Carmel-based KAR Auction Services Inc. (NYSE: KAR) has announced a rebranding of a recently-acquired subsidiary. The company says Belgium-based CarsOnTheWeb will now be known as ADESA Europe, a brand which will extend KAR’s name recognition into continental Europe.
KAR says the ADESA Europe brand will extend to each of the local markets where it has sales operations, including Belgium, France, Germany, Italy, Netherlands and Spain. The newly-rebranded company will continue to provide customers with an online wholesale vehicle auction marketplace.
"ADESA already has strong brand recognition across North America and the U.K., and CarsOnTheWeb is Continental Europe’s leading cross-border automotive remarketing platform," said Benjamin Skuy, executive vice president for international markets and strategic initiatives at KAR. "There is no better way to fully welcome CarsOnTheWeb to the KAR family than by extending the ADESA brand to all of Europe."
Johan Meyssen, chief executive officer of ADESA Europe says having the ADESA brand name will allow the company to further its operating model.
KAR Auction Services completed its acquisition of CarsOnTheWeb in February in a deal valued at 91 million euros, or approximately $102 million. When the deal was first announced, KAR CEO Jim Hallett said it would continue the company’s transformation into a global technology company.