Huron Capital Partners Recapitalizes Auto Remarketing Platform
Detroit, MI – May 22, 2014 -Huron Capital Partners (”Huron”) today announced the formation of an auto remarketing services platform and the simultaneous acquisition of American Auto Auction Group, LLC (“AAAG”). AAAG is a leading provider of dealer-to-dealer auction services with sites in South Carolina, Florida, Mississippi, Texas, California and Wisconsin.
In launching this buy-and-build initiative, Huron partnered with industry veteran Cam Hitchcock, who will join AAAG as CEO. Hitchcock is an experienced industry veteran having recently served as the Executive Chairman of Primeritus Financial Services and Partner at Elysian Advisors. Hitchcock has also served on the boards of two private equity-backed auction remarketing companies. Earlier, he was President and CEO-Dealer Services Group and Corporate CFO of ADESA, Inc.
Hitchcock said “I am honored and excited to partner with Huron and the AAAG senior management team. We have closely watched the dealer sale market segment over the last 24 months and believe that there are significant opportunities to better serve dealer consignors in many U.S. markets. Our objective is to provide AAAG’s customers with highly responsive, tailored service offerings across multiple geographies. Huron has committed significant capital to enhance and scale this platform, and we look forward to deploying it.”
Peter Mogk, Senior Partner at Huron, added: “Huron is very excited to partner with the AAAG family of auctions, their employees, and customers to continue building what we believe is the preeminent national auction group focused primarily on dealer to dealer sales. In the years to come, we intend to make a difference in the lives of people by investing in our team and the communities we serve. We know from experience that value-added customer service begins with equipping our people with the best facilities, training and career opportunities. We believe we have ample resources dedicated to build, grow and acquire auctions that embrace technology and ever-changing customer needs.”
Certain information herein may contain forward-looking statements which are provided to assist the reader in understanding the beliefs and opinions with respect to future opportunities as perceived by Huron Capital and others quoted herein. These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance in future periods to differ materially from any projections or results expressed or implied by such forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The issuer of these statements undertakes no obligation to update forward-looking statements if circumstances or estimates or opinions should change except as may be required by applicable securities laws.