KAR Auction Services will acquire the Chicago-based company that operates as DRIVIN, a B2B data provider that helps used car dealers set prices based on their local marketplace, for $43 million, according to KAR.
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KAR Auction Services, Inc. has hired Tom Fisher as its executive vice president and CIO, according to a company announcement. In this position, he will be responsible for overseeing KAR’s information technology strategy, operations and activities.
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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.
Read More →Insurance Auto Auctions, Inc. (IAA), a business unit of KAR Auction Services, has announced that it will be expanding into the Arkansas, Idaho, Indiana, Louisiana, Maine, Pennsylvania, and Oregon markets.
Read More →Howse brings more than 30 years of automotive industry leadership to the role, which will focus on developing customer solutions that integrate KAR’s capabilities and businesses.
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Wholesale used vehicle prices in January averaged $10,945, a 6.7% year-over-year increase and 2.8% month-over-month rise, according to ADESA Analytical Services.
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ADESA faced a “challenging” fourth quarter in 2016, CEO of KAR Auction Services Jim Hallet said during the company’s fourth quarter earnings call.
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KAR Auction Services will invest between $20 million and $25 million over the next three years to redesign and enhance its online sales platform in a project known as New Wave.
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Wholesale used vehicle prices in December averaged $10,642, which was essentially flat from the month before but a 3.9% increase over the same period in 2015, according to ADESA. Truck prices were down 0.6% in December.
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Automotive Finance Corp. has promoted Joe Keadle to COO as well as created a new position for Paul Kramarz, who has joined the company as senior vice president of risk, according to the company.
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