David Gartzke
David Gartzke
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In addition, during the quarter we have taken significant actions to strengthen our management team by adding A.R. Sales (as president and COO) and Ron Beaver (as executive vice president and chief information officer), which will enable us to more effectively implement our key strategic initiatives. These actions, together with numerous other actions that are being implemented across the company, position us well to take advantage of the improving industry trends.
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Current lease penetration rate is approximately 23.1 percent versus 19.3 percent in February of '04 and ALG (Automotive Lease Guide) stated that vehicle leasing is increasing.
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We thank GM for this prestigious award, and I personally commend all of the hard-working employees at ADESA Kansas City for their dedication and professionalism.
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When completed, this acquisition will expand our salvage auction business into the mid-Atlantic region. It's a good fit for Impact's expansion strategy in that it allows us to enter as a market leader with the only salvage auction physically located in northeast Pennsylvania, as well as filling in our coverage area between recently acquired salvage auctions located across Ohio and our existing strong presence in the country's Northeast and Mid-Atlantic regions.