Groove Car Strikes Alliance With Adesa Auto Auction
HAUPPAUGE, NY, Aug. 17 – GrooveCar, Inc., a financial intermediary based here today announced it has signed a remarketing agreement with ADESA Long Island, a subsidiary of ADESA, Inc. (NYSE:KAR), North America’s largest publicly traded provider of wholesale vehicle auctions and used vehicle dealer floorplan financing.
The agreement is part of GrooveCar’s initiative to help credit union and auto dealer constituencies align themselves with more effective inventory solutions.
Terms of the agreement were not disclosed.
“One of the problems with leased or financed vehicles is disposing of ‘repos’ (repossessed autos) in a professional and orderly manner,” relates GrooveCar President David Jacobson. “This can be the bane of many of our credit union members – we serve over 20 – and our growing dealer network, which now exceeds 300. By contracting with an experienced and respected partner like ADESA Long Island, we are making life a lot easier and financially less burdensome for our customers and clients. This partnership also underscores that we are teamed up with the best.”
Commented ADESA Long Island Assistant General Manager Noel Nixon, “We move hundreds of vehicles through our Long Island auction every week and tens of thousands through our auction network each week. This partnership with GrooveCar helps us to better serve both our credit union partners and their members by leveraging our strength as an industry leader throughout North America to quickly get repossessed cars back in use and on the road again.”
In addition to conducting wholesale vehicle auctions, ADESA Long Island also offers a variety of auction-related services, including vehicle inspections and certifications, lot audits, reconditioning and mechanical and body shop services.
About GrooveCar, Inc.
Founded in October 2000, the privately held GrooveCar provides a comprehensive array of automobile and automotive services and products – shopping, buying, financing, ownership – for credit unions and credit union members, as well as access to motorcycles, recreational vehicles and boats. Additional information may be found at www.groovecar.com.
About ADESA, Inc.
Headquartered in Carmel, Indiana, ADESA, Inc. (NYSE: KAR) is North America’s largest publicly traded provider of wholesale vehicle auctions and used vehicle dealer floorplan financing. The company’s operations span North America with 54 ADESA used vehicle auction sites, 39 Impact salvage vehicle auction sites and 85 AFC loan production offices. For further information on ADESA, Inc., visit the company’s Web site at http://www.adesainc.com.
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