KAR Finalizes European Acquisition

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Jim Hallett is CEO of KAR Auction Services Jim Hallett is CEO of KAR Auction Services
CARMEL -

Carmel-based KAR Auction Services Inc. (NYSE: KAR) has completed its acquisition of Belgium-based online auction company CarsOnTheWeb. The company says COTW will operate as a wholly-owned subsidiary and retain its current operating locations, employees and key leadership.

The acquisition was valued at 91 million euros, or approximately $102 million. It also includes up to an additional 65 million euros over a period of time based on certain terms, conditions and COTW performance, according to the company.

"Now part of the KAR family, CarsOnTheWeb will help fuel our continued international growth with the power to deliver innovative, digitally connected services to our global customers," said Benjamin Skuy, executive vice president for international markets and strategic initiatives for KAR. "CarsOnTheWeb is already the leading cross-border automotive remarketing platform in Continental Europe. And together with KAR's technology, data, ancillary service capabilities and strong industry relationships, we will lead and accelerate the evolution of the European marketplace."

KAR says the acquisition advances its international strategy and extends its North American U.K.-based portfolio to continental Europe. COTW has sales operations in Belgium, France, Germany, Italy, Netherlands, and Spain.

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