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The consolidated digital platform will simplify buying and selling while expanding reach and access for customers.
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The renaming caps an evolving strategy for consolidating online and digital auction marketplaces into a more streamlined whole that speeds up vehicle transactions.
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Hallett served in an active 25-year career with KAR Global but he will still keep his seat on the company's board of directors.
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The digital auction company is collaborating with Thoughtworks to expand capabilities, accuracy and transparency.
Read More →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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TradeRev chooses one of its co-founders who brings deep experience in the retail and wholesale sides of the automotive marketplace.
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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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OPENLANE iQ provides data analytics and comprehensive technology solutions for more than 40 upstream brand marketplaces.
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KAR expects to be immediately profitable across its North American dealer-to-dealer platforms while enhancing its position in the highly fragmented wholesale used vehicle market.
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