Carmel-based KAR Auction Services Inc. announced Monday that it has acquired Canvey Island, England-based HBC Vehicle Services, marking its first foray into a market outside of North America.
“This acquisition is the start of our expansion into new global markets, and we look forward to bringing our remarketing capabilities to the United Kingdom and beyond,” KAR CEO Jim Hallett said in a written statement.
Terms of the deal were not disclosed. The acquisition was made through KAR’s ADESA Inc. subsidiary, which operates used-vehicle auctions.
Founded in 1964, HBC specializes in salvage vehicle auctions and related services. The company conducts business through several sales channels, including online auctions, and operates from 10 locations in the United Kingdom.