Carmel-based KAR Auction Services (NYSE: KAR) has announced the acquisition of GRS Remarketing Ltd. in the United Kingdom. Financial details of the acquisition were not disclosed, but the company says GRS will be renamed ADESA UK once the sale is complete.
KAR says Jonathan Holland, vice president of business development for ADESA UK, will take on the position of managing director. The announcement comes one year after KAR made its first acquisition in the UK, when it purchased HBC Vehicle Services.
"During the past 20 years, GRS has established a successful online vehicle remarketing business in the UK through robust technology, effective sales and operations, a healthy buyer network and strong relationships with commercial customers," said Jim Hallett, chief executive officer of KAR. "KAR is committed to international growth, and the acquisition of a leading technology business like GRS complements our wide range of vehicle remarketing services."
KAR announced in April its subsidiary, ADESA Inc. had completed the $283 million acquisition of eight auctions in the western U.S. from the Brasher family.