XLerate Group Expands Operations in Michigan
Detroit, MI – May 9, 2016 – Huron Capital Partners LLC (“Huron Capital”) announced today that its auto auction portfolio company, The XLerate Group, (“XLerate”), has acquired Grand Rapids Auto Auction (“GRAA”). This deal marks the second expansion in Michigan by XLerate, following its 2015 acquisition of Greater Kalamazoo Auto Auction.
In continuous operation since 1948, GRAA is now the seventh member of the XLerate Group (f/k/a American Auto Auction Group), which has an established group of auctions with physical and satellite sale operations in California, Texas, Florida, South Carolina, Wisconsin and Michigan. GRAA provides used vehicle remarketing services to national institutional and fleet/lease companies as well as dealer customers in Michigan, Illinois and Ohio.
XLerate CEO Cam Hitchcock stated, “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. Mark Capel and his team at GRAA have built a strong name and reputation, and we look forward to working with them to continue to grow the GRAA business.”
“This is an important next step in XLerate’s growth strategy,” said Greer Love, Huron Capital Vice President. “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.”
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