Carmel-based KAR Global (NYSE: KAR) has completed the acquisition of BacklotCars Inc., a web-based dealer-to-dealer vehicle wholesale auction platform headquartered in Missouri.
KAR says Backlot Cars uses artificial intelligence and machine learning to simplify the vehicle buying experience for sellers, buyers and bidders.
When the deal was first announced in September, KAR said the acquisition was valued at $425 million and would further expand KAR’s digital marketplace portfolio.
KAR says it has evolved to a 100% digital model, and the addition of BacklotCars further advances the company’s digital transformation strategy.
“We are laser-focused on providing dealers with the most efficient, convenient and economically advantageous digital marketplaces to sell and source inventory,” said Peter Kelly, president of KAR Global. “BacklotCars is one of the fastest-growing dealer-to-dealer platforms in the country, and TradeRev’s growth continued to accelerate through the third quarter.”
BacklotCars was founded in 2015 and currently serves dealers in 46 states. Its headquarters will remain in Missouri.