Trinity Hunt Partners has acquired a majority stake in America’s Auto Auction (AAA), a wholesale automobile auction company.
America’s Auto Auction specializes in conducting wholesale auctions of automobiles on behalf of new car dealers, fleet lease businesses, repossession companies, and used car dealers. The company was founded in 2005 and is headquartered in Dallas with 11 auction centers throughout the eastern half of the US (www.americasautoauction.com).
CEO Ben Lange and CFO Dustin Miller will remain as shareholders of AAA and will continue to run the business. “We are excited to partner with the exceptional management team at America’s Auto Auction,” said Dan Dross, managing partner of Trinity Hunt. “Through its rapid growth over the last 10 years, AAA has become one of the largest providers of automobile remarketing services in the country. We look forward to working with Ben and Dustin to help the company continue to grow and enhance the range of services provided to buyers and sellers of vehicles.”
As part of this transaction, Trinity Hunt also acquired a minority stake in Auction Credit Enterprises, a floor plan finance company that was founded by AAA’s management team in 2006 to provide short-term, asset-backed inventory financing to dealers who buy auction vehicles.
Trinity Hunt invests in companies that have EBITDAs between $3 million and $15 million and have enterprise values between $15 million and $150 million. The firm considers investment opportunities across a range of industries but has a specific interest in industrial products and services, business services and healthcare services. Trinity Hunt is based in Dallas (www.trinityhunt.com).
“The Trinity Hunt team will serve as a key partner in our continued growth,” said Mr. Lange. “Their significant resources will enable us to expand our reach and capabilities. We especially appreciate Trinity Hunt’s partnering approach to investing, where they assist the company strategically but leave the day-to-day decision making up to our management team and our general managers at the different auction locations.”
© 2015 PEPD • Private Equity’s Leading News Magazine • 4-14-15
