Originally founded in 2010 and based in Carmel, IN, XLerate is a full-service used car auction service provider that facilitates the wholesale remarketing of used vehicles for B2B customers, providing a critical liquidity function for the company’s car sales ecosystem. opportunity. XLerate operates fixed and mobile auction sites in 13 states, as well as on digital platforms.
“The industry knowledge and operational expertise of the XLerate team impressed us as we spent time at their auction sites across the country,” said Andrew Weinberg, Founder and CEO of Brightstar. “This acquisition represents a phenomenal opportunity for XLerate customers and our investors, as we pool our knowledge and collective resources to add value and grow this business. “
“Especially with the support of Brightstar, we see enormous potential for this company and the industry as a whole,” said Cam Hitchcock, CEO of XLerate. “Our goal will be to consolidate XLerate’s leadership positions in the market and further develop in this industry through strategic investments in technology and other growth avenues.”
“XLerate provides liquidity to the dynamic used car industry in a number of geographic regions,” said Gary Hokkanen, partner at Brightstar. “Executing our ‘Us and Us’ investment model, we are delighted to roll up our sleeves and work with the XLerate team as the company continues to deliver innovative services to dealers and institutional clients.”
Kirkland & Ellis LLP acted as legal counsel to Brightstar.
About the XLerate Group
XLerate Group is a leading full-service used car auction service provider that facilitates the wholesale resale of used vehicles for B2B customers, providing a vital liquidity function to the sales ecosystem. used cars. Situated at Carmel, IN, XLerate makes it easy to sell and buy used vehicles on physical auction sites in 13 states as well as on digital platforms. The Company also has a full service affiliate dealer, XL Funding. The daily mission of the company is simple and straightforward: to provide the highest quality service and operational execution to dealers and institutional clients. For more information, please visit https://www.xlerategroup.com.
About Brightstar Capital Partners
Brightstar Capital Partners is a mid-market private equity firm focused on partnering with exceptional families, founders, entrepreneurs and management teams where the company can drive value creation. Brightstar is led by a team of seasoned investors with extensive networks of relationships and significant operational experience across multiple industries. Brightstar employs an operationally intensive “Us and Us” investment model, respecting the accomplishments, culture and vision of our portfolio company leadership while assisting on the ground and in the boardroom. For more information, please visit https://brightstarcp.com.
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SOURCE Brightstar Capital Partners