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The acquisition supports the launch of the EBlock platform in the U.S. Southeast market.
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Its auction segment began in 2019 and has led the two segments with triple-digit growth for three years .
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The digital auction company is collaborating with Thoughtworks to expand capabilities, accuracy and transparency.
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The collaboration will harness artificial intelligence to create accurate and consistent vehicle assessments as part of Black Widow's imaging system.
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The new digital tool paves the way to AI-enhanced condition reports with automated damage detection.
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The increased digital transactions since 2019 point to a wide embrace of online auction markets.
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FastLane will be the anchor asset for EBlock to expand its reach by enabling digital dealer-to-dealer buying and selling, positioning EBlock for further reach in the U.S. Midwest.
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The agreement is closely aligned with KAR’s digital strategy, and will allow KAR to focus on its portfolio of digital marketplaces.
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Black Widow's two patent-pending enhancements will enable its auction and dealer customers to deliver more, high-quality digital pictures of vehicles for sale.
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The new format offers features such as an improved vehicle photo gallery with a separate damages section, easier to find tire condition, and list of options.
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