OpenLane plans to expand Canadian presence with $95M acquisition
Carmel-based OpenLane announced Monday that it plans to acquire Manheim Canada from Atlanta-based Cox Automotive in a $95 million deal that’s expected to close within 30 days.
KAR Auction Services
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Jim Hallett leaving executive leadership at KAR after 30 years
Hallett is retiring from his positions as executive chairman and board chairman, the Carmel-based company announced Friday. He will remain a member of KAR’s board of directors.
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Carvana debt comes due with business ‘firmly in retreat’
The quarterly loss reported after the close Thursday caps a disastrous year in which Carvana’s stock plummeted 98%, erasing almost $37 billion of market capitalization. Carvana spent $2.2 billion last year to acquire Carmel-based KAR Auction Services Inc.’s physical auto auction business, ADESA.
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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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Carmel-based KAR Global agrees to sell ADESA auction unit to Carvana to focus on digital marketplace
About 4,500 employees of ADESA and KAR will be transferred to Carvana as part of the sale. That’s just under 50% of the company’s total head count. According to IBJ research, KAR has about 9,600 employees worldwide and 1,150 employees in Indiana.
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Carmel-based KAR to change its name to OpenLane
If the new name sounds familiar, that’s because KAR has been using it for a portion of its business after acquiring a California-based online auction company named OpenLane Inc. in 2011.
Indiana 250: Jim Hallett
“Outwork everyone else. This doesn’t always mean putting in more hours or sacrificing everything else in life for your career. But it does mean always working to improve yourself and to do whatever you can to help your customers succeed.”
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.
KAR shares rise 40% after Carmel firm says it will sell ADESA
The Carmel-based auction services company declined to say how many of its 1,000 employees in Indiana would be affected by the transaction. But it said the buyer—Carvana Co.—will not require any employees to relocate.
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.
KAR Global completes $450M purchase of California auction company
Escondido, California-based Carwave, founded in 2009, serves franchised and independent dealers in California and has been expanding into other states, including Arizona, Nevada, Oregon and Texas.
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.
2021 Innovation Issue: KAR Global wants to be the disruptor, not the disrupted
When the pandemic hit last spring, KAR Global had little choice but to shut down its in-person, wholesale auto auctions, which had been the publicly traded company’s backbone for years. But within two weeks, the Carmel-based company was back up and running—with 100% remote auctions. So how did KAR make it happen?
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.
KAR Global invests millions in Israel-based artificial intelligence company
The strategic investment creates a partnership between the two companies that is expected to bring KAR customers a new slate of automated vehicle inspection products.
Longtime KAR Global leader Jim Hallett stepping down as CEO
Peter Kelly, who joined the company in 2011 when he sold KAR Auction Services his 11-year-old online vehicle auction firm Openlane, has been named CEO.
KAR misses expectations for Q4 revenue, earnings
The Carmel-based used and salvaged vehicle auctioneer lost $17.1 million, or 21 cents per share, in the period, down from a profit of $19.8 million, or 15 cents per share, in the same quarter of 2019.
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.”
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.
KAR Global cuts 3,000 workers, could eliminate 2,000 more
In its second quarter, the Carmel-based company lost $32.3 million and saw year-over-year revenue plummet 42%, from $719.1 million to $419.0 million.
KAR Global units to terminate 48 employees in Plainfield
The companies attributed the terminations to business conditions caused by the ongoing pandemic.
2020 Indiana 100: ADESA exec integrating online, in-person auctions
Srisu Subrahmanyam brings a diverse set of experiences to his job as chief operating officer of ADESA.
KAR raises $550M to help it emerge from pandemic shutdown
KAR Auction shares rose more than 9% Tuesday morning after the company announced the investment by London-based Apax Partners, a global private equity advisory firm, with participation by New York City-based Periphas Capital L.P.