UCN_01 REVISED
9/16/09
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September 21, 2009
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ADESA Announces Return to Wall Street ADESA is going public for the third time. KAR Holdings Inc., the auction chain’s parent company, filed a registration statement with the Securities and Exchange Commission for a p r o posed initial public offering of its Jim c o m Hallett m o n stock. KAR intends to apply to list its common stock on the New York Stock Exchange. The IPO’s timing depends upon several factors, including market conditions, a company release reported. Goldman, Sachs & Co. will act as an underwriter of the proposed offering. KAR owns ADESA, Automotive Finance Corp., Insurance Auto Auctions Inc. and other related ventures.
The company realigned its management recently. Jim Hallett has been appointed chief executive officer, replacing Brian Clingen who will remain as chairman of the board of KAR Holdings. Tom Caruso, ADESA’s current chief operating officer, will assume Hallett’s previous role as chief executive officer and president of ADESA. Jim Hallett said Caruso is a great choice to replace him as CEO. “Tom has been an integral part of the success ADESA has achieved both internally with employees and externally with customers,” Hallett said. “Tom Caruso’s character, reputation and tremendous work ethic will enable him to very effectively transition to this new leadership role.” Caruso returned the compliment. “I am very excited about my new position at ADESA,” he said. “I am blessed to be able to work with the great team that Jim Hallett has assembled at the corporate office and in the field. In my new role, I will focus on providing leadership to all of the employees of ADESA while ensuring we provide exceptional service to all of our customers.” Caruso said his immediate attention is on preparing his move to Indiana from Boston, which will be a big change. “That has been the number one question everyone is asking me, because I am such a Boston guy,”
Rush - Dated Material
By Jeffrey Bellant
he said. Caruso said his time spent in his previous position – and his involvement with the National Auto Auction Association – will help him better perform his new job. “I have been fortunate that over the last nine years as a regional vice president, then COO of ADESA, I have been responsible for managing the day-to-day operations at our auctions and also have worked with all of the ADESA and KAR Holding business units. In addition I had the honor of representing our industry as NAAA president in 2006,” he said. Clingen said Hallett’s appointment as CEO is also well-deserved. “These moves reflect the tremendous accomplishments that Jim and the KAR Holdings leadership team have achieved in what has been an extremely challenging environment,” Clingen said. “The board of directors and I look forward to working with Jim in his new role as he leads the continued growth and success of KAR Holdings.” Hallett said under his leadership the company will build on the foundation the leadership has established. “I’m honored to follow Brian as the next CEO of KAR Holdings and am excited to assume this new role,” Hallett said. “Over the last two-and-half years since the formation of KAR Holdings and its family of companies, I believe we have grown into a cohesive company with a reputation for outstanding service to all of its customers.”
IN THIS ISSUE • Economic recovery depends on improved employment outlook. – Page 3
• Interviews with the incoming and outgoing NAAA presidents. – Page 8
• Auction chain expands by adding sale in Tennessee. – Page 5
• Check out the Top Auction Guide. – Insert