KAR Auction Services, Inc., d/b/a/ KAR Global, has completed the acquisition of CARWAVE Holdings LLC for $450 million in cash. The acquisition builds on KAR’s fast growth in the dealer-to-dealer segment, accelerates profitability, positions the company to achieve its long-term goals and enhances the company’s differentiated combination of digital marketplaces and physical network.
CARWAVE was founded in 2009 in California and serves a broad network of dealers across California, Arizona, Nevada, Oregon and Texas. The online platform enables dealers to conveniently wholesale trade-ins and aged frontline units directly from their lot and quickly source new inventory from anywhere.
Key CARWAVE leadership, including co-founders John Lauer and Bill Lauer, will remain with the company. Though the companies have started actively integrating, there are no immediate planned changes to either company’s product offerings, pricing or customer agreements.
Published in the December 2021 Edition