XLerate Group, a nationwide vehicle auction and remarketing company and portfolio company of Brightstar Capital Partners, has acquired America’s Auto Auction.
AAA is a vehicle auction provider with the business combination forming a large nationwide provider of vehicle auctions and related financing for the remarketing of vehicles, delivering critical services and liquidity to the vehicle ecosystem. The firms will have a combined total of 39 auction sights across 19 states and a digital and mobile auction business.
“Our investment in AAA, following our earlier acquisition of XLerate, clearly indicates our confidence in the vehicle auction market and its value-creation potential for Brightstar investors,” said Andrew Weinberg, founder & CEO at Brightstar. “With an expansive network, unparalleled team, and expanded resources, Cam (Hitchcock) and his team are well-positioned to capitalize on the exciting prospects for this sector of the economy.”
Kirkland & Ellis, LLC is acting as legal advisor to XLerate and Jefferies LLC is acting as financial advisor. Katten Muchin Rosenman LLP is acting as legal advisor to America’s Auto Auction and Harris Williams is acting as financial advisor.