On Saturday, Mecum is scheduled to auction a 1969 Chevrolet Chevelle convertible that Bruce Springsteen owned in the 1980s.
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The sale of ADESA to Arizona-based Carvana, which KAR announced in February, is part of KAR’s ongoing shift away from physical auto auctions toward digital platforms and tools.
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Arizona-based used-car retailer Carvana says it intends to add inspection and reconditioning services at its auto auction site in Plainfield to establish what it calls a Megasite.
The nonprofit museum partnered with Ontario-based RM Sothebys to sell some of its most valuable cars with the goal of raising $100 million for its endowment.
The museum has partnered with Ontario-based auction house RM Sotheby’s to take the cars to market in a move that could bolster the organization’s $10 million endowment with an additional infusion of $100 million or more.
Carmel-based KAR Auction Services Inc., which has been working to transform itself into a digitally operated company, took a big step toward that goal when it sold its U.S. physical auto auction business to Tempe, Arizona-based Carvana for $2.2 billion in cash.
Eliminating the back-office jobs in the U.S. and Canada and moving the functions overseas is expected to result in cost savings of more than $10 million per year, according to the auto auction firm.
Carmel-based KAR Auction Services Inc. on Wednesday reported better-than-expected fourth quarter earnings and full-year results that were much better than the previous year’s.
Detroit-based private equity firm Huron Capital has sold XLerate Group—a company it formed in 2014— to a firm in New York.
Escondido, California-based Carwave, founded in 2009, serves franchised and independent dealers in California and has been expanding into other states.
Auction Frontier sells a cloud-based software called Velocicast that is the backbone of KAR’s live, online auto auctions.
The Carmel-based company said its results for the first nine months of 2020 have been “significantly impacted by the COVID-19 pandemic.”
The cars had been owned by Najeeb Khan, the former CEO of Interlogic Outsourcing Inc., an Elkhart-based payroll processing firm that was sold after filing for bankruptcy protection last year.
The basement of the Indianapolis Motor Speedway Museum is jam-packed with hundreds of vehicles that never go on display. Some of those cars are going on the auction block.
KAR Global plans to expand upon the online automotive auction services it provides through TradeRev by acquiring BacklotCars’ longer-term online auctions, which allow dealers to bid on cars over the course of several days.
CEO Jim Hallett predicts that 2019 will be the peak year for brick-and-mortar auto auction volumes, but company officials aren’t sitting around wringing their hands and wishing for the past.
The used-car auction business might sound like a low-tech industry, and one destined to stay that way. But KAR’s executives think otherwise.
Currently operating in eight states, the firm was founded in 2000 by three executives who had previously worked at another local auto auctioneer, Carmel-based ADESA.
The Flint business will become part of KAR’s Adesa unit, which offers wholesale used-vehicle auction services.
Brian Fenner, owner of Sperro Towing and Recovery and a former repo man, has been sued at least 14 times since October 2014 in Marion and Hendricks county courts, with lenders demanding he give back dozens of cars worth hundreds of thousands of dollars.
Carmel-based KAR Auction Services Inc., which released a solid quarterly earnings report Tuesday, acquired a 50-percent stake in Toronto-based Nth Gen Software Inc., which makes the TradeRev automotive remarketing system.
KAR Auction Services Inc. expects to spend as much as $125 million on technology this year as its focus continues to shift to the Web and apps.
