The four senior vice presidents take on key roles within a much larger company since AAA was acquired by XLerate Group in December 2021.
FastLane will be the anchor asset for EBlock to expand its reach by enabling digital dealer-to-dealer buying and selling, positioning EBlock for further reach in the U.S. Midwest.
The agreement is closely aligned with KAR’s digital strategy, and will allow KAR to focus on its portfolio of digital marketplaces.
The combined auction companies will have 39 locations across 19 states, making it a new powerhouse in the remarketing industry.
The purchase will enable the auction company to solidify its market positions and further scale in this industry through strategic investments in technology and other avenues for growth.
The regional acquisition expands the independent auction group's fixed site and mobile sales portfolio.
The automotive remarketing sector is seeing big changes due to an increased use of technology, evolving vehicle mix and shifting expectations from buyers and sellers.
KAR expects to be immediately profitable across its North American dealer-to-dealer platforms while enhancing its position in the highly fragmented wholesale used vehicle market.
By expanding its nationwide local auction network, Manheim now hosts 49 sales per month nationwide with dealers averaging a 77% sales efficiency rate based on data.
Digital transactions have grown tremendously at XLerate over the last five years, and digital is a key component of its omnichannel, go-to-market strategy.
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