KAR buys TradeRev, seeks to expand globally

KAR Auction Services has announced the acquisition of TradeRev, a Canadian company that offers real-time dealer-to-dealer vehicle auctions via a mobile app.

The company already had a 50 per cent stake in TradeRev since 2014. They then purchased the remaining interest by offering $50 million up front and an additional $75 million over the next four years.

KAR plans to integrate its technology, data, financing and service offerings into TradeRev to expand its digital business and solidify its position in the dealer-to-dealer market.

“The digital revolution in remarketing has begun, and the acquisition of TradeRev ensures that KAR will maintain its strong leadership position in the mobile app and online auction space,” said Jim Hallett, chairman and CEO of KAR.

Hallet plans to expand across North America and around the globe with his new acquisition, which is already fuelling sales for dealers in Canada, the U.S. and the U.K.

“Over the next several months, we’ll continue expanding into new markets and begin leveraging KAR’s data analytical capabilities to enhance the TradeRev buying and selling experience,” he said.

Comments are closed.

Canadian auto dealer