KAR Auction Services Announces Three New Board Members
Nationally Recognized Business Leaders Bring Fresh Insight to KAR
CARMEL, IN -- (Marketwired) -- 12/17/13 -- Carmel, Ind.-based KAR
Auction Services, Inc. (NYSE: KAR), a provider of used vehicle
auction services, announced today the appointment of three new
members to its board of directors: Stephen Smith, Donna Ecton and
Michael Kestner. Board positions took effect on December 16, 2013.
KAR Auction Services, Inc. CEO Jim Hallett made the announcement.
"Smith, Ecton and Kestner have extensive experience in finance,
operations and corporate development in a wide variety of industries.
Each has demonstrated an ability to develop and implement strategies
to facilitate long-term growth," said Hallett. "The insight and
perspective these three bring to the table will be an asset as we
continue to grow KAR and its family of companies in 2014."
Smith has extensive sales and operations expertise, specializing in
customer and commercial financial service businesses. Smith served as
senior vice president-financial services and director of Torrance,
Calif.-based American Honda Finance Corporation, where he worked from
1985 to 2012. His accomplishments there include: strong dealer
satisfaction rankings in the top two consistently on National
Automobile Dealers Association surveys and numerous J.D. Power awards
for customer satisfaction. He also significantly grew the consumer
finance business and commercial financing portfolio.
Ecton joins the board with more than 35 years of executive-level
management experience, having spent the majority of her career
serving as a change-making leader for a range of consumer and
business brands. She is currently the chief executive officer and
chairman of Paradise Valley, Ariz.-based EEI Inc., a management
consulting firm serving clients in a variety of industries including
business services and e-commerce. She is also on the board of
directors for Houston-based CVR, GP LLC; Jacksonville, Fla.-based
Body Central Corp.; and Portland, Ore.-based Knowledge Schools LLC.
Kestner is a financial executive with 16 years of experience as a
chief financial officer of two international companies. He currently
serves as partner of Cleveland-based FocusCFO, a regionally
consulting group providing CFO services to small and mid-size
businesses. Prior to his work with FocusCFO, Kestner served as
executive vice president, chief financial officer and director of
Hilite International, Inc.; chief financial officer of
Cleveland-based Sinter Metals, Inc.; vice president of Columbus,
Ohio-based Banc One Capital Partners; a member of Cleveland-based
Wolfensohn Ventures LP and senior audit manager for KPMG.
About KAR Auction Services
KAR Auction Services, Inc. is the
holding company for ADESA, Inc. ("ADESA"), Insurance Auto Auctions,
Inc. ("IAA") and Automotive Finance Corporation ("AFC"). ADESA is a
leading provider of wholesale used vehicle auctions with 65 North
American locations and its subsidiary OPENLANE provides a leading
Internet automotive auction platform. IAA is a leading salvage
vehicle auction company with 164 sites across the United States and
Canada. AFC is a leading provider of floorplan financing to
independent and franchise used vehicle dealers with 105 sites across
the United States and Canada. Together, the Company provides a
unique, comprehensive, end-to-end solution for its customers'
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