CARMEL, Ind., Oct. 14, 2021 /PRNewswire/ -- KAR Auction
Services, Inc., d/b/a/ KAR Global (NYSE: KAR), a leading operator
of digital marketplaces for wholesale used vehicles, has completed
the acquisition of CARWAVE Holdings LLC ("CARWAVE") for
$450 million in cash. The acquisition
builds on KAR's fast growth in the dealer-to-dealer segment,
accelerates profitability, positions the company to achieve its
long-term goals and enhances the company's differentiated
combination of digital marketplaces and physical network.
"This acquisition adds a leading digital platform on the West
Coast to our dealer-to-dealer segment—solidifying our competitive
position and improving profitability across our dealer-to-dealer
offerings," said Peter Kelly, CEO of
KAR Global. "With the addition of CARWAVE to our successful digital
marketplaces—including ADESA and BacklotCars—as well as our broad
network of vehicle logistics centers, we are able to meet the needs
of dealers in any market at any time."
CARWAVE was founded in 2009 in California and currently serves a broad
network of franchise and independent dealers across California, Arizona, Nevada, Oregon and Texas. The online platform enables dealers to
conveniently wholesale trade-ins and aged frontline units directly
from their lot and quickly source new inventory from anywhere.
"We're excited to leverage the capabilities of KAR, ADESA and
BacklotCars to bring even better outcomes to our customers,
building on what our customers love while realizing the full power
of the KAR ecosystem," said John
Lauer, president of CARWAVE. "With the combination of our
networks and dedication to superior customer service and outcomes,
our trusted dealers are the real winners here—they'll have expanded
access to the top low-cost, low-stress and hassle-free used vehicle
digital marketplaces."
Key CARWAVE leadership, including co-founders John Lauer and Bill
Lauer, will remain with the company. Though the
companies have started actively integrating, there are no immediate
changes to either company's product offerings, pricing or customer
agreements.
Media
Inquiries:
|
Analyst
Inquiries:
|
Jill
Trudeau
|
Mike
Eliason
|
(317)
796-0945
|
(317)
249-4559
|
jill.trudeau@karglobal.com
|
mike.eliason@karglobal.com
|
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, United
Kingdom and Europe. For
more information and the latest KAR Global news, go to
www.karglobal.com and follow us on Twitter @KARspeaks.
Forward-Looking Statement
This press release includes certain statements that may be
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statements, other than statements of historical facts, included in
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that we expect, believe or anticipate will or may occur in the
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Forward-looking statements contained in this press release are
subject to a number of risks and uncertainties, many of which are
beyond our control, that may cause our actual results, performance
or achievements to be materially different from future results,
performance or achievements expressed or implied by forward-looking
statements made by us. Factors and risks to our business that could
cause actual results to differ from those contained in the
forward-looking statements are described in our filings with the
Securities and Exchange Commission. These risks and uncertainties
include, but are not limited to, potential risks and uncertainties
relating to the novel coronavirus (COVID-19).
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SOURCE KAR Global