CARMEL, Ind., Feb. 17, 2021 /PRNewswire/ -- KAR Auction
Services, Inc. d/b/a KAR Global (NYSE: KAR), a global vehicle
remarketing and technology solutions provider, is combining the
company's TradeRev and BacklotCars platforms into a single digital
marketplace. U.S.-based dealers will migrate to BacklotCars, while
Canadian dealers will continue operating exclusively on TradeRev.
The company is combining the two fast-growing dealer-to-dealer
marketplaces in the U.S. to provide sellers access to the largest
buyer base possible and give buyers access to greater, more
diversified dealer inventory. The company selected BacklotCars
based on its accelerated growth and high performance in terms of
conversion, price retention and customer satisfaction.
"We're excited to give U.S. dealers the best of both worlds by
combining these platforms into a single, consolidated marketplace,"
said Peter Kelly, president of KAR.
"Since the acquisition of BacklotCars, we've surveyed our dealers
and performed extensive analysis to develop the very best solution
for our dealers. BacklotCars delivers sellers higher conversion and
consistently higher proceeds than a wholesaler, physical auction or
other dealer-to-dealer platform. And for buyers, BacklotCars offers
fees as low as $100, a fully
transparent bidding environment, condition reports based on
independent mechanical inspections and a 5-day guarantee on major
items."
The company began simultaneously migrating buyers and sellers
onto BacklotCars several weeks ago to ensure the smooth, seamless
transition of supply and demand. The combined marketplace now
features inventory from thousands of franchise and independent
dealers nationwide, and nearly 80% of the inventory is sold to
dealers outside of the seller's local market. Buying dealers also
have access to BacklotCars' integrated "Float" floorplan financing
and one-click vehicle logistics and delivery options. And the
company has combined sales and operations teams to rapidly onboard
and activate new and existing customers and ensure "first week"
success for every buyer and seller.
"BacklotCars is all about making wholesale easy so our dealers
can be more successful," said Justin
Davis, co-founder and president of BacklotCars. "We'll
inspect and launch your cars from your lot whenever it works for
you—no fees, no risk and no hassles, guaranteed. And for buyers,
say goodbye to logging in and out of an app all day to keep up with
multiple timed auctions. BacklotCars' bid-ask marketplace lets you
browse and buy on your schedule and still closes most deals in
under one day."
Over the next several months, the company will continue to
enhance BacklotCars by integrating select features and
functionality from TradeRev and leveraging the broad digital
marketplace expertise from across KAR. This will include options
for utilizing the company's network of 59 ADESA physical locations
for reconditioning, storage, logistics and auction sales.
"Our combination of digital and physical assets is unmatched in
the industry and provides dealers with options you can't get from a
digital platform alone," said Kelly. "We're excited to introduce
these capabilities to BacklotCars' dealers and continue leveraging
our footprint for the benefit of our entire dealer network."
KAR
Contacts
|
|
Media
Inquiries:
|
Analyst
Inquiries:
|
Tobin
Richer
|
Mike
Eliason
|
(317)
249-4521
|
(317)
249-4559
|
tobin.richer@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 approximately $30 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.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/backlotcars-and-traderev-combine-to-form-streamlined-dealer-to-dealer-marketplace-301230254.html
SOURCE KAR Global