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KAR Completes CARWAVE Acquisition

By Staff Writer October 18, 2021

KAR Auction Services, Inc., an operator of digital marketplaces for wholesale used vehicles, has completed the acquisition of CARWAVE Holdings LLC for $450 million in cash.

“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 currently serves a broad network of franchise and independent dealers across California, Arizona, Nevada, Oregon and Texas. The online platform enables dealers to wholesale trade-ins and aged frontline units directly from their lot and source new inventory from anywhere.  

“We’re excited to leverage the capabilities of KAR, ADESA and BacklotCars to bring even better outcomes to our customers, building on what our customers love while realizing the full power of the KAR ecosystem,” said John Lauer, president of CARWAVE. “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.”

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Last modified on Saturday, 16 October 2021 17:16

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