For Immediate Release
KAR Auction Services Announces Expansion into United Kingdom
Growing salvage auction joins KAR group of companies
CARMEL, Ind. — KAR Auction Services (NYSE: KAR), a provider of end-to-end vehicle remarketing services, announced today that its subsidiary ADESA (UK) Limited has acquired HBC Vehicle Services. Headquartered in Canvey Island, England, HBC specializes in salvage vehicle auctions and related services.
“This acquisition is the start of our expansion into new global markets, and we look forward to bringing our remarketing capabilities to the United Kingdom and beyond,” said Jim Hallett, KAR CEO and chairman. “KAR is unique in that we are able to offer our customers an unmatched range of automotive remarketing services: from online and physical whole car and salvage auctions to floorplan financing and a wide range of used vehicle technology solutions such as Autoniq, TradeRev and DataScan.
HBC Vehicle Services provides efficient salvage collection and disposal services for the UK’s top insurance, fleet and accident management companies. A leader in salvage auction technology, the company conducts business using a multitude of sales channels, including on-line auctions, and operates from 10 UK locations. With more than 50 years of experience, HBC Vehicle Services has a significant buying audience throughout Europe.
“We are and will remain dedicated to our customers,” said Steve Hankins, managing director of HBC Vehicle Services. “With KAR’s expertise and support, we are excited to accelerate our growth plans and continue to deliver competitive services to the salvage auction industry across the United Kingdom. We look forward to finding new ways to deliver the best products and services to all of our customers.”
“We welcome the entire HBC team,” said Hallett. “HBC’s reputation for exceptional service makes them a natural fit with our organization, and we are very pleased to have them join the KAR group of companies.”
ADESA (UK) Limited is a wholly owned subsidiary of KAR Auction Services and is focused on bringing new products and services to the UK automotive marketplace with special emphasis on upstream remarketing services that emphasize efficiency and technology to support franchise and independent retailers.
About KAR Auction Services
KAR Auction Services, Inc. (NYSE: KAR), a FORTUNE® 1000 company, operates vehicle auction services for sellers and buyers worldwide. 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 approximately 13,000 employees.
ADESA operates 66 wholesale used vehicle auctions and IAA has 170 salvage vehicle auctions. Both companies offer leading online auction platforms to provide greater access for customers. AFC provides inventory financing and comprehensive business services primarily to independent used vehicle dealers from its 112 locations. Together, KAR’s complementary businesses provide support, technology and logistics for the used vehicle industry. For more information, visit karauctionservices.com.
Forward Looking Statements
Certain statements contained in this release include “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,” 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. Factors that could cause or contribute to such differences include those matters disclosed in the Company’s Securities and Exchange Commission filings. The Company does not undertake any obligation to update any forward-looking statements.