Carmel, Ind.-based KAR Auction Services, Inc., a provider of used vehicle auction services, announced that CEO Jim Hallett is the EY Entrepreneur of the Year 2014 National Services Award winner.

The EY Entrepreneur of the Year award, a leading business award for entrepreneurs, encourages entrepreneurial activity and recognizes leaders and visionaries who demonstrate innovation, financial success and personal commitment as they create and build world-class businesses. Hallett was selected from more than 250 regional award recipients by a panel of independent judges at the Entrepreneur of the Year Awards gala, the culminating event of the EY Strategic Growth Forum, in Palm Springs, Calif., on Saturday, November 15.

“This award is truly an honor, and it is humbling to have been chosen from so many talented and accomplished leaders who I personally find to be so inspiring,” said Hallett. “I would like to thank our 12,000 employees across the United States, Canada, and Mexico for the work they do every day to make KAR successful. It is their talent and dedication and that make this recognition possible.”

Hallett received this award due to his entrepreneurial mindset that spurred unmatched growth for KAR, and for his unwavering passion for the business. Under his leadership, KAR was transformed into one of the best-performing investments in private equities partners’ portfolios, even during the economic downturn. Through organic growth, fee increases, expense cuts, technology enhancements, volume growth, acquisitions, and recruitment and retention of top talent, KAR has been able to double its market capitalization since the company’s December 2009 IPO.