Integration of BacklotCars and CARWAVE Provides Dealers the Best of Both Offerings

KAR Global (NYSE: KAR) has announced the integration of CARWAVE and BacklotCars into a single digital platform, enhancing the auction experience for dealers.

Rhea-AI Summary

KAR Global (NYSE: KAR) has announced the integration of CARWAVE and BacklotCars into a single digital platform, enhancing the auction experience for dealers. This new platform offers a live auction combined with a 24/7 marketplace, improving inventory access for buyers and visibility for sellers. Initially available to California sellers, it will expand to other regions in 2023. CEO Peter Kelly emphasized that the integration was driven by dealer feedback, aiming to simplify transactions and increase market access. The KAR Global network also offers transportation and financing solutions for dealers.

Positive

• Integration of CARWAVE and BacklotCars enhances auction efficiency.
• Expanded inventory access for buyers and visibility for sellers.
• New platform simplifies dealer transactions and experiences.
• Initial rollout in California with plans for wider expansion in 2023.

Negative

• None.

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CARMEL, Ind., Jan. 23, 2023 /PRNewswire/ -- KAR Auction Services, Inc. d/b/a/ KAR Global (NYSE: KAR), a leading operator of digital marketplaces for wholesale used vehicles, announces the integration of CARWAVE and BacklotCars. The single digital platform is now hosted on BacklotCars and brings together the best of both offerings by adding a live auction combined with a 24/7 marketplace. The new offering provides dealers more flexibility in the way they want to transact. Buyers have expanded access to more diversified inventory, while sellers can tap into the power of a broader buyer base.

"We combined the very best of both platforms onto BacklotCars. In doing so we expanded access to inventory for buyers, increased visibility on sellers' vehicles and provided a more simplified customer experience," said Peter Kelly, chief executive officer of KAR Global. "We worked closely with dealers to understand what they value most, and incorporated their feedback so that we continue to meet the needs of dealers in every market. I am excited to see the increased traction that is being created and we look forward to rolling this capability out across the U.S. in 2023."

The new auction sale type is being offered to sellers in California and buyers in nearby areas, and will expand to customers in other regions in the coming months. BacklotCars currently runs live auctions on Mondays and Thursdays.

"Our teams worked tirelessly to ensure the transition was frictionless—providing our dealers with resources to ensure total support from day one," said Justin Davis, president of BacklotCars. "In addition to the choice of sale types for our dealers, our KAR Global network also provides access to a dynamic transportation network and floorplanning solutions with industry-leading rates."

KAR Global is committed to growing in the digital dealer-to-dealer segment as it strives to build the world's greatest digital marketplace for used vehicles. For more information about BacklotCars, click here

Media Inquiries:	Analyst Inquiries:
Jill Trudeau	Mike Eliason
(317) 796-0945	(317) 249-4559
jill.trudeau@karglobal.com	mike.eliason@karglobal.com

About KAR
KAR Auction Services, Inc. d/b/a KAR Global (NYSE: KAR), provides sellers and buyers across the global wholesale used vehicle industry with innovative, technology-driven remarketing solutions. KAR Global's unique end-to-end platform supports whole car, financing, logistics and other ancillary and related services. Our integrated physical, online and mobile marketplaces reduce risk, improve transparency and streamline transactions for customers in about 75 countries. Headquartered in Carmel, Indiana, KAR Global has employees across the United States, Canada, Mexico, Uruguay, Europe and the Philippines. For more information and the latest KAR Global news, go to www.karglobal.com and follow us on Twitter @KARspeaks.

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SOURCE KAR Global

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is the recent development involving KAR Global?

KAR Global has integrated CARWAVE and BacklotCars into a unified digital platform to enhance vehicle auction services.

How does the integration of CARWAVE and BacklotCars benefit dealers?

It provides dealers with improved inventory access, visibility for sellers, and a simplified transaction experience.

When will the new auction platform be available to more regions?

The new platform will initially be available to sellers in California and is set to expand to other regions in 2023.

What services does KAR Global offer alongside their auction platform?

KAR Global provides transportation network access and financing solutions to dealers through its integrated platform.

Who is the CEO of KAR Global and what was said about the integration?

Peter Kelly, CEO of KAR Global, stated that the integration was based on dealer feedback to meet their needs effectively.