CARMEL, IN -- (Marketwire) -- 04/24/12 -- KAR Auction Services, Inc. (NYSE: KAR) today announced that it has fully integrated the online bid-now sales events of two of its subsidiary companies, ADESA and OPENLANE.
This integration combines the vehicle inventory that was previously available on ADESA DealerBlock with the inventory available on OPENLANE.com into one unified online venue, called ADESA OpenLane. This results in more opportunities for sourcing wholesale vehicles, including those located at all ADESA U.S. auction locations in addition to OPENLANE's private-label offerings and its open sale inventory.
"My vision has always been to provide the most comprehensive end-to-end vehicle remarketing solution in the industry," said Jim Hallett, KAR Auction Services CEO. "To do this, we will continue to move forward as a unified company and identify opportunities to combine products that enhance our online service offerings."
All 53 U.S. auction locations have successfully transitioned their DealerBlock offerings to the new ADESA OpenLane; all other ADESA.com products and services -- including ADESA LiveBlock and run lists -- are expected to be migrated to OPENLANE's industry-leading technology within 10-12 months. After this time, the company will then integrate its Canadian website, ADESA.ca, and its 13 auctions throughout Canada.
"We are building one marketplace -- at auction and online," said Hallett. "We understand that vehicle remarketers need to be able to buy and sell cars however and wherever they want: at remote locations, in-transit and at auction. In turn, we'll continue to enhance our suite of online remarketing platforms to address this market need."
About KAR Auction Services, Inc.
KAR Auction Services, Inc. (NYSE: KAR) is the holding company for ADESA, Inc., ("ADESA"), Insurance Auto Auctions, Inc., ("IAAI") and Automotive Finance Corporation ("AFC"). ADESA is a leading provider of wholesale used vehicle auctions with 68 North American locations and its subsidiary OPENLANE provides a leading Internet automotive auction platform. Insurance Auto Auctions is a leading salvage vehicle auction company with 160 sites across North America. Automotive Finance Corporation is a leading provider of floorplan financing to independent and franchise used vehicle dealers with 103 sites across North America. Together, KAR Auction Services provides a unique, comprehensive, end-to-end solution for our customers' remarketing needs. Visit karauctionservices.com for additional information.