KAR Global Acquires CARWAVE for $450M

KAR Global Acquires BacklotCars

September 8, 2020

Automotive

KAR Global (KAR) has signed a definitive agreement to acquire BacklotCars, a Kansas City–based dealer-to-dealer online wholesale vehicle marketplace, for $425 million. The acquisition expands KAR’s digital remarketing capabilities by adding BacklotCars’ 24/7 bid-ask marketplace, vehicle inspection services and AI-driven recommendations to KAR’s existing TradeRev and broader remarketing platform.

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.

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.

CarGurus Acquires 51% Stake in CarOffer

December 10, 2020

Automotive

CarGurus agreed to acquire a 51% majority interest in CarOffer, an instant vehicle trade platform, at an enterprise valuation of $275 million. The strategic acquisition adds wholesale trading and logistics capabilities to CarGurus' dealer platform, enabling a seamless retail and wholesale solution for dealers.

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.

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.