KAR Expands into Southwestern U.S.
Carmel is the world headquarters for KAR Global. (IIB Photo/Wes Mills)
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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 Global (NYSE: KAR) says it has completed the acquisition of CARWAVE Holdings LLC, a California company with an online platform that has a network of franchise and independent dealers across southwest United States. KAR says it purchased the platform for $450 million in cash. It says CARWAVE pairs with KAR’s digital marketplaces.
“This acquisition adds a leading digital platform on the West Coast to our dealer-to-dealer segment—solidifying our competitive position and improving profitability across our dealer-to-dealer offerings,” said Peter Kelly, CEO of KAR Global. “With the addition of CARWAVE to our successful digital marketplaces—including ADESA and BacklotCars—as well as our broad network of vehicle logistics centers, we are able to meet the needs of dealers in any market at any time.”
CARWAVE was founded in 2009 in California and serves dealers across California, Arizona, Nevada, Oregon and Texas.
“With the combination of our networks and dedication to superior customer service and outcomes, our trusted dealers are the real winners here—they’ll have expanded access to the top low-cost, low-stress and hassle-free used vehicle digital marketplaces,” said John Lauer, president of CARWAVE.
KAR says co-founders John Lauer and Bill Lauer will remain with the company.