KAR Auction Services Adds Chicago Tech Business
KAR say sit will retain COTW's current locations
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowCarmel-based KAR Auction Services Inc. (NYSE: KAR) has acquired a data analytics company from Chicago. The stock deal for CarCo Technologies Inc., which does business as DRIVIN, is valued at $43 million. KAR says the combination will help customers reduce risk in their transactions.
KAR says DRIVIN collects retail, pricing and registration data on cars and turns it into predictive pricing, inventory and vehicle matching information. Chief Executive Officer Jim Hallett says "translating the power of data into actionable insights is a strategic imperative for KAR. It’s what our customers need and expect. DRIVIN has quickly earned the reputation as a disruptor and its robust data science capabilities are highly sought after in the industry. KAR and DRIVIN will help accelerate the delivery of innovative new solutions to our diverse customers."
DRIVIN’s leadership core includes Groupon co-founders Brad Keywell and Eric Lefkofsky. KAR says DRIVIN CEO Kayne Grau and Chief Operating Officer Justin Mahlik will continue as president and COO of DRIVIN.
You can connect to more about the deal by clicking here.