Manheim Auctions has signed a letter of intent to sell eight ADT Automotive auctions and one Manheim auction to ADESA, a leading competitor in the automotive auction industry. ADESA is a wholly owned subsidiary of Minnesota Power Inc. Financial terms were not disclosed. The auctions involved are: Southwest Auto Auction located in Phoenix, AZ; Golden Gate Auction located near San Francisco, CA; Southern States Vehicle Auction located near Kansas City, MO; Puget Sound Auto Auction located in the Seattle, WA, area; Colorado Springs Auto Auction located in Colorado Springs, CO; Bayside Auto Auction located in Tampa, FL; Clearwater Auto Auction located in Clearwater, FL; and Orlando-Sanford Vehicle Auction located near Orlando, FL. In a transaction announced in January 2000, Manheim agreed to acquire the 28 ADT Automotive auctions. As the result of a Federal Trade Commission (FTC) review of the deal, Manheim announced in May that one Manheim auction and eight ADT auctions would be offered for sale. More than 16 individuals and organizations expressed interest in purchasing the auctions. The FTC must approve ADESA as the buyer of the auctions. On June 20, Minnesota Power, parent company of ADESA, announced that it had acquired the Canadian Auction Group, a wholesale auto remarketing company with 13 auction sites and dealer operations located across Canada. With these nine recent acquisitions, ADESA will operate 55 automotive auctions across North America. For the 12 months ending May 31, 2000, these nine auctions sold approximately 400,000 vehicles and generated roughly $130 million in revenue. The transaction is subject to approval by the Federal Trade Commission.