CARMEL, Ind., May 4, 2021 /PRNewswire/ -- KAR Auction
Services, Inc. d/b/a KAR Global (NYSE: KAR), a leading operator of
digital marketplaces for wholesale used vehicles, announces the
acquisition of Auction Frontier, the pioneer of industry-leading,
cloud-based auction simulcast solution
Velocicast®. The acquisition reflects the
importance of KAR's ADESA Simulcast and Simulcast+
technologies—both of which are powered by Velocicast—and will
accelerate future simulcast innovations to enhance marketplace
speed, convenience and real-time analytics for customers.
"For over a decade, KAR has led the digital transformation of
the remarketing industry, deploying powerful technologies that
provide our customers with the smartest, fastest and most intuitive
marketplaces for selling and sourcing inventory," said Peter Kelly, CEO of KAR Global. "Auction
Frontier has rapidly grown Velocicast to become the industry gold
standard for simulcast, and we are thrilled to welcome their
incredibly talented team to our organization. We have already
demonstrated the power of this partnership by jointly developing
ADESA Simulcast+ in 2020, the industry's only fully-automated
live-auction platform. And we look forward to supercharging the
next generation of digital auction technology for our combined
customers."
Auction Frontier's Velocicast platform powers digital simulcast
sales for more than 300 wholesale and retail auctions across
North America and Australia. The technology offers an
easy-to-use simulcast interface that enables both sellers and
buyers to quickly and efficiently make bidding, buying and selling
decisions. Enhanced displays provide instant access to detailed
condition reports, photos and valuation tools for vehicles across
all sale lanes—meaning dealers can research vehicles, record notes
to the vehicle details page and make bidding and buying decisions
all through one seamlessly integrated interface. Sellers can
monitor bidding activity across all lanes throughout a sale,
conveniently rep vehicles, and view enhanced analytics that enable
consignors to more confidently adapt sale strategy to real-time
market dynamics.
"We're thrilled to join the KAR Global family, and look forward
to bringing even greater value to our customers through expanded
capabilities, integrations and functionality on our Velocicast
platform," said Scott Blatter,
president of Auction Frontier. "Since inception, our focus at
Auction Frontier has been on building a simulcast 'done right'
solution—giving buyers and sellers everything they need to be
successful right at their fingertips. And now, backed by the full
power of KAR's diverse portfolio of marketplace technologies,
services and solutions, we'll be able to rapidly accelerate future
innovation."
KAR first partnered with Auction Frontier in 2016, launching
ADESA Simulcast in 2019. Auction Frontier was founded in 2015.
KAR
Contacts:
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Media
Inquiries:
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Analyst
Inquiries:
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Jill
Trudeau
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Mike
Eliason
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(317)
796-0945
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(317)
249-4559
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jill.trudeau@karglobal.com
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mike.eliason@karglobal.com
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About KAR
KAR Auction Services, Inc. d/b/a KAR Global
(NYSE: KAR), provides sellers and buyers across the global
wholesale used vehicle industry with innovative, technology-driven
remarketing solutions. KAR Global's unique end-to-end platform
supports whole car, financing, logistics and other ancillary and
related services, including the sale of nearly 3.1 million units
valued at over $40 billion through
our auctions in 2020. Our integrated physical, online and mobile
marketplaces reduce risk, improve transparency and streamline
transactions for customers in about 75 countries. Headquartered in
Carmel, Indiana, KAR Global has
employees across the United
States, Canada,
Mexico, Uruguay, U.K. and Europe. For more information and the latest
KAR Global news, go to www.karglobal.com and follow us on
Twitter @KARspeaks.
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SOURCE KAR Global