Published in Breaking News

Huron Capital-backed XLerate Group acquires Grand Rapids Auto Auction

BY MiBiz Staff Wednesday, May 11, 2016 08:23am

GRAND RAPIDS — Indianapolis-based The XLerate Group has acquired Jenison-based Grand Rapids Auto Auction.

The deal represents the second acquisition in a year for The XLerate Group, which acquired Schoolcraft-based Greater Kalamazoo Auto Auction in May 2015. A portfolio company of Detroit-based private equity firm Huron Capital Partners LLC, XLerate provides dealer-to-dealer auto auctions for used vehicles.

“The Midwest market is an important part of XLerate’s expansion plans, and the addition of GRAA will help grow our presence with institutional, fleet/lease and dealer customers throughout the region and across our platform,” XLerate CEO Cam Hitchcock said in a statement.

Grand Rapids Auto Auction, located at 2380 Port Sheldon Ct., provides used vehicle remarketing to fleet and leasing companies and dealers in Michigan, Illinois and Ohio. Terms of the deal were undisclosed.

Through the acquisition, XLerate now has local auto auctions that operate 17 physical and mobile sites in Michigan, South Carolina, California, Texas, Wisconsin and Florida.

“This is an important next step in XLerate’s growth strategy,” Huron Capital Vice President Greer Love stated. “We have now completed two add-on acquisitions to the XLerate platform, and are actively reviewing several other opportunities that we believe would expand the XLerate footprint, introduce new customers and grow market share.”

For its deal for Greater Kalamazoo Auto Auction, XLerate was named a winner in the MiBiz M&A Deals and Dealmaker of the Year Awards in the $25 million to $150 million category.

Read 3514 times Last modified on Wednesday, 11 May 2016 08:32