KAR Global Acquires BacklotCars

KAR Global Acquires CARWAVE for $450M

August 23, 2021

Automotive

KAR Auction Services, Inc. (d/b/a KAR Global) agreed to acquire CARWAVE Holdings LLC for $450 million to accelerate its dealer-to-dealer marketplace growth and expand its presence in California and other western U.S. markets. The deal brings CARWAVE's technology, dealer network and leadership team into KAR's digital remarketing platform and is expected to be immediately accretive to KAR's dealer-to-dealer operations.

Carvana Acquires ADESA U.S. Physical Auction Business from KAR Global

May 10, 2022

Transportation

Carvana has acquired the ADESA U.S. physical auction business from KAR Global for $2.2 billion, including 56 U.S. auction locations, approximately 6.5 million square feet of buildings and related operations and staff. The deal gives Carvana expanded physical auction and vehicle logistics capacity to support its retail marketplace while allowing KAR to focus on its digital marketplace strategy.

Acamar Partners Acquisition Corp. to Take CarLotz Public

October 22, 2020

Automotive

Acamar Partners Acquisition Corp. entered into a definitive business combination agreement to take CarLotz, Inc. public, supported by a $125 million PIPE led by Fidelity and strategic investors including KAR Global, McLarty Diversified Holdings, Rick Wagoner and TRP Capital Partners. The transaction will provide CarLotz with capital to fund nationwide hub expansion, technology investments and continued growth; closing was expected in Q4 2020.

Cars Commerce (Cars.com Inc.) Acquires DealerClub

January 23, 2025

Automotive

Cars Commerce (d/b/a Cars.com) acquired DealerClub, a dealer-to-dealer digital wholesale auction, for approximately $25 million in cash with up to $88 million of additional performance-based consideration. The deal, which closed January 23, 2025, expands Cars Commerce’s Trade & Appraisal strategy by adding transactional wholesale capabilities and access to a dealer-facing marketplace serving 650+ dealer customers.

Funds Advised by Apax Partners and Periphas Capital Invest $550M in KAR Global

May 26, 2020

Automotive

KAR Auction Services (d/b/a KAR Global) placed $550 million of newly issued perpetual convertible preferred stock in a strategic financing led by funds advised by Apax Partners with participation from Periphas Capital. The capital will support KAR’s operational recovery from COVID-19, accelerate its digital transformation and sustain its technology platforms and development pipeline.

Ares Management Acquires Capital Automotive (CARS) from Brookfield for $3.8 Billion

February 8, 2022

Real Estate

Funds managed by Ares Management Corporation's Alternative Credit strategy and Real Estate Group acquired Capital Automotive LLC (CARS) from a Brookfield private real estate fund for $3.8 billion. CARS, headquartered in McLean, Virginia, owns a portfolio of more than 250 net-lease automotive dealership properties across the U.S. and Canada; the acquisition expands Ares' net-lease capabilities and increases its net lease gross asset value to more than $7 billion over the prior 15 months.