KAR OPENLANE Inc

KAR Auction Services, Inc. (NYSE:KAR) announced a series of product offerings that integrate the company’s diverse capabilities with the TradeRev digital mobile marketplace. KAR owns a 50 percent stake in TradeRev, a mobile app and desktop solution that facilitates real-time, live-bidding dealer-to-dealer vehicle auctions. This broad company-wide campaign will leverage KAR’s whole car and salvage auctions, floorplan financing, transportation services and data analytical insights to enhance the TradeRev experience for dealers.

“I began my automotive career as a dealer, so I know first-hand what TradeRev can do to accelerate dealer-to-dealer sales,” said Jim Hallett, chairman and CEO of KAR. “We want every dealer out there to know that when you use TradeRev, you’re getting the full support, service and strength of KAR. We’re working to make every tool, resource and insight available to help you sell and source your inventory smarter, faster and cheaper.”  

This first wave of integrated product and service offerings includes free and/or heavily discounted transportation services, special floorplan financing credits and offerings, and full integration of TradeRev’s mobile auction app with ADESA’s physical, digital and online auction marketplaces. The goal is to provide TradeRev dealers a seamless, streamlined all-in-one auction solution they can launch, execute and complete via mobile phone.

“The scope of KAR’s businesses and their 310 operating locations gives TradeRev an unmatched ability to connect with and support our dealer customers,” said Keith Crerar, president of TradeRev USA. “We’re committed to delivering the best dealer-to-dealer mobile auction app solution, and no one can deliver on that like the combination of KAR and TradeRev.”

As part of this initiative, KAR’s CarsArrive Network business unit now offers TradeRev dealers $0 transport costs for any vehicle shipped from the state of New York, and flat $150 transportation fees for shipments across all other states. These prices represent 50 percent to 80 percent dealer savings over typical wholesale transport options and will last through 2017. CarsArrive is North America’s leading provider of automated vehicle-shipping services and their capabilities are directly integrated into the TradeRev mobile app. 

KAR’s Automotive Finance Corporation (AFC) business unit is offering, subject to various conditions, no floorplan fees on the first five vehicles purchased on the TradeRev platform and floored with AFC on the date of purchase. Concurrently, TradeRev is offering a $150 discounted buy fee for those five units to be credited to the dealer’s AFC account. Additional financing promotions and specials are planned for both new and existing TradeRev and AFC customers and will be released throughout the remainder of the year.  

TradeRev and KAR’s ADESA business unit have also partnered to launch the “360 Advantage Program” for dealers. Beginning at the dealership, a TradeRev inspection is completed in under 10 minutes and the vehicle is launched on TradeRev to participating dealers nationwide. The ADESA Logistics Team will transport any unsold cars to an ADESA location within 24 hours where vehicles receive a full condition report and are listed on ADESA DealerBlock, a 24/7 online auction. Any unsold vehicles will then run at an ADESA physical auction, which is broadcast worldwide with ADESA LiveBlock.

Dealers in the US and Canada will also see an increased presence of TradeRev at ADESA’s physical auction locations. TradeRev sales and support staff will be there to enroll new dealers, answer dealer questions, and provide tips on how to launch and participate in TradeRev auctions.

“If there’s any question about our commitment to revolutionizing the dealer-to-dealer marketplace, let me say that KAR and TradeRev are in it to win it – 1,000 percent,” said Hallett. “Our announcements today are just the beginning, and we won’t stop until TradeRev is the most convenient, streamlined and trusted dealer solution.”   

For additional details and restrictions on these product and service offerings, please visit www.traderev.com

About KAR Auction Services KAR Auction Services (NYSE:KAR) provides sellers and buyers across the global wholesale used-vehicle industry with innovative, technology-driven remarketing solutions. KAR’s unique end-to-end platform supports whole car, salvage, financing, logistics and other ancillary and related services, including the sale of more than 5 million units valued at over $40 billion through our auctions. Our integrated physical, online and mobile marketplaces reduce risk, improve transparency and streamline transactions for customers in 110 countries. Headquartered in Carmel, Ind., KAR has approximately 17,400 employees across the United States, Canada, Mexico and the United Kingdom. www.karauctionservices.com.

About TradeRev:TradeRev is a mobile app that facilitates a transparent automotive exchange between used car dealers. Available on iOS, Android and desktops, TradeRev’s real-time car auction technology introduces transparency and efficiency into the car selling transaction by facilitating one-hour, app-based auto auctions. TradeRev helps dealers and dealer networks obtain true market value and close deals faster a broad network of TradRev participating dealers. Backed by KAR Auction Services (NYSE:KAR), TradeRev operates in select markets across the United States, Canada, and the United Kingdom. When it comes to buying a car, everyone should come out a winner. Visit traderev.com today to learn more.

KAR Contacts

Media Inquiries:
Tobin Richer
(317) 249-4521
tobin.richer@karauctionservices.com

Analyst Inquiries:
Mike Eliason
(317) 249-4559
mike.eliason@karauctionservices.com