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The used car retailer that bought the ADESA auction group this year blames high used car prices and rising interest rates for sinking consumer demand.
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IARA Summer Roundtable: In a free-wheeling interview, entrepreneur and used car industry disruptor Ernie Garcia delivers insights on his mega-merger deal and a customer-friendly e-commerce model.
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Used vehicle marketplace KAR Global has now sold all of its ADESA U.S. physical auction business to Carvana. KAR will continue to operate its online auction portal Openlane.
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Carvana’s Ernie Garcia and Parkmyfleet CIO Kristin Slanina will bring their latest insights for consignors and auctions at the International Automotive Remarketers Alliance annual Summer Roundtable.
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KAR will shed debt and can concentrate on digital sales, while Carvana gains access to more cars and dealer relationships. But questions remain.
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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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