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<blockquote data-quote="Weather Man" data-source="post: 16486198" data-attributes="member: 137766"><p><span style="font-size: 22px"><strong>KAR Auction Services to acquire BacklotCars</strong></span></p><p>Sep. 8, 2020 7:22 AM ET|About: <a href="https://seekingalpha.com/symbol/KAR" target="_blank">KAR Auction Services, Inc. (KAR)</a>|By: <a href="https://seekingalpha.com/user/12148161/profile" target="_blank">Jignesh Mehta</a>, SA News Editor </p><p></p><p></p><p>KAR Auction Services (NYSE:<a href="https://seekingalpha.com/symbol/KAR" target="_blank">KAR</a>) <a href="https://seekingalpha.com/pr/17996948-kar-to-deepen-digital-capabilities-acquisition-of-backlotcars" target="_blank">inks an agreement</a> to acquire BacklotCars Inc. for $425M.</p><p></p><p>BacklotCars is an app and web-based dealer-to-dealer wholesale platform featuring a 24/7 "bid-ask" marketplace and comprehensive vehicle inspections performed by automobile mechanics.</p><p></p><p>The acquisition will diversify KAR's portfolio of digital capabilities and accelerate the company's strategy to be a leading digital dealer-to-dealer marketplace provider.</p><p></p><p>Post acquisition, key BacklotCars leadership, including co-founders Justin Davis, Ryan Davis, Josh Parsons and Fabricio Solanes, will remain with the company.</p><p></p><p>The transaction is expected to close by year-end.</p></blockquote><p></p>
[QUOTE="Weather Man, post: 16486198, member: 137766"] [size=6][b]KAR Auction Services to acquire BacklotCars[/b][/size] Sep. 8, 2020 7:22 AM ET|About: [URL='https://seekingalpha.com/symbol/KAR']KAR Auction Services, Inc. (KAR)[/URL]|By: [URL='https://seekingalpha.com/user/12148161/profile']Jignesh Mehta[/URL], SA News Editor KAR Auction Services (NYSE:[URL='https://seekingalpha.com/symbol/KAR']KAR[/URL]) [URL='https://seekingalpha.com/pr/17996948-kar-to-deepen-digital-capabilities-acquisition-of-backlotcars']inks an agreement[/URL] to acquire BacklotCars Inc. for $425M. BacklotCars is an app and web-based dealer-to-dealer wholesale platform featuring a 24/7 "bid-ask" marketplace and comprehensive vehicle inspections performed by automobile mechanics. The acquisition will diversify KAR's portfolio of digital capabilities and accelerate the company's strategy to be a leading digital dealer-to-dealer marketplace provider. Post acquisition, key BacklotCars leadership, including co-founders Justin Davis, Ryan Davis, Josh Parsons and Fabricio Solanes, will remain with the company. The transaction is expected to close by year-end. [/QUOTE]
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