Carvana announces 200-job expansion at Plainfield site
Arizona-based used-car retailer Carvana says it intends to add inspection and reconditioning services at its auto auction site in Plainfield to establish what it calls a Megasite.
Auto auctions
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Indianapolis auction may extend glory days for Springsteen muscle car
On Saturday, Mecum is scheduled to auction a 1969 Chevrolet Chevelle convertible that Bruce Springsteen owned in the 1980s.
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KAR’s $2.2B ADESA sale expected to close within days
The sale of ADESA to Arizona-based Carvana, which KAR announced in February, is part of KAR’s ongoing shift away from physical auto auctions toward digital platforms and tools.
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KAR Global bounces back with profitable year
Carmel-based KAR Auction Services Inc. on Wednesday reported better-than-expected fourth quarter earnings and full-year results that were much better than the previous year’s.
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KAR’s stock spikes following acquisition of software firm
Auction Frontier sells a cloud-based software called Velocicast that is the backbone of KAR’s live, online auto auctions.
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Articles
IMS Museum sells ‘historically significant’ Mercedes-Benz at auction for record price
The nonprofit museum partnered with Ontario-based RM Sothebys to sell some of its most valuable cars with the goal of raising $100 million for its endowment.
IMS Museum eyes major haul for endowment by auctioning off 11 valuable vehicles
The museum has partnered with Ontario-based auction house RM Sotheby’s to take the cars to market in a move that could bolster the organization’s $10 million endowment with an additional infusion of $100 million or more.
2022 Year in Review: KAR sells off physical auto auction business to Carvana
Carmel-based KAR Auction Services Inc., which has been working to transform itself into a digitally operated company, took a big step toward that goal when it sold its U.S. physical auto auction business to Tempe, Arizona-based Carvana for $2.2 billion in cash.
Carmel-based KAR announces 300-plus job cuts amid belt-tightening moves
Eliminating the back-office jobs in the U.S. and Canada and moving the functions overseas is expected to result in cost savings of more than $10 million per year, according to the auto auction firm.
Carmel used-car auction company sold to New York firm
Detroit-based private equity firm Huron Capital has sold XLerate Group—a company it formed in 2014— to a firm in New York.
KAR announces $450M acquisition of California-based wholesale auto auction firm
Escondido, California-based Carwave, founded in 2009, serves franchised and independent dealers in California and has been expanding into other states.
KAR turns higher-than-expected quarterly profit despite missing revenue projections
The Carmel-based company said its results for the first nine months of 2020 have been “significantly impacted by the COVID-19 pandemic.”
Auction of rare autos once owned by northern Indiana businessman nets $44M
The cars had been owned by Najeeb Khan, the former CEO of Interlogic Outsourcing Inc., an Elkhart-based payroll processing firm that was sold after filing for bankruptcy protection last year.
IMS Museum selling dozens of vehicles to help upgrade collection
The basement of the Indianapolis Motor Speedway Museum is jam-packed with hundreds of vehicles that never go on display. Some of those cars are going on the auction block.
KAR Global to expand digital auction options with $425M acquisition
KAR Global plans to expand upon the online automotive auction services it provides through TradeRev by acquiring BacklotCars’ longer-term online auctions, which allow dealers to bid on cars over the course of several days.
Auction giant KAR sees industry’s transformation as opportunity
CEO Jim Hallett predicts that 2019 will be the peak year for brick-and-mortar auto auction volumes, but company officials aren’t sitting around wringing their hands and wishing for the past.
Auto-auction powerhouse KAR investing heavily in digital transformation
The used-car auction business might sound like a low-tech industry, and one destined to stay that way. But KAR’s executives think otherwise.
Indy-based auto auction firm acquired by Dallas company
Currently operating in eight states, the firm was founded in 2000 by three executives who had previously worked at another local auto auctioneer, Carmel-based ADESA.
Carmel-based KAR Auction buys Michigan firm for $76M
The Flint business will become part of KAR’s Adesa unit, which offers wholesale used-vehicle auction services.
Lawsuits deluge operator of towing business
Brian Fenner, owner of Sperro Towing and Recovery and a former repo man, has been sued at least 14 times since October 2014 in Marion and Hendricks county courts, with lenders demanding he give back dozens of cars worth hundreds of thousands of dollars.
KAR Auction Services makes $30M acquisition
Carmel-based KAR Auction Services Inc., which released a solid quarterly earnings report Tuesday, acquired a 50-percent stake in Toronto-based Nth Gen Software Inc., which makes the TradeRev automotive remarketing system.
Auto auctioneer invests big in tech as sales go online
KAR Auction Services Inc. expects to spend as much as $125 million on technology this year as its focus continues to shift to the Web and apps.
PROXY CORNER: KAR Auction Services Inc.
KAR Auction Services Inc., 13085 Hamilton Crossing Blvd., Carmel 46032, is the holding company for ADESA Inc., which operates used-vehicle auctions at 67 locations; Insurance Auto Auctions Inc., which operates salvage auctions at 163 locations; and Automotive Finance Corp., which provides floorplan financing at 104 locations.
Slower sales curb results at Adesa parent
Carmel-based KAR Auction Services suffered a 16-percent decline in its adjusted profit, missing analyst expectations.