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

    • Richardson is a practice lead with Centric Consulting.

      How to Create Consistent and Positive Customer Experiences with Your Brand

      Everyone knows that keeping the consumer happy is the first priority. The importance of considering the customer’s experience in all areas of engaging with your business, not just customer service is becoming even more clear. I’m seeing an increasing number of my peers in the marketing world take ownership of the customer experience with their brands. As a result, we’re all learning how to borrow and...

    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

    • (image courtesy of The Times of Northwest Indiana)

      U.S. Steel Updates Layoff Notice to State

      Pittsburgh-based U.S. Steel Corp. (NYSE: X) has updated the State of Indiana regarding its previously announced layoffs at the East Chicago Tin Mill. The company says 314, rather than 307, workers will be displaced when the mill is idled this fall. 

    • Red Star announced plans to expand and add 18 jobs.

      Larwill Medical Device Maker to Expand, Add Jobs

      A Whitley County-based medical device maker has announced plans to expand its facility in Larwill which should mean new jobs. Red Star Contract Manufacturing Inc. says it will invest $1.6 million in real estate improvements and additional equipment and will create 18 new jobs by 2022. 

    • Regal Beloit is closing in Valparaiso. (photo courtesy; The Times of Northwest Indiana)

      Valpo Bearings Plant to Close, Eliminating 160+ Jobs

      Wisconsin-based Regal Beloit Corp. and the union representing workers have reached an agreement about the closing of a helicopter bearing factory in Valparaiso. According to our partners at The Times of Northwest Indiana, the decision will cost between 160 to 170 workers their jobs. 

    • (WISH-TV Photo)

      Clif Bar Expands Indy Bakery

      California-based Clif Bar & Co. has completed a $10 million expansion of its commercial bakery in Indianapolis. The company says the project involved a more sustainable redesign of the facility for its employee-owners with a greater focus on energy efficiency.

    • Bob Stutz

      New Role For Salesforce Exec

      After three years on the job, Salesforce Marketing Cloud Chief Executive Officer Bob Stutz is moving into a new role. Stutz, who will remain in Indianapolis, is now executive vice president of strategic partners at Salesforce (NYSE: CRM).  Since arriving in Indianapolis, Stutz has overseen the establishment of the company’s regional headquarters in downtown Indianapolis, which included the Salesforce name being placed atop the state’s tallest building.