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.”

Todd added that while these new services provide a real advantage for AFC dealers who regularly floorplan their vehicles, it also provides an array of new tools for dealers who don’t currently floorplan with AFC. Among other services, the Finance Express product allows the independent dealer to process an online credit application, encouraging the financial institutions to become comfortable with the various used vehicle dealers and their transactions.

Finance Express President David Huber agrees. “We believe our dealer management system is currently the only program truly designed for the needs of the independent dealer. Our goal has always been to provide the independent auto dealer with one solution — from electronic connectivity to lenders, inventory management, F & I tools, desking, e-forms, lead generation and accounting. The FEX system is unique in that it is the only program available that provides auto dealers with a single seamless solution and auto lenders with the safety and security of completing the title transfer, lien registration and funding process through a fully licensed escrow company. We could not be more pleased with this relationship between AFC and ADESA. We think the best just got better!”

The terms of the transaction were not disclosed.

About Finance Express

Headquartered in California, Finance Express is the culmination of 10 years of development by President David Huber. The Finance Express system was launched in 2005 and has quickly become the standard for the independent auto dealer. It provides financing programs for all levels of credit for its growing family of national and regional lenders.

About AFC and ADESA, Inc.

Headquartered in Carmel, Indiana, ADESA, Inc. is the largest publicly traded provider of wholesale vehicle auctions and used vehicle dealer floorplan financing. The company’s operations span North America with 53 ADESA used vehicle auctions, 37 Impact salvage vehicle auctions and 84 AFC loan production offices. For further information, visit http://www.adesainc.com/.

First Call Analyst: FCMN Contact: jvincent@adesa.com

Website: http://www.adesainc.com/