Automotive Finance Corporation Acquires 15-Percent Interest in Finance Express

CARMEL, Ind., — Automotive Finance Corporation (AFC), a wholly owned subsidiary of ADESA, Inc., (NYSE: KAR) and Finance Express, LLC, based in California, announced today that AFC has acquired a 15-percent interest in Finance Express. Finance Express operates an online auto finance platform specifically designed for independent used vehicle dealers.

Both companies believe that bringing together the capabilities of the leading floorplanner with the leading auto finance platform provider should result in a major breakthrough for independent auto dealers. The dealer management services that Finance Express provides allow independent dealers a quick and easy process to match potential retail customers with appropriate consumer finance lenders.

“We have been offering the Finance Express program to our dealers for several months now and the response has been overwhelmingly positive,” said AFC President Brad Todd. “Combining more dealer services with our floorplanning creates a real win for our dealers and their retail customers and enhanced relationships for all. We said last spring that we were providing these services to our dealers. Today’s announcement takes our dealer management services to the next level.”