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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About 4,500 employees of ADESA and KAR will be transferred to Carvana as part of the sale. That’s just under 50% of the company’s total head count. According to IBJ research, KAR has about 9,600 employees worldwide and 1,150 employees in Indiana.
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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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When the pandemic hit last spring, KAR Global had little choice but to shut down its in-person, wholesale auto auctions, which had been the publicly traded company’s backbone for years. But within two weeks, the Carmel-based company was back up and running—with 100% remote auctions. So how did KAR make it happen?
Read MoreThe Carmel-based auction services company declined to say how many of its 1,000 employees in Indiana would be affected by the transaction. But it said the buyer—Carvana Co.—will not require any employees to relocate.
Escondido, California-based Carwave, founded in 2009, serves franchised and independent dealers in California and has been expanding into other states, including Arizona, Nevada, Oregon and Texas.
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 strategic investment creates a partnership between the two companies that is expected to bring KAR customers a new slate of automated vehicle inspection products.
Peter Kelly, who joined the company in 2011 when he sold KAR Auction Services his 11-year-old online vehicle auction firm Openlane, has been named CEO.
The Carmel-based used and salvaged vehicle auctioneer lost $17.1 million, or 21 cents per share, in the period, down from a profit of $19.8 million, or 15 cents per share, in the same quarter of 2019.
The Carmel-based company said its results for the first nine months of 2020 have been “significantly impacted by the COVID-19 pandemic.”
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.
In its second quarter, the Carmel-based company lost $32.3 million and saw year-over-year revenue plummet 42%, from $719.1 million to $419.0 million.
The companies attributed the terminations to business conditions caused by the ongoing pandemic.
Srisu Subrahmanyam brings a diverse set of experiences to his job as chief operating officer of ADESA.
KAR Auction shares rose more than 9% Tuesday morning after the company announced the investment by London-based Apax Partners, a global private equity advisory firm, with participation by New York City-based Periphas Capital L.P.
Pay reductions helped the auto auction giant partially offset the temporary closing of its physical auctions and other fallout from COVID-19.
Auto auction giant KAR Global’s bet on a phone app that facilitates dealer-to-dealer car sales has cost it a fortune over the past two years—so much so that KAR now is retooling its strategy for the fast-growing division.
The rebranding of the company coincides with the debut of its new, $80 million headquarters in Carmel.
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.
One of central Indiana’s most prominent female executives plans to step down from Carmel-based KAR Auction Services Inc. two years after taking over a new business unit for the company.
TradeRev, whose software facilitates dealer-to-dealer auto auctions, plans to add 200 workers by 2023.
The separation of KAR Auction Services and Insurance Auto Auctions is already creating shareholder value, CEO Jim Hallett said.
