KAR Auction Services has extended up to $15 million in credit to Toronto-based Nth Gen Software to expand TradeRev, an online dealer-to-dealer auction portal, the company announced March 16.
KAR acquired a 50% stake in TradeRev in 2014, and is infusing the funds to accellerate the expansion of TradeRev's destop and mobile platforms. The funds will allow for the expansion of existing products and the deployment of new products and platform functionality, according to KAR.
"We’ve witnessed the disruptive power of TradeRev’s progressive mobile technology in the dealer-to-dealer segment and are committed to supporting their continued growth in new and existing markets," said Jim Hallett, chairman and CEO of KAR.
TradeRev users can launch and participate in one-hour online vehicle auctions with live, competitive bidding. Potential buyers are notified of new auctions via text, mobile and email alerts, and sellers receive bids showing real-time market value for their vehicles.
TradeRev operates in 17 U.S. markets, including their recently announced entry into New York, Pennsylvania and Dallas. TradeRev is available to franchise dealers across Canada and the technology is offered through the ADESA brand in the United Kingdom.