ADESA Acquires Pennsylvania Auto Dealers Exchange (PADE)

. February 8, 2008

ADESA announced that it has acquired Pennsylvania Auto Dealers’ Exchange (PADE), a used vehicle auction in York, Pennsylvania. This facility, which will be renamed ADESA PA, fills a void in this heavily populated mid-Atlantic region.

Founded in 1957 by Jake Hershey, Sr., PADE is one of the oldest and largest independently owned and operated vehicle auctions in the United States. It is still run today by second generation owners Jake Hershey, Jr., and cousin Skip Wolfgang. Spanning more than 140 acres, this site boasts 11 fully automated auction lanes and an 8,000-square-foot reconditioning facility with additional room for expansion.

The acquisition of PADE not only complements existing ADESA auctions in neighboring Syracuse, Buffalo and Long Island, New York, as well as ADESA New Jersey, but it also fills an opening in one of the most populated areas in the U.S. Easily accessible from all major metropolitan cities along the East Coast, PADE is strategically located to serve this vast dealer base.

“I have known Jake Hershey, Jr., and Skip Wolfgang since the early 1990s when we were all members of the ServNet organization,” said Jim Hallett, ADESA president and CEO. “Aside from being a great auction with a great history, they always impressed me with their integrity and their care for their employees and their customers.”

Bob Rauschenberg, ADESA vice president of sales and marketing, continues, “We feel there is tremendous room to expand our operations in Eastern Pennsylvania. With ADESA’s infrastructure and resources, this sale has phenomenal growth opportunities. I am very excited to work with the management of PADE to further develop our services for this high demand area of the country.”

PADE Owners Jake Hershey, Jr., and Skip Wolfgang conclude, “We’ve been fortunate to run a successful family business—servicing customers from 49 states and 33 countries—for the past 51 years. And now as we enter into retirement, it’s reassuring to know that this will continue under ADESA’s strong management.”

This represents the fifth auction ADESA has acquired since Hallett and this management team returned to the leadership of ADESA in April 2007. The company continues to deliver on its growth promise to consolidate, acquire, relocate and expand auctions within the auto auction industry.

About ADESA

ADESA offers a full range of auction, reconditioning, logistical and other vehicle-related services to meet the remarketing needs of both its institutional and dealer customers. With 59 auction locations in the United States, Canada and Mexico, strategically located near metropolitan areas with a large concentration of used vehicle dealers, the company is well positioned to host both physical and Internet auctions. Through its related subsidiaries of AutoVIN® and PAR North America, it is also able to provide additional services including inspections, inventory audits and remarketing outsourcing solutions including a network of repossession agents, titling and auction sale representation. Visit ADESA.COM for details.

Category: Auction News

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