Indianapolis-based Auction Broadcasting Co. LLC has been acquired by a fellow auto auction company, Dallas-based America’s Auto Auction Inc.
Employees at Auction Broadcasting Co.’s Indianapolis office were informed of the sale on Friday, an employee told IBJ. The firm does business in eight states.
Neither of the companies’ web sites included mention of the deal as of Wednesday morning, and IBJ was unable to reach executives of either company. But Facebook pages that appear to be associated with each company posted a brief statement about the acquisition.
“America’s Auto Auction is proud to announce the acquisition of Auction Broadcasting Company. This consolidation will allow greater potential for dealers, fleet and lease, and institutional customers,” America’s Auto Auction President and CEO Ben Lange said in a statement posted to both companies’ Facebook accounts.
“The culture of both companies is built around providing quality service to our customers and employees. I am personally looking forward to meeting with customers and employees over the next several weeks,” Lange’s statement said.
A Twitter account bearing the name of Auction Broadcasting Co. executive Jason Hockett also posted information on the acquisition.
Hockett and Lange are out of their offices traveling this week, according to employees. IBJ was unable to reach either man via email or social media.
The publications Automotive News and Auto Remarketing are also reporting the news, citing those social media postings.
Auction Broadcasting was founded in 2000 by business partners Michael Hockett, Jerry Williams and Larry Wechter. All three had previously been at ADESA Corp., which is a business unit of Carmel-based KAR Auction Services.
The executives sold their interest in ADESA in 1996 because of differences in management style between them and the company’s then-majority-owner, Minnesota Power & Light, according to an IBJ story from April 2000.
In addition to its headquarters location at 1919 S. Post Road, Auction Broadcasting operates auction sites in Baton Rouge, Louisiana; Birmingham, Alabama; Bowling Green, Kentucky; Perrysburg, Ohio; Lancaster, Pennsylvania; Virginia Beach, Virginia; and St. Louis.
A Cincinnati auction site is listed on the company’s website, but it is not included in the operations map that was shared on social media.
America’s Auto Auction has 12 auction sites in seven states: Texas (Dallas, Austin and two Houston-area sites); Pennsylvania (Pittsburgh and Harrisburg); Florida (Jacksonville and Pensacola); Greenville, South Carolina; Tulsa, Oklahoma; Atlanta; and Chicago.