For Immediate Release
KAR Auction Services Acquires AuctionTrac
Carmel, Ind. — KAR Auction Services, Inc., a leading provider of vehicle and salvage auction services in North America, today announced the acquisition of AuctionTrac, a company that developed satellite-based, GPS technology for advanced vehicle tracking.
“This acquisition allows us to overcome what has been a long-standing obstacle in the auto remarketing industry—an efficient and reliable method for locating and tracking vehicles,” said David Vignes, executive vice president of enterprise optimization for KAR Auction Services. “Our customers and our employees will definitely experience its many benefits, and it will enable KAR to further streamline our processes and realize increased efficiencies in our lot operations.”
The AuctionTrac software easily and accurately identifies the location of a specific vehicle within seconds. The user simply enters the vehicle criteria online, and a map displays an aerial view of the lot and the vehicle. A virtual grid further helps to pinpoint the vehicle’s exact location. Information can be accessed via the Internet or from any smartphone. The AuctionTrac software also includes an integrated voice response system that provides spoken descriptions of vehicles and locations as well as instructions for using the system. A third option for accessing AuctionTrac data is SMS text messaging—similar to what major airlines use to alert travelers of arrival and departure information. Users can opt to have vehicle information sent to a cell phone via SMS any time a vehicle is touched or moved.
“We are looking forward to the opportunity to become part of the KAR family of companies to further enhance AuctionTrac and create an industry-changing product,” said Michael Newman, senior vice president of AuctionTrac.
Because the system utilizes satellite-based GPS technology, there are few infrastructure requirements or business disruptions when adopting AuctionTrac. The system is also completely flexible and adaptable to future changes in technology.
“AuctionTrac demonstrates ADESA’s continued commitment to innovative and technological advancements to better serve our customers,” said ADESA CEO & President Tom Caruso. Caruso further stated that he expects all ADESA locations to be fully implemented within the next year.
About KAR Auction Services, Inc.
KAR Auction Services, Inc. (NYSE: KAR) is the holding company for ADESA, Inc., a leading provider of wholesale used vehicle auctions whose operations span North America with 70 used vehicle sites, Insurance Auto Auctions, Inc., a leading salvage auto auction company whose operations span North America with 159 sites and Automotive Finance Corporation, a leading provider of floorplan financing to independent and franchised used vehicle dealers with 88 sites across North America. For further information on KAR Auction Services, Inc., ADESA, Inc., Insurance Auto Auctions, Inc. or Automotive Finance Corporation, visit the company’s website at karauctionservices.com.