June 2013 KAR Auction Services Inc. (NYSE:KAR), has acquired Preferred Warranties, Inc. (“Preferred Warranties”), a vehicle service contract company, from Harbert Private Equity Fund II, LLC, Northstar Mezzanine Partners IV L.P. and management.  Terms of the transaction were not disclosed. Preferred Warranties markets vehicle service contracts through independent dealers of used vehicles in 2,200 locations in fifteen Mid-Atlantic, Midwestern and Southern states. KAR believes the acquisition of PWI will strengthen its offering to independent dealers, and that Preferred Warranties’ products will be enhanced as a result of being backed by KAR’s financial strength and … [Read more...]