KAR to Deepen Digital Capabilities with Acquisition of BacklotCars

Additional Dealer-to-Dealer Platform Will Enhance Customer Choice, Transparency and Convenience

KAR Global Investor Call Scheduled for Tuesday, September 8, 2020, at 11:00 a.m.

(EDT)CARMEL, Ind. – September 8, 2020 – KAR Auction Services, Inc., d/b/a/KAR Global (NYSE: KAR) has signed a definitive agreement to acquire BacklotCars Inc., subject to certain regulatory approvals and other customary closing conditions. BacklotCars is an app and web-based dealer-to-dealer wholesale platform featuring a 24/7 “bid-ask” marketplace and comprehensive vehicle inspections performed by automobile mechanics. Upon closing, the acquisition will further diversify KAR’s broad portfolio of digital capabilities and accelerate the company’s strategy to be a leading digital dealer-to-dealer marketplace provider. The acquisition will also build on the successful foundation of the company’s TradeRev auction platform and provide dealers with greater choice, enhanced transparency, and access to an expanded buyer and seller population.