New Name Reflects Company’s Global Customers, Geographic Footprint and Portfolio of Remarketing Capabilities
FOR IMMEDIATE RELEASE
CARMEL, Ind. – September 30, 2019 – KAR Auction Services Inc. (NYSE: KAR) announces that it has rebranded and will begin doing business as “KAR Global.” The move comes after several years of rapid geographic expansion across North America and Europe and the company’s acquisition and development of new technology and data-driven products, services and capabilities. Headquartered in the heart of the Midwest’s innovation and technology corridor, KAR Global has more than 200 operating locations in ten countries and customers in over 75 countries. KAR Global will continue to trade on the New York Stock Exchange under the ticker symbol “KAR.”
“At KAR, we have a fast, fearless and entrepreneurial culture, and we’ve been pioneers in the auction business for decades,” said Jim Hallett, chairman and CEO of KAR Global. “But we’re a lot more than just ‘auction services.’ We’re rethinking and reimagining remarketing for our diverse sellers and buyers across the automotive sector. These global customers want global solutions — and that’s what KAR Global delivers.”
Over the past several years, KAR Global has made a number of high-profile, strategic acquisitions that accelerated the company’s digital transformation. These include STRATIM’s digital fleet management platform, TradeRev’s real-time digital auction marketplace and the data analytics engine at DRIVIN that powers KAR Global’s pricing insights, vehicle recommendations and portfolio management solutions. Additionally, the 2019 acquisition of CarsOnTheWeb, recently rebranded ADESA Europe, gave KAR Global a strong foundation across the major European automotive markets and a platform to deploy the company’s other capabilities, such as financing and logistics.
“KAR Global is committed to delivering a unified, seamless and simplified customer experience,” said Peter Kelly, president of KAR Global. “And to do this, we’re combining our data, technology and industry expertise and leveraging the very best from across our geographies and brands. By delivering more comprehensive and integrated solutions, we’re helping our customers make the best remarketing decisions possible and giving them the flexibility to buy and sell anytime, anywhere, on any channel.”
Additional details on the company can be found on the all-new KAR Global website, which was launched earlier today at www.KARglobal.com. The highly interactive site features news, videos and stories from across KAR Global as well as a media center and a section dedicated to investor-facing information. KAR Global’s new “K” logo, featured prominently on the site, was designed to depict a race car driver as a nod to the company’s fast culture and the racing heritage of its Indianapolis-area headquarters.
“KAR is a big company, but we’re proud to think, innovate and operate at start-up speed,” said Tobin Richer, senior vice president of marketing and communications at KAR Global. “Our new logo reflects the spirit and drive of our employees and our passion for the car business. It also signals to our customers that we’ll continue accelerating, pushing the envelope and leading the change in our industry.”
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About KAR
KAR Auction Services
Inc. (NYSE: KAR), known as KAR Global, 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, salvage, financing, logistics and other ancillary and related services,
including the sale of nearly 3.5 million units valued at over $40 billion
through our auctions. Our integrated physical, online and mobile marketplaces reduce
risk, improve transparency and streamline transactions for customers in more
than 70 countries. Headquartered in Carmel, Indiana, KAR Global has
approximately 15,000 employees across the United States, Canada, Mexico, U.K.
and Europe. For more information, go to www.KARglobal.com. For the latest KAR Global news, follow us on Twitter @KARspeaks.
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