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KAR Auction Services, Inc. has completed the acquisition of CarsOnTheWeb.
Online sales of used vehicles in the wholesale market likely exceeded 2 million in 2018, as remarketing technology made it easier for dealers to evaluate, bid, and buy vehicles beyond physical auction locations.
Roughly 124 dealers participated in the sale, with the majority participating through digital channels. Manheim offered 118 vehicles during the sale, and sold more than half.
The top news of 2018 included coverage on the hurricane's impact on the remarketing industry, the effects of the off-lease tidal wave, mobile technology and Manheim.
The company has been in operation for three years, and now sells over 10,000 wholesale vehicles a month, representing 1% of all vehicles sold at auctions in the U.S.
KAR Auction Services, Inc. has reached a definitive agreement to acquire CarsOnTheWeb (COTW), an online auction company serving the wholesale vehicle sector in Continental Europe, according to a company announcement.
ACV Auctions Inc. is on pace to sell over 100,000 vehicles by the end of 2018, after selling 8,600 vehicles in August, according to the company.
The Manheim Marketplace achieved record growth across its digital channels in the first half of 2018, including double-digit growth in digital transactions, volume and sales as wholesale vehicle buyers and sellers continue to adopt a faster, more cost-effective way to move inventory.
The initiative began in 2014, when the company first announced that its $400 million multiple-year project to transform its auction operations. In that time Manheim brought enhancements to both its physical and digital properties.
