CARMEL, Ind., Nov. 12, 2020 /PRNewswire/ -- KAR Auction
Services, Inc., d/b/a/ KAR Global (NYSE: KAR) has completed the
acquisition of BacklotCars, Inc. The addition of BacklotCars
supplements the company's suite of leading digital marketplaces,
including TradeRev, ADESA.com and OPENLANE, North America's largest private label platform
for exclusive off-lease inventory. BacklotCars also deepens the
company's footprint in key strategic markets while anchoring
continued expansion into new geographies to meet dealer demand.
"We are laser-focused on providing dealers with the most
efficient, convenient and economically advantageous digital
marketplaces to sell and source inventory," said Peter Kelly, president of KAR Global.
"BacklotCars is one of the fastest-growing dealer-to-dealer
platforms in the country, and TradeRev's growth continued to
accelerate through the third quarter. Combine that strong momentum
with the buyer-base, technology, analytic capabilities and
expertise from ADESA and across the KAR platform, and I think
you've got a pretty compelling solution for any dealer in any
market."
In recent months, KAR has evolved to a 100% digital model, and
the addition of BacklotCars further advances the company's digital
transformation strategy. BacklotCars' 24/7 "bid-ask" marketplace
format complements the flexible buying and selling options already
available at ADESA, including Simulcast+SM, the
industry's first fully automated auction platform launched earlier
this year. BacklotCars' customers will also now benefit from
ADESA's network of 74 facilities where the company has invested
heavily to streamline and digitize its storage, inspection,
remarketing and reconditioning operations.
"There is so much energy and excitement around this combination
with our employees and with our customers," said Justin Davis, co-founder and president of
BacklotCars. "I'm proud of what the BacklotCars team has built and
the thousands of strong dealer partnerships we've developed over
the past six years. And I can't wait to introduce the innovation,
power and fierce entrepreneurial spirit of KAR Global to our
culture, our products and our customer base."
Davis will report to Kelly, and as previously reported,
BacklotCars co-founders Josh
Parsons, Ryan Davis, and
Fabricio Solanes will also remain
with the company. Though the companies are actively integrating,
there are no immediate changes to either company's product
offerings, pricing or customer agreements.
"We're committed to a disruption-free integration for our
customers and advancing BacklotCars' vision of making wholesale
easy so that dealers can be more successful," said Kelly. "We are
excited to be part of that vision and to bring the BacklotCars
offering to more dealers across the
United States."
KAR
Contacts
|
|
Media
Inquiries:
|
Analyst
Inquiries:
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Stephanie
Freeman
|
Mike
Eliason
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(317)
619-9515
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(317)
249-4559
|
stephanie.freeman@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 3.8 million units valued at
approximately $40 billion through our
auctions in 2019. Our integrated physical, online and mobile
marketplaces reduce risk, improve transparency and streamline
transactions for customers in more than 80 countries. Headquartered
in Carmel, Indiana, KAR Global has
employees across the United
States, Canada,
Mexico, 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