Carmel, Indiana-based KAR Auction Services, Inc., a provider of used vehicle auction services, disclosed that its business unit ADESA has acquired a 50 percent stake in Toronto-based Nth Gen Software Inc. (TradeRev) and its online vehicle remarketing system, TradeRev.
The total purchase price for the transaction is approximately $30 million in cash. ADESA also said that it has entered into a joint marketing agreement with TradeRev to assist in expanding its footprint in the dealer-to-dealer online space in the U.S. and Canadian markets. ADESA will be the exclusive provider of certain products and services to TradeRev’s customers. ADESA will also leverage its 65 auction locations across North America and the company’s strong online auction presence and dealer network to support TradeRev’s diverse dealer offerings.
TradeRev is an online automotive remarketing system where dealers can launch and participate in real-time vehicle auctions at any time from their mobile devices or desktop.
Mark Endras, the president, founder and creator of TradeRev, and the company’s management team own the other 50 percent interest in TradeRev.
Published in the October 2014 Edition of American Recycler News