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Manheim Auctions Restructures Financial Senior Management

March 7, 2001

Manheim Auctions announced on March 7 that Mike Langhorne, a 17-year Manheim veteran and the company’s current vice president of financial services, has been named chief financial officer, effective immediately.

At the same time, Bob Gartin, Manheim’s senior vice president of finance and administration, has been named senior vice president of administration, and will focus his efforts on Manheim’s aggressive auction expansion efforts.

The announcements were made by Dean Eisner, Manheim's president and CEO.

“These two areas –- financial management and the administration of our company’s growth strategy -– are critically important, and the scope of each area has become so large that we are best served by separating them internally,” Eisner said. “We are very fortunate that Bob Gartin not only has the ability to head up our administrative area, but also had the foresight several years ago to implement a succession plan that has given Mike Langhorne the experience necessary to assume a much greater role at Manheim.”

Under the new structure, Gartin will focus on land acquisition, construction of new auction facilities and expansion of existing facilities. Manheim recently announced that it will spend $200 million in 2001 in expanding and improving the infrastructure of its 86 U.S. auctions. In the next five years, Manheim is committed to spending $1 billion on auction improvements.

Gartin will also continue to provide due diligence on major transactions at Manheim. Recently, Gartin played a leading role in the acquisition of ADT Automotive from Tyco International.

“In the past 20 years, I have watched Manheim grow from a small group of auctions into an international remarketing leader,” Gartin said. “To be given responsibility for managing the underlying assets of our auctions –- and our extensive expansion efforts -– is an opportunity that I am truly looking forward to.”

Gartin joined Manheim as vice president and controller in 1983 after serving nine years with Cox Enterprises. He was promoted to vice president and CFO in 1991 and became senior vice president of finance and administration in 1995. He is a graduate of Mississippi State University and is a past member of both the American Institute of Certified Public Accountants and the Georgia Society of Certified Public Accountants.

Langhorne will oversee financial and related functions within Manheim, including the accounting, treasury, human resources and information technology departments. Both Langhorne and Gartin will report directly to Eisner.

In addition, Langhorne will assume responsibility for Manheim Automotive Financial Services (MAFS), a division that provides floor-plan financing, rental car financing and insurance services to dealers nationwide. Leon Lyon, vice president and general manager of MAFS, will report to Langhorne.

Langhorne joined Manheim as a senior accountant in 1984, and was promoted to controller in 1991 and vice president of financial services in 1996. He is a graduate of the University of Georgia, with a Masters in Business Administration from Georgia State University. He is a member of the American Institute of CPAs and the Georgia Society of CPAs.

Separately, Dean Echols, director of Manheim Auctions Government Services (MAGS), a division that provides vehicle and equipment disposal services to government agencies, will report to Jamie Porter, senior vice president of sales and reconditioning.

About Manheim Auctions

Manheim Auctions has been involved in the wholesale automobile auction industry for more than 55 years. The company also offers transaction, reconditioning and certification services, dealer floor planning, and government auction services.

Manheim Auctions is a wholly owned subsidiary of Cox Enterprises, Inc., with more than 34,000 employees at its 126 auctions and related businesses. Manheim Auctions’ corporate headquarters is in Atlanta, and its Web site is

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