CARMEL, Ind., March 16, 2021 /PRNewswire/ -- KAR Auction
Services, Inc. d/b/a KAR Global (NYSE: KAR), a leading operator of
digital marketplaces for wholesale used vehicles, announces a
strategic investment and North American commercial partnership with
Ravin AI. Ravin is an international provider of automated, mobile
and CCTV-based artificial intelligence solutions for vehicle
inspections serving diverse fleet, insurance and remarketing
customers around the world. The partnership enhances KAR's
data-driven digital capabilities and will enable the seamless flow
of inspection information, data and images throughout the entire
remarketing lifecycle for the company's customers.
"Advanced, integrated inspection capabilities are core to our
customers' success in the new digital age," said Peter Kelly, president of KAR Global. "Ravin AI
has developed the most powerful and progressive computer vision,
deep learning, and self-inspection solutions on the market. These
tools will accelerate and enhance the vehicle inspection process,
helping our customers make smarter, more informed selling and
buying decisions and achieve better outcomes. We look forward to
working alongside Ravin to advance the next generation of
inspection technology and extend our leadership position in digital
marketplaces."
The addition of Ravin to KAR's portfolio adds mobile-based
artificial intelligence capabilities for damage detection and
vehicle representation through a self-inspect or company-inspect
model. This flexibility and interoperability with customer and
third-party systems allows widespread application of Ravin's
technology across the remarketing sector and broader automotive
industry. Key applications include data-rich tools for end-of-lease
processing, pre-auction inspections, dealer aftersales, fleet
maintenance and condition monitoring. Ravin currently supports some
of KAR's North American commercial customers, and the companies
plan to accelerate product development while expanding the use and
adoption of Ravin's technology.
"We're proud to be part of KAR's disruptive digital strategy,
and we look forward to empowering their North American commercial,
financial, fleet, rental and dealer customers with our innovative
inspection solutions," said Eliron Ekstein, co-founder and CEO of
Ravin AI. "Digital marketplaces require trust, ease and highly
integrated systems to help all participants succeed—all
foundational elements of KAR's platforms today. Together, we will
make the inspection process easier, faster and more connected for
everyone."
KAR led the Round A financing. Ravin's existing investors, FM
Capital and PICO Venture Partners, also participated in this round.
Other investors in the company include Shell Ventures, the
investment arm of Royal Dutch Shell,
and individual investors such as General Motors former CEO,
Rick Wagoner.
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 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.
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SOURCE KAR Global