CARMEL, Ind., March 2, 2021 /PRNewswire/ -- KAR Auction
Services, Inc. d/b/a KAR Global (NYSE: KAR), a leading operator of
digital marketplaces for wholesale used vehicles, announces that
Peter Kelly will assume the role of
Chief Executive Officer effective April 1,
2021. Kelly has served as KAR Global's president since 2019
and succeeds Jim Hallett who has led
the company as CEO since 2009 and became Chairman in 2014. Hallett
will become executive chairman of KAR Global and continue to advise
the company on strategic and customer and investor relations
matters. Hallett will continue serving as Chairman of the KAR
Global Board of Directors, with Kelly being named as a new director
beginning April 1, 2021.
"Peter Kelly is a pioneer who
helped ignite KAR's digital transformation almost a decade ago when
he brought OPENLANE into our company," said Hallett. "Over the past
several years, we've partnered closely to sharpen our strategy,
evolve KAR's operating model and extend the company's leadership
position in digital used vehicle marketplaces. Peter is a bold,
decisive leader with a track record of building high-performing
teams, and his entrepreneurial mindset makes him the perfect choice
for our people and for KAR's future. I'm confident his leadership
of our company and industry will continue to deliver meaningful
value to our customers and our stockholders."
Kelly joined KAR in 2011 through the company's acquisition of
OPENLANE where he served as co-founder, president and CEO. At KAR,
he rapidly scaled the startup technology to become the world's
largest private-label online auction platform supporting more than
40 OEM and financial institution brands. Kelly became chief
technology officer of KAR in 2013, was named president of KAR's
digital services group in 2014, and was promoted to KAR president
in 2019. In his role as president, Kelly was responsible for all
KAR business units, operations and brands and oversaw the company's
historic shift to 100% digital in 2020. Most recently, Kelly led
the company's acquisition of BacklotCars, the fastest growing
dealer-to-dealer platform in the United
States.
Over the coming months, Hallett and Kelly will work closely to
ensure a seamless transition of management responsibilities while
continuing to advance the company's strategic priorities.
"The prospect of leading KAR further into our digital future is
humbling and exciting," said Kelly. "The used vehicle industry is
continuously evolving, creating new opportunities for growth and
expansion in North America and
internationally. Our combination of digital capabilities and
physical infrastructure is unmatched in the industry and positions
us well to capture these opportunities. I remain committed to
investing in people, data and technology to deliver great outcomes
for our customers and achieve our business goals."
Hallett joined the company in 1993 as president of ADESA Canada.
He became CEO of ADESA in 1996 and led the company's IPO in 2004.
In 2007, Hallett architected the leveraged buyout of ADESA and
merger with salvage auction provider Insurance Auto Auctions, Inc.
("IAA"). Hallett took the combined company public in 2009 as KAR
Auction Services, Inc. and in 2019, led the successful spin-off of
IAA which generated significant value for KAR stockholders. Under
Hallett's leadership, KAR completed the acquisition of more than 50
wholesale auctions and other businesses, expanding the company
across North America and
Europe and growing annual sales to
nearly 6 million vehicles in 2018. Hallett is the recipient of
numerous industry and business awards including the 2014 National
EY Entrepreneur of the Year and is widely recognized for his active
philanthropy and tireless advocacy for the health, safety and
wellbeing of auction employees and customers.
"It has been an honor and a privilege to work with, collaborate
with and learn from Jim," continued Kelly. "And I am very fortunate
to begin my tenure as CEO from a position of strength reinforced by
Jim's love for this industry and company, as well as his commitment
to safety and innovation."
KAR
Contacts:
|
|
Media
Inquiries:
|
Analyst
Inquiries:
|
Tobin
Richer
|
Mike
Eliason
|
(317)
665-0366
|
(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.
Forward-Looking Statements
Certain statements
contained in this press release include "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995 and which are subject to certain risks, trends
and uncertainties. In particular, statements made that are not
historical facts may be forward-looking statements. Words such as
"should," "may," "will," "anticipates," "expects," "intends,"
"plans," "believes," "seeks," "estimates," and similar expressions
identify forward-looking statements. Such statements are based on
management's current expectations, are not guarantees of future
performance and are subject to risks and uncertainties that could
cause actual results to differ materially from the results
projected, expressed or implied by these forward-looking
statements. Factors that could cause or contribute to such
differences include those uncertainties regarding the impact of the
COVID-19 virus on our business and the economy generally, and those
other matters disclosed in the Company's Securities and Exchange
Commission filings. The Company does not undertake any obligation
to update any forward-looking statements.
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SOURCE KAR Global