CARMEL, Ind. and DALLAS, Dec. 30, 2021 /PRNewswire/ -- XLerate Group ("XLerate"), a leading nationwide vehicle auction and remarketing company owned by affiliates of Brightstar Capital Partners ("Brightstar"), announced today that it has completed its acquisition of America's Auto Auction ("AAA"), another leading vehicle auction provider. Terms of the deal, which was first announced on December 22, were not disclosed.
Headquartered in Carmel, Indiana, and Dallas, Texas, respectively, XLerate and AAA will have a total of 39 auction sites across 19 states, as well as growing digital and mobile auction businesses and related financing. Brightstar will be the controlling shareholder of the company, which will operate under the leadership of the current XLerate executive team: Cam Hitchcock, Chief Executive Officer; Chuck Tapp, EVP/Chief Revenue Officer; and Charles Kunkel, EVP/Chief Financial Officer.
"This expansion of our business and capabilities comes at a very exciting time for the industry," said Mr. Hitchcock. "We're looking forward to growing this combined company in partnership with our new colleagues from AAA. Our cooperative efforts will allow us to truly become a leading player within the vehicle remarketing sector - in terms of offering our customers the best physical and digital auction services, including financing solutions tailored to their needs."
"We are very pleased to play a part in bringing together AAA and XLerate," said Gary Hokkanen, Partner at Brightstar. "Combining these respected companies creates an impactful opportunity to provide best-in-class services to dealers and institutional customers throughout our expanding geographical footprint while benefiting all stakeholders, including employees and our investors."
About America's Auto Auction America's Auto Auction is a leading full-service vehicle auction services provider that facilitates the remarketing of vehicles. Based in Dallas, Texas, AAA facilitates the selling and buying of vehicles, primarily via 23 physical auction sites across 15 states. AAA also has a financing affiliate, Auction Credit Enterprises. For more information, please visit www.americasautoauction.com.
About XLerate Group XLerate Group is a leading full-service auction services provider that facilitates the remarketing of vehicles, delivering a critical liquidity function for the vehicle sales ecosystem. Based in Carmel, IN, XLerate facilitates the selling and buying of vehicles at physical auction sites across 13 states as well as on digital platforms. XLerate also has a financing affiliate, XL Funding. The company's daily mission is simple and straightforward: provide the highest quality service and operational execution for dealers and institutional customers. For more information, please visit https://www.xlerategroup.com.
About Brightstar Capital Partners Brightstar Capital Partners is a private equity firm focused on partnering with exceptional families, founders, entrepreneurs and management teams where the firm is ideally positioned to drive value creation. Brightstar employs an operationally intensive approach that leverages its extensive experience and relationship network to help companies reach their full potential. For more information, please visit https://brightstarcp.com.
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SOURCE XLerate Group