Carmel used-car auction company sold to New York firm
Detroit-based private equity firm Huron Capital has sold XLerate Group—a company it formed in 2014— to a firm in New York.
Auto auctions
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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.
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KAR Global bounces back with profitable year
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.
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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.
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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.
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Articles
KAR announces $450M acquisition of California-based wholesale auto auction firm
Escondido, California-based Carwave, founded in 2009, serves franchised and independent dealers in California and has been expanding into other states.
KAR turns higher-than-expected quarterly profit despite missing revenue projections
The Carmel-based company said its results for the first nine months of 2020 have been “significantly impacted by the COVID-19 pandemic.”
Auction of rare autos once owned by northern Indiana businessman nets $44M
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 to expand digital auction options with $425M acquisition
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.
Auction giant KAR sees industry’s transformation as opportunity
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.
Auto-auction powerhouse KAR investing heavily in digital transformation
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.
Indy-based auto auction firm acquired by Dallas company
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.
Carmel-based KAR Auction buys Michigan firm for $76M
The Flint business will become part of KAR’s Adesa unit, which offers wholesale used-vehicle auction services.
Lawsuits deluge operator of towing business
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 makes $30M acquisition
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.
Auto auctioneer invests big in tech as sales go online
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.
PROXY CORNER: KAR Auction Services Inc.
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.
Slower sales curb results at Adesa parent
Carmel-based KAR Auction Services suffered a 16-percent decline in its adjusted profit, missing analyst expectations.
Indiana classic car auction sees attendance jump
Officials of the company that has taken over a long-running classic car auction in northeastern Indiana say they believe it has bounced back from the financial and legal troubles of its former owner.
Former auction house owner Kruse released on bond
Former auction house owner Dean V. Kruse has been released on bond after surrendering to face a theft charge out of Pennsylvania alleging that he never paid a man $38,000 for selling an antique hearse.
Embattled auctioneer wanted in Pennsylvania
Northeastern Indiana officials have issued an arrest warrant for embattled former auction house owner Dean V. Kruse, who has faced years of legal battles over his business practices.
Indiana State Fairgrounds to host collector car auction billed as world’s largest
Last year’s Mecum auction at Indianapolis reported gross sales of $41.7 million and drew more than 30,000 people.
KAR Auction reports higher profit, revenue
The auction company had revenue of $445.3 million in the quarter ended Sept. 30, a 4-percent increase from same quarter of 2009. Profit tripled, to $25.6 million.
Auto auction’s new owner calls first event a success
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.