The renaming caps an evolving strategy for consolidating online and digital auction marketplaces into a more streamlined whole that speeds up vehicle transactions.
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.
The digital auction company is collaborating with Thoughtworks to expand capabilities, accuracy and transparency.
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.
TradeRev chooses one of its co-founders who brings deep experience in the retail and wholesale sides of the automotive marketplace.
KAR will shed debt and can concentrate on digital sales, while Carvana gains access to more cars and dealer relationships. But questions remain.
The agreement is closely aligned with KAR’s digital strategy, and will allow KAR to focus on its portfolio of digital marketplaces.
OPENLANE iQ provides data analytics and comprehensive technology solutions for more than 40 upstream brand marketplaces.
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.
Velocicast technology fortifies simulcast capabilities and enhances customer experience.
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