By Auto Remarketing staff
KAR Global said Thursday it has completed its purchase of BacklotCars, a $425 million deal first announced in September.
In a news release, KAR said the acquisition “supplements” its existing crop of digital marketplaces like TradeRev, ADESA.com and OPENLANE, while also growing KAR’s presence in key markets and “anchoring continued expansion into new geographies to meet dealer demand.”
“We are laser-focused on providing dealers with the most efficient, convenient and economically advantageous digital marketplaces to sell and source inventory,” KAR president Peter Kelly said in a news release.
“BacklotCars is one of the fastest-growing dealer-to-dealer platforms in the country, and TradeRev’s growth continued to accelerate through the third quarter.”
“Combine that strong momentum with the buyer-base, technology, analytic capabilities and expertise from ADESA and across the KAR platform, and I think you’ve got a pretty compelling solution for any dealer in any market,” Kelly said.
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