For Immediate Release
CARMEL, Ind.,January 6, 2014—KAR Auction Services, Inc. (NYSE: KAR), a leading end-to-end vehicle remarketing services provider, today announced the formation of a new Digital Services Group. Peter Kelly, a proven innovator in the remarketing industry and currently KAR’s Chief Technology Officer, will serve as president of the new group.
“During the past few years, KAR has invested hundreds of millions of dollars in developing a unique set of online and mobile tools aimed at building a more robust marketplace for sellers and buyers of automobiles and similar assets. Grouping these companies together is the logical next step in serving our customers with an integrated solution,” said KAR Chief Operating Officer Don Gottwald.
Among other assets from KAR’s growing portfolio, the Digital Services Group will combine several businesses and brands, including:
- OPENLANE, the industry leader in providing private label platforms for OEMs, captive finance companies, banks and dealers;
- CarsArrive Network, an asset light, technology-enabled logistics platform serving used vehicle shippers and truckers;
- Recovery Database Network (RDN), a SaaS platform connecting automotive finance companies and vehicle recovery service providers.
In addition, Kelly will continue to serve on the board of TradeRev, the leading innovator in the Canadian dealer-to-dealer remarketing space. KAR acquired 50 percent of TradeRev in August 2014 and is currently launching the platform in the United States. Based in the Silicon Valley area, Kelly will also direct an incubator for all of KAR’s digital and mobile efforts.
“I am eager to take on this new role and excited to engage more deeply with our customers in addressing their business challenges,” said Kelly. “Our end-to-end capabilities give KAR an unmatched position to leverage for the benefit of our remarketing clients.”
Kelly co-founded OPENLANE in 1999 and has held leadership roles in the company since that time. OPENLANE has grown to become an integrated online solution for the vehicle remarketing lifecycle, specializing in the provision of branded online remarketing programs for OEMs, captive finance companies and their dealer networks. OPENLANE was acquired by ADESA, a business unit of KAR, in 2011; the OPENLANE technology powers ADESA.com. Prior to OPENLANE, Kelly had a background in engineering and project management for a U.K.-based construction firm. Kelly also earned an MBA from Stanford University’s Graduate School of Business.
“Peter is recognized as a leading innovator throughout the automotive remarketing industry, having helped create the online vehicle auction category,” said Jim Hallett, KAR Chairman and CEO. “No one is better positioned to lead KAR’s growing digital portfolio and ensure we integrate these tools for our customers’ benefit.”
About KAR Auction Services
KAR Auction Services, Inc. (NYSE: KAR), a FORTUNE® 1000 company, operates used vehicle auction services for North American sellers and buyers worldwide. Based in Carmel, Ind., 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 nearly 12,000 employees across the globe.
ADESA operates 65 wholesale used vehicle auctions and IAA has 166 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 111 locations. Together, KAR’s complementary businesses provide support, technology and logistics for the used vehicle industry. For more information, visit karauctionservices.com.