Detroit-based private equity firm Huron Capital has sold XLerate Group—a company it formed in 2014— to a firm in New York.
KAR’s $2.2B ADESA sale expected to close within days
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.Read More
KAR’s stock spikes following acquisition of software firm
Auction Frontier sells a cloud-based software called Velocicast that is the backbone of KAR’s live, online auto auctions.Read More
IMS Museum selling dozens of vehicles to help upgrade collection
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.Read More
Escondido, California-based Carwave, founded in 2009, serves franchised and independent dealers in California and has been expanding into other states.
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.
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.
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.
KAR Auction Services Inc., 13085 Hamilton Crossing Blvd., Carmel 46032, is the holding company for ADESA Inc., which operates used-vehicle auctions at 67 locations; Insurance Auto Auctions Inc., which operates salvage auctions at 163 locations; and Automotive Finance Corp., which provides floorplan financing at 104 locations.
Last year’s Mecum auction at Indianapolis reported gross sales of $41.7 million and drew more than 30,000 people.
Auctions America by RM, which bought the former Kruse Auction Park in Auburn two months ago, said more than 25,000 people attended this past weekend’s event, during which sales topped $13 million.