Carmel-based KAR Auction Services Inc. (NYSE: KAR) is growing its international footprint. The automotive remarketing and technology company has acquired Belgium-based CarsOnTheWeb, an online auction company. The deal is worth 91 million euros in cash, or the equivalent of about $102 million. KAR Chief Executive Officer Jim Hallett says the acquisition "will instantly anchor KAR in the international marketplace." The companies expect to close the deal in the first quarter of 2019.
The definitive agreement also involves an additional 65 million euros, the equivalent of about $73 million, depending on certain terms, conditions and performance.
CarsOnTheWeb has operations in Belgium, France, Germany, Italy, the Netherlands and Spain. The company provides services to sellers in those countries and buyers in more than 50 countries. COTW’s services include real-time search, bid, payment and logistics scheduling. KAR says it will leverage COTW to use its technology, data analytics and other services throughout Europe.
KAR says it will retain CarsOnTheWeb’s current locations, employees and key leadership team.