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...However, on Wednesday Carvana designated its auction division, Adesa, as a so-called unrestricted subsidiary, a legal manoeuvre that leaves bondholders without a direct claim to the business while potentially...
...When it sold bonds in the spring, in part to fund the Adesa deal, it also sold $1.3bn of stock, a third of which went to the Garcia family....
...Carvana needed to raise cash this spring to buy car auction business Adesa in a $2.2bn deal....
...The latter is to fund its purchase of car auction business Adesa, which was announced back in February....
...Adesa, a car-auction group, estimates the average price of used cars auctioned by rental operators and other fleet owners rose by 2.5 per cent in March....
...Tom Kontos, chief analyst at Adesa, a vehicle auction group, said “dealers continue to bid aggressively for available units needed to meet solid retail demand in the midst of tight supplies”....
...ever in October, average wholesale prices for used vehicles in the US, the world’s largest car market, rose in November and December and were up another 3 per cent month-on-month in January, according to Adesa...
...According to Adesa, an Indianapolis-based car auction group, the average wholesale price of a used full-size SUV tumbled by 11.8 per cent in the year to April....
...After the deal closes, the buyers intend to merge Adesa with Insurance Auto Auctions, one of Kelso’s portfolio companies....
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