With the acquisition of Charleston, S.C.-based American Auto Auction Group, Detroit-based Huron Capital Partners hopes to form a leading auto remarketing services platform devoted to the sale of used cars.
Over the last four years, AAAG has acquired several independent auction facilities and now provides auctions in California, Florida, Mississippi, South Carolina, Texas, and Wisconsin.
“Huron is very excited to partner with the AAAG family of auctions, their employees, and customers to continue building what we believe is the preeminent national auction group focused primarily on dealer-to-dealer sales,” says Peter Mogk, senior partner at Huron.
The private equity firm will invest in the company’s facilities, training, and career opportunities, Mogk says. “We believe we have ample resources dedicated to build, grow, and acquire auctions that embrace technology and ever-changing customer needs.”
Cam Hitchcock, previously executive chairman of Nashville-based Primeritus Financial Services, will serve as the company’s new CEO.
“We have closely watched the dealer sale market segment over the last 24 months and believe that there are significant opportunities to better serve dealer consignors in many U.S. markets,” Hitchcock says. “Our objective is to provide AAAG’s customers with highly responsive, tailored service offerings across multiple geographies. Huron has committed significant capital to enhance and scale this platform, and we look forward to deploying it.”