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Verbatim: KAR Auction Services, Inc. announces Carmel headquarters expansion

CARMEL, Ind. (Nov. 15, 2010) - KAR Auction Services, Inc.(NYSE: KAR), parent company to locally based ADESA, Inc., a provider of whole car auction services and Automotive Finance Corporation , a provider of floorplan financing, announced today that it will expand its Carmel headquarters, creating up to 249 new jobs by 2015.

The company, which hosts auctions and provides financing for used and specialty vehicles, will invest several million dollars to lease and equip more space at its existing facility at 13085 Hamilton Crossing Blvd. in Carmel.

"A growing company like KAR has many location options when it comes to creating jobs and expanding its business," said Mitch Roob, Secretary of Commerce and chief executive officer of the Indiana Economic Development Corporation. "Our top priority is to create an economic climate that encourages companies to choose Indiana and today we're seeing the pay-off in hundreds of new jobs for Central Indiana."

KAR, which currently employs more than 500 associates at its Carmel headquarters, plans to begin hiring additional customer service and management personnel in the first quarter of 2011, with additional hiring planned throughout the next five years. The company's growth is the result of recent acquisitions and consolidation of certain corporate functions into the Hamilton County facility.

"Indiana has proven to have a competitive business climate and a skilled workforce," said Jim Hallett, president and chief executive officer, KAR Auction Services. "So when it came time to expand our operations, it made sense to do so in Carmel. We are excited by this opportunity and we appreciate the city's support for our continued growth."

KAR employs nearly 11,000 associates throughout the United States, Canada and Mexico. KAR's network of companies includes 70 ADESA whole car auctions, 159 Insurance Auto Auctions, Inc. salvage vehicle auctions, and 88 AFC loan production offices.

The Indiana Economic Development Corporation offered KAR up to $4.5 million in performance-based tax credits and up to $200,000 in training grants based on the company's job creation plans. The city of Carmel will consider additional property tax abatement.

"I am pleased that ADESA has decided to expand its corporate headquarters," said Carmel Mayor Jim Brainard. "Our focus and commitment to a high quality of life is always key in attracting and retaining companies in Carmel."

ADESA's announced expansion in Carmel comes just two weeks after valve and hose manufacturer, Nexus Valve, announced its plans to invest more than $2.3 million to construct approximately 55,000 square feet of office and distribution space in nearby Fishers. The company committed to creating up to 21 new jobs as part of the project.

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