KAR Global said Monday that its CARWAVE and BacklotCars products have integrated into a single digital platform, which is hosted on BacklotCars.
The platform offers both a live auction (currently held on Mondays and Thursdays) and a 24-7 marketplace, giving dealers flexibility, along with more inventory access for buying dealers and a deeper buyer base for selling dealers.
KAR is starting this new auction sale type to sellers in California and buyers in nearby areas. The company plans to expand it in coming months.
KAR acquired CARWAVE in a $450 million cash deal in 2021. It purchased BacklotCars for $425 million in 2020.
“We combined the very best of both platforms onto BacklotCars. In doing so we expanded access to inventory for buyers, increased visibility on sellers’ vehicles and provided a more simplified customer experience,” KAR CEO Peter Kelly said in a news release.
“We worked closely with dealers to understand what they value most, and incorporated their feedback so that we continue to meet the needs of dealers in every market,” Kelly said. “I am excited to see the increased traction that is being created and we look forward to rolling this capability out across the U.S. in 2023.”
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