KAR Global Announces Strategic Investment in AI-Powered Vehicle Inspections Technology
KAR Global (NYSE: KAR) has announced a strategic partnership with Ravin AI, enhancing its digital marketplace capabilities for vehicle inspections.
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Rhea-AI Summary
KAR Global (NYSE: KAR) has announced a strategic partnership with Ravin AI, enhancing its digital marketplace capabilities for vehicle inspections. This collaboration will streamline inspection processes and facilitate data sharing throughout the remarketing lifecycle. The partnership aligns with KAR's goal of leveraging advanced technology to improve decision-making for its customers. Ravin AI specializes in AI solutions for vehicle inspections, and this deal will enable better applications across various sectors, including fleet maintenance and condition monitoring.
Positive
- Strategic partnership with Ravin AI enhances digital capabilities.
- Improves vehicle inspection processes through advanced AI technology.
- Integration supports various applications in the remarketing sector.
Negative
- None.
Details
News Market Reaction – KAR
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CARMEL, Ind., March 16, 2021 /PRNewswire/ -- KAR Auction Services, Inc. d/b/a KAR Global (NYSE: KAR), a leading operator of digital marketplaces for wholesale used vehicles, announces a strategic investment and North American commercial partnership with Ravin AI. Ravin is an international provider of automated, mobile and CCTV-based artificial intelligence solutions for vehicle inspections serving diverse fleet, insurance and remarketing customers around the world. The partnership enhances KAR's data-driven digital capabilities and will enable the seamless flow of inspection information, data and images throughout the entire remarketing lifecycle for the company's customers.
"Advanced, integrated inspection capabilities are core to our customers' success in the new digital age," said Peter Kelly, president of KAR Global. "Ravin AI has developed the most powerful and progressive computer vision, deep learning, and self-inspection solutions on the market. These tools will accelerate and enhance the vehicle inspection process, helping our customers make smarter, more informed selling and buying decisions and achieve better outcomes. We look forward to working alongside Ravin to advance the next generation of inspection technology and extend our leadership position in digital marketplaces."
The addition of Ravin to KAR's portfolio adds mobile-based artificial intelligence capabilities for damage detection and vehicle representation through a self-inspect or company-inspect model. This flexibility and interoperability with customer and third-party systems allows widespread application of Ravin's technology across the remarketing sector and broader automotive industry. Key applications include data-rich tools for end-of-lease processing, pre-auction inspections, dealer aftersales, fleet maintenance and condition monitoring. Ravin currently supports some of KAR's North American commercial customers, and the companies plan to accelerate product development while expanding the use and adoption of Ravin's technology.
"We're proud to be part of KAR's disruptive digital strategy, and we look forward to empowering their North American commercial, financial, fleet, rental and dealer customers with our innovative inspection solutions," said Eliron Ekstein, co-founder and CEO of Ravin AI. "Digital marketplaces require trust, ease and highly integrated systems to help all participants succeed—all foundational elements of KAR's platforms today. Together, we will make the inspection process easier, faster and more connected for everyone."
KAR led the Round A financing. Ravin's existing investors, FM Capital and PICO Venture Partners, also participated in this round. Other investors in the company include Shell Ventures, the investment arm of Royal Dutch Shell, and individual investors such as General Motors former CEO, Rick Wagoner.
KAR Contacts: | |
Media Inquiries: | Analyst Inquiries: |
Jill Trudeau | Mike Eliason |
(317) 796-0945 | (317) 249-4559 |
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, including the sale of nearly 3.1 million units valued at approximately
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SOURCE KAR Global
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