-creation potential for Brightstar traders," stated Andrew Weinberg, Founder & CEO at Brightstar. "With an expansive community, unparalleled workforce, and expanded sources, Cam and his workforce are well-positioned to capitalize on the thrilling prospects for this sector of the financial system."
Kirkland & Ellis, LLC is appearing as authorized advisor to XLerate and Jefferies LLC is appearing as monetary advisor. Katten Muchin Rosenman LLP is appearing as authorized advisor to America’s Auto Public sale and Harris Williams is appearing as monetary advisor.
About America’s Auto Public sale
America’s Auto Public sale ("AAA") is a number one full-service car public sale providers supplier that facilitates the remarketing of automobiles. Based mostly in Dallas, Texas, AAA facilitates the promoting and shopping for of automobiles, primarily by way of 23 bodily public sale websites throughout 15 states. The Firm additionally has a financing affiliate, Public sale Credit score Enterprises. For extra data, please go to www.americasautoauction.com.
About XLerate Group
XLerate Group is a number one full-service public sale providers supplier that facilitates the remarketing of automobiles, delivering a crucial liquidity perform to for the car gross sales ecosystem. Based mostly in Carmel, IN, XLerate facilitates the promoting and shopping for of automobiles at bodily public sale websites throughout 13 states in addition to on digital platforms. The Firm additionally has a full-service financing affiliate, XL Funding. The corporate’s day by day mission is easy and easy: present the best high quality service and operational execution for sellers and institutional prospects. For extra data, please go to https://www.xlerategroup.com.
About Brightstar Capital Companions
Brightstar Capital Companions is a personal fairness agency targeted on partnering with distinctive households, founders, entrepreneurs and administration groups the place the agency is ideally positioned to drive worth creation. Brightstar employs an operationally intensive strategy that leverages its in depth expertise and relationship community to assist firms attain their full potential. For extra data, please go to https://brightstarcp.com.
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SOURCE XLerate Group
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