FOR IMMEDIATE RELEASE
KAR Auction Services Fortifies Investment in TradeRev
$15 Million Extended to Accelerate Expansion and Further Enhance Technology
CARMEL, Ind. – March 16, 2017 – KAR Auction Services, Inc. (NYSE: KAR), a global wholesale used-vehicle marketplace and technology solutions provider, has extended up to $15 million in credit to Nth Gen Software, Inc., (“TradeRev”). Through its ADESA business unit, KAR acquired a 50-percent stake in Toronto-based TradeRev in 2014. TradeRev facilitates real-time dealer-to-dealer vehicle auctions via desktop or mobile app. The additional funding will be used to accelerate TradeRev’s expansion and deploy new products and platform functionality.
“KAR is focused on simplifying used-vehicle transactions and providing the best physical, online and mobile auction venues for our customers worldwide,” said Jim Hallett, chairman and CEO of KAR. “We’ve witnessed the disruptive power of TradeRev’s progressive mobile technology in the dealer-to-dealer segment and are committed to supporting their continued growth in new and existing markets.”
TradeRev users can launch and participate in one-hour online vehicle auctions with live, competitive bidding. Potential buyers are notified of new auctions via text, mobile and email alerts, and sellers receive bids representing true, real-time market value for their vehicles.
“This additional infusion of support will expedite the release of new TradeRev products and functionality to meet growing customer demand,” said Mark Endras, CEO and co-founder of TradeRev. “We look forward to expanding TradeRev’s network of participating buyers and sellers and placing the power of real-time auctions in the palm of their hands.”
TradeRev operates in 17 U.S. markets, including their recently announced entry into New York, Pennsylvania and Dallas. TradeRev is available to franchise dealers across Canada and the technology is offered through the ADESA brand in the United Kingdom.
About KAR Auction Services
KAR Auction Services (NYSE: KAR) provides sellers and buyers across the global wholesale used-vehicle industry with innovative, technology-driven remarketing solutions. KAR’s unique end-to-end platform supports whole car, salvage, financing, logistics and other ancillary and related services, including the sale of more than 5 million units valued at over $40 billion through our auctions. Our integrated physical, online and mobile marketplaces reduce risk, improve transparency and streamline transactions for customers in 110 countries. Headquartered in Carmel, Ind., KAR has approximately 17,400 employees across the United States, Canada, Mexico and the United Kingdom. www.karauctionservices.com.