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Auto auctioneer sells business
An auto auctioneer in the area has sold his business to a national auto auction firm.
Huron Capital Partners said yesterday that its portfolio company The XLerate Group, a dealer-to-dealer auto auctioneer based in Indianapolis, has acquired Jenison-based Grand Rapids Auto Auction.
Terms of the deal were not disclosed.
Founded in 1948, Grand Rapids Auto Auction is a “dealer-only” auctioneer, serving companies in Michigan, Illinois and Ohio.
The deal is XLerate’s second expansion into Michigan, following its acquisition of Greater Kalamazoo Auto Auction in 2015.
Grand Rapids Auto Auction is now the seventh member of XLerate Group, which has physical and satellite operations in South Carolina, California, Texas, Michigan, Wisconsin and Florida.
“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,” said Cam Hitchcock, CEO, XLerate Group.
“(Owner) 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.”