A private equity firm has purchased a Charleston-based automotive auction business that operates sales sites in South Carolina and five other states.
Financial terms of the sale of Baird Capital's American Auto Auction Group LLC were not disclosed. The buyer is Detroit-based Huron Capital Partners LLC.
"Huron is very excited to partner with the AAAG family of auctions, their employees and customers to continue building what we believe is the preeminent national auction group focused primarily on dealer-to-dealer sales," Peter Mogk, senior partner, said in a written statement.
American Auto Auction Group was formed in early 2010 to build a nationwide presence through the acquisition of independent companies. It is headquartered on Archdale Street on the peninsula.
The company's Charleston Auto Auction, which holds sales every Friday, is on Precast Lane off U.S. Highway 17A in Moncks Corner. Its other sale sites are in Florida, Mississippi, Texas, California and Wisconsin.