KAR Auction Services Announces Acquisition of GRS Remarketing
Online UK vehicle remarketer joins KAR group of companies
CARMEL, Ind. — KAR Auction Services (NYSE: KAR), a provider of end-to-end vehicle remarketing services, announced today that the company has acquired GRS Remarketing Limited (GRS), a subsidiary of Greenhous Group Limited.
“During the past 20 years, GRS has established a successful online vehicle remarketing business in the UK through robust technology, effective sales and operations, a healthy buyer network and strong relationships with commercial customers,” said Jim Hallett, KAR CEO and chairman. “KAR is committed to international growth, and the acquisition of a leading technology business like GRS complements our wide range of vehicle remarketing services.”
GRS will be renamed ADESA UK following the completion of the sale. Jonathan Holland, vice president of business development for ADESA UK, will assume the position of managing director.
“With more than 30 years in vehicle remarketing in both the UK and mainland Europe, Jonathan possesses the experience and reputation to successfully build our UK business,” said Benjamin Skuy, executive vice president of international markets and strategic initiatives for KAR.
This is KAR’s second acquisition in the United Kingdom, following the purchase of salvage company HBC Vehicle Services in June 2015.
Also in May 2016, TradeRev UK announced a partnership with Arval to provide upstream remarketing services for a luxury segment of the leasing firm’s UK portfolio. KAR business unit ADESA holds a 50 percent stake in TradeRev. “We view the TradeRev partnership and GRS acquisition as strategically complementary,” said Skuy. “Along with other KAR services we intend to bring to the UK market, these businesses will position ADESA UK as an exceptionally formidable competitor.”
About KAR Auction Services
KAR Auction Services, Inc. (NYSE: KAR), a FORTUNE® 1000 company, operates worldwide vehicle auction services and provides related services. Based in Carmel, Indiana, the KAR group of companies is comprised of ADESA, Inc. (ADESA), Insurance Auto Auctions, Inc. (IAA), Automotive Finance Corporation (AFC), and additional business units, with more than 15,000 employees and approximately 250 auction facilities. Together, KAR’s complementary businesses provide support, technology and logistics for the used vehicle industry. For more information, visit karauctionservices.com.
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and which are subject to certain risks, trends and uncertainties. In particular, statements made that are not historical facts may be forward-looking statements. Words such as “should,” “may,” “will,” “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “contemplates” and similar expressions identify forward-looking statements. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results projected, expressed or implied by these forward-looking statements. Such forward-looking statements include statements regarding the proposed transaction. Factors that may cause actual results to differ materially include risks that the businesses will not be integrated successfully, risks that KAR may not be able to achieve the expected synergies from the transaction and risks of disruption from the transaction. Factors that could cause or contribute to such differences include those matters disclosed in KAR’s Securities and Exchange Commission filings. KAR does not undertake any obligation to update any forward-looking statements.