KAR - Mergers and acquisitions

Carvana will operate ADESA U.S. auction business under the leadership of ADESA President John Hammer Carvana (NYSE:CVNA), the leading e-commerce brand for buying and selling used cars, announces the $2.2B acquisition of ADESA's U.S. physical auction business ("ADESA U.S.") from KAR Global (NYSE:KAR), consisting of 56 ADESA U.S. locations totaling approximately 6.5 million square feet of buildings on more than 4,000 acres. "This alignment with ADESA U.S. will further strengthen our foundation for growth and provide us with significant flexibility to execute our plan through a wide range of macroeconomic scenarios," says Ernie Garcia, Carvana founder and CEO. "Despite the recent industry sl

CARMEL, Ind., Oct. 14, 2021 /PRNewswire/ -- KAR Auction Services, Inc., d/b/a/ KAR Global (NYSE:KAR), a leading operator of digital marketplaces for wholesale used vehicles, has completed the acquisition of CARWAVE Holdings LLC ("CARWAVE") for $450 million in cash. The acquisition builds on KAR's fast growth in the dealer-to-dealer segment, accelerates profitability, positions the company to achieve its long-term goals and enhances the company's differentiated combination of digital marketplaces and physical network.  "This acquisition adds a leading digital platform on the We

CARMEL, Ind., May 4, 2021 /PRNewswire/ -- KAR Auction Services, Inc. d/b/a KAR Global (NYSE:KAR), a leading operator of digital marketplaces for wholesale used vehicles, announces the acquisition of Auction Frontier, the pioneer of industry-leading, cloud-based auction simulcast solution Velocicast®. The acquisition reflects the importance of KAR's ADESA Simulcast and Simulcast+ technologies—both of which are powered by Velocicast—and will accelerate future simulcast innovations to enhance marketplace speed, convenience and real-time analytics for customers. "For over a decade

CARMEL, Ind., March 2, 2021 /PRNewswire/ -- KAR Auction Services, Inc. d/b/a KAR Global (NYSE: KAR), a leading operator of digital marketplaces for wholesale used vehicles, announces that Peter Kelly will assume the role of Chief Executive Officer effective April 1, 2021. Kelly has served as KAR Global's president since 2019 and succeeds Jim Hallett who has led the company as CEO since 2009 and became Chairman in 2014. Hallett will become executive chairman of KAR Global and continue to advise the company on strategic and customer and investor relations matters. Hallett will continue serving as Chairman of the KAR Global Board of Directors, with Kelly being named as a new director beginning