Hallett: Acquisition Opens 'Whole New World' to KAR

Posted: Updated:
Hallett says the acquisition gives KAR an anchor in Europe. Hallett says the acquisition gives KAR an anchor in Europe.
CARMEL -

The chief executive officer of Carmel-based KAR Auction Services Inc. (NYSE: KAR) says today's acquisition of Belgium-based CarsOnTheWeb continues KAR's transformation into a global technology company. Jim Hallett says the deal for the online auction company also ensures a "strong international presence as we continue to grow beyond North America." KAR already has a presence in the United Kingdom after acquiring two UK-based companies over the last few years.

KAR announced the CarsOnTheWeb acquisition this morning. The deal is worth 91 million euros in cash, which is the equivalent of about $102 million. The deal is expected to close in the first quarter of 2019. Depending on certain terms and performance metrics, the deal could involve an additional 65 million euros, or the equivalent of about $73 million.

Hallett says the acquisition gives KAR an anchor in Europe. CarsOnTheWeb has operations in Belgium, France, Germany, Italy, the Netherlands and Span. It sells vehicles in more than 50 countries.

KAR is growing at home as well. Last year, the company announced a headquarters expansion in Carmel that is expected to create 400 jobs by 2020. The $80 million campus will ultimately house about 1,500 workers. KAR plans to move its workers into the 13-acre campus during the second half of 2019. The new HQ will be home to innovation, technology and data-as-a-service divisions, as well as be home of its TradeRev mobile app-based auction subsidiary, a business it first invested in four years ago.

  • Perspectives

    • Is Your Physician Experiencing Burnout?

      All professions experience varying degrees of burnout. Physicians and health professionals, who may treat symptoms of burnout in their patients, are not immune to job burnout and depression. In its latest revision of the International Classification of Diseases, the World Health Organization has officially classified workplace burnout as an occupational phenomenon. According to the Mayo Clinic, job burnout is a special type of work-related stress - a state of physical or emotional...

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • Photo of Gary City Hall courtesy of the City of Gary

      Gary to Hold Job Fair for Residents

      The City of Gary and the Gary Re-Entry Coalition have partnered to hold a job fair for Gary residents on Wednesday. City officials expect more than 39 employers to participate in the job fair. The annual event will run from 10 a.m. to 3 p.m. at the Gary SouthShore RailCats Stadium. 

    • NSWC Crane is located within Naval Support Activity Crane, one of the largest naval bases in the U.S.

      Military Contract Work To Be Done in Indiana

      Virginia-based Science Applications International Corp. has been awarded a nearly $42 million military contract for work on gun and guided missile systems. The overhaul and repair of  antenna systems for the U.S. Navy will be performed at SAIC locations in Bedford, Crane and Springville, Indiana.

    • The University of Notre Dame is one of the Indiana representatives on the list. (photo courtesy University of Notre Dame)

      Hoosier Companies Among 'Best Places to Work in IT'

      Three Indiana organizations are included in Computerworld's 2019 list of the 100 Best Places to Work in IT. The ranking, which splits the companies among large, medium, and small organizations, is based on company and employee surveys, as well as factors such as benefits, career development and retention.

    • Pet-Friendly Workplaces Rewarding, But Require Thoughtful Policies

      Silicon Valley startups have long touted pet-friendly workplaces, but PetFirst Pet Insurance has been pet-friendly long before most startups were even sketches on a napkin. Over the years, we’ve come to recognize that a pet-friendly workplace is valuable for morale and a favorite perk for new hires – but it also takes good planning and policies. When we were founded in 2004 as a small team, bringing pets to the office was pretty easy. But now we have more than...

    • (Image courtesy of Dickinson Fleet Services.)

      Dickinson Fleet Services Acquires Baltimore Company

      Indianapolis-based Dickinson Fleet Services has announced its acquisition of American Fleet Services of Baltimore, Maryland. American Fleet Services marks Dickinson’s eighth acquisition since 2017 and the second in 2019.