The financial risks and setbacks are piling up for the online used car retailer that gobbled up ADESA auctions last year in a deal wracked with massive debt.
The used car retailer that bought the ADESA auction group this year blames high used car prices and rising interest rates for sinking consumer demand.
IARA Summer Roundtable: In a free-wheeling interview, entrepreneur and used car industry disruptor Ernie Garcia delivers insights on his mega-merger deal and a customer-friendly e-commerce model.
Used vehicle marketplace KAR Global has now sold all of its ADESA U.S. physical auction business to Carvana. KAR will continue to operate its online auction portal Openlane.
Carvana’s Ernie Garcia and Parkmyfleet CIO Kristin Slanina will bring their latest insights for consignors and auctions at the International Automotive Remarketers Alliance annual Summer Roundtable.
KAR will shed debt and can concentrate on digital sales, while Carvana gains access to more cars and dealer relationships. But questions remain.
The agreement is closely aligned with KAR’s digital strategy, and will allow KAR to focus on its portfolio of digital marketplaces.
Carvana has launched next-day vehicle delivery to Hanford, Calif. residents.
The new location, located in Ontario, Calif., stands eight stories tall and holds 27 vehicles.
The vending machine, which will stand eight stories high and hold 30 vehicles, will be located in the Westminster, Calif., a city roughly 30 miles south of Los Angeles.
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