Partnership with Ravin AI Fortifies KAR’s Digital Capabilities
CARMEL, Ind. – March 16, 2021 – KAR Auction Services, Inc. d/b/a KAR Global (NYSE: KAR), a leading operator of digital marketplaces for wholesale used vehicles, announces a strategic investment and North American commercial partnership with Ravin AI. Ravin is an international provider of automated, mobile and CCTV-based artificial intelligence solutions for vehicle inspections serving diverse fleet, insurance and remarketing customers around the world. The partnership enhances KAR’s data-driven digital capabilities and will enable the seamless flow of inspection information, data and images throughout the entire remarketing lifecycle for the company’s customers.
The addition of Ravin to KAR’s portfolio adds mobile-based artificial intelligence capabilities for damage detection and vehicle representation through a self-inspect or company-inspect model. This flexibility and interoperability with customer and third-party systems allows widespread application of Ravin’s technology across the remarketing sector and broader automotive industry. Key applications include data-rich tools for end-of-lease processing, pre-auction inspections, dealer aftersales, fleet maintenance and condition monitoring. Ravin currently supports some of KAR’s North American commercial customers, and the companies plan to accelerate product development while expanding the use and adoption of Ravin’s technology.
KAR led the Round A financing. Ravin’s existing investors, FM Capital and PICO Venture Partners, also participated in this round. Other investors in the company include Shell Ventures, the investment arm of Royal Dutch Shell, and individual investors such as General Motors former CEO, Rick Wagoner.
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About KAR
KAR Auction Services, Inc. d/b/a KAR Global (NYSE: KAR), provides sellers and buyers across the global wholesale used vehicle industry with innovative, technology-driven remarketing solutions. KAR Global’s unique end-to-end platform supports whole car, financing, logistics and other ancillary and related services, including the sale of nearly 3.1 million units valued at approximately $30 billion through our auctions in 2020. Our integrated physical, online and mobile marketplaces reduce risk, improve transparency and streamline transactions for customers in about 75 countries. Headquartered in Carmel, Indiana, KAR Global has employees across the United States, Canada, Mexico, Uruguay, U.K. and Europe. For more information and the latest KAR Global news, go to www.karglobal.com and follow us on Twitter @KARspeaks.
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