Mark, also provides some key advice for software startup firms that want to expand via finding a larger partner in their industry.
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More on KAR Auction Services acquisition of TradeRev
KAR, in October, acquired the remaining interest in Nth Gen Software Inc. (TradeRev), a mobile app and desktop solution that facilitates real-time dealer-to-dealer vehicle auctions.
KAR purchased a 50 per cent stake in TradeRev in 2014 and acquired the remaining interest today for $50 million in cash and an additional $75 million over the next four years.
TradeRev provides industry-leading mobile and digital technology to KAR’s portfolio of 250 whole car and salvage auctions, floorplan financing solutions, and other ancillary and related services.
KAR will further integrate those capabilities into TradeRev to expand its digital business and strengthen its share in the dealer-to-dealer market representing over 10 million annual transactions, according to Jim Hallett, chairman, and CEO of KAR.
“The digital revolution in remarketing has begun, and the acquisition of TradeRev ensures that KAR will maintain its strong leadership position in the mobile app and online auction space,” he said. “As a former dealer, I believe TradeRev is the most powerful and innovative mobile app for dealers on the market. “
The TradeRev mobile app mimics the physical auction setting, enabling dealers to launch and participate in live, one-hour auctions directly from their smartphone, tablet or desktop.
Winning TradeRev bidders can complete the entire transaction within the app, including optional inspection, title and arbitration services and financing and transportation through KAR’s AFC and CarsArrive brands.
TradeRev will be led by Becca Polak, who for the last ten years has served as KAR’s executive vice president, general counsel and corporate secretary.
TradeRev was launched in 2009 by CEO and co-Founder Endras along with co-founders Wade Chia, Jae Pak and James Tani. They will all retain leadership roles at TradeRev.
Endras will remain a member of the TradeRev senior leadership team reporting to Polak and will focus on enhancing TradeRev’s in-app experience and product development pipeline.
Endras will also take on the role of chief innovation officer for KAR reporting to Tom Fisher, KAR’s chief information officer. In this capacity, Endras will focus on advancing KAR’s innovation agenda and establishing new KAR innovation lab centers in Toronto, Chicago and Carmel, Indiana.
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