FRANKLIN, Tenn. -

After news broke Wednesday that ADESA had signed a definitive agreement to purchase all eight Brasher’s auctions, Auto Remarketing spoke with Pierre Pons, the chief executive officer of ServNet.

The Brasher’s family was among the founding members of ServNet, a network of independently owned auctions.

ADESA parent company KAR Auction Services said the purchase of the Brasher’s auctions would be a $283 million (approximately) cash deal. The transaction must meet customary conditions, including the expiration or termination of the Hart-Scott-Rodino waiting period, before it closes — KAR expects the deal to close in the first quarter.

Pons wished the Brasher’s family the best and congratulated them on the deal.

“The Brashers family has always been and will continue to be bedrocks of the auction industry. We wish them all the best with the acquisition by KAR Auction Services,” Pons said.

“We are confident that KAR and ADESA will be great stewards of the Brasher’s legacy and will, in partnership with the Brasher's family and their management, carry on the strong customer service and high level of performance that has been a hallmark of Brasher's auctions,” he continued.

“Larry Brasher and his family were founding members of ServNet nearly 28 years ago, and our respect for them is deep and unwavering. As with any change, there will be new opportunities for those involved,” Pons said. “In yesterday’s announcement, the Brasher’s auctions, KAR Auction Services and ADESA outlined some of the potential upsides, and we too envision this move creating new opportunities for ServNet. 

“We remain firm believers in the important role of independent auctions in the auto remarketing industry.  I, and ServNet, will continue to work diligently in representing the best interests our consignor and dealer customers, partners, members and the remarketing industry as a whole. We congratulate the Brasher’s, KAR and all involved, and are confident they will continue to be very successful," Pons concluded.