CARMEL, Ind., May 4, 2021 / PRNewswire / – KAR Auction Services, Inc. d / b / a KAR Global (NYSE: KAR), a leading digital marketplace operator for the wholesale of used cars, announces the acquisition of Auction Frontier, a cloud pioneer. solution for simultaneous broadcasting of Velocicast auctions… The acquisition reflects the importance of KAR ADESA’s Simulcast and Simulcast + technologies, both of which are based on Velocicast and will accelerate future Simulcast innovations to improve market speed, convenience and real-time analytics for customers.
“For over a decade, KAR has spearheaded the digital transformation of the remarketing industry by deploying powerful technologies that provide our customers with the smartest, fastest and most intuitive marketplaces to sell and find resources,” said Peter Kelly, CEO of KAR Global. “With Auction Frontier, Velocicast has quickly become the industry gold standard for simultaneous streaming, and we’re thrilled to welcome their incredibly talented team to our organization. We have already demonstrated the strength of this partnership by jointly developing ADESA Simulcast + in 2020, the industry’s only fully automated real-time auction platform. And we look forward to enhancing next generation digital auction technology for our mutual clients. “
Auction Frontier’s Velocicast platform enables simultaneous digital broadcast sales at over 300 wholesale and retail auctions worldwide. North America as well as Australia… The technology offers an easy-to-use simultaneous streaming interface that enables both sellers and buyers to make quick and efficient bidding, buying and selling decisions. Enhanced displays provide instant access to detailed status reports, photographs, and assessment tools for vehicles across all sales lines, which means dealers can research vehicles, make entries on a vehicle detail page, and make bidding and buying decisions from a single source. integrated interface. Sellers can track trading activity at all stages of the sale, conveniently present vehicles, and view advanced analytics that allow shippers to more confidently adapt their sales strategy to market dynamics in real time.
“We are thrilled to join the KAR Global family and look forward to bringing even more value to our customers through the enhanced capabilities, integrations and functionality on our Velocicast platform,” said Scott Blatter, President of the Auction Frontier. “From the outset, our focus at Auction Frontier has been to create a ‘done right’ simultaneous broadcast solution that gives buyers and sellers everything they need to succeed right at their fingertips. And now, leveraging the power of KAR’s diverse portfolio of marketable technologies, services and solutions, we can quickly accelerate future innovation. ”
KAR first partnered with Auction Frontier in 2016, launching ADESA Simulcast in 2019. Auction Frontier was founded in 2015.
KAR Auction Services, Inc. d / b / a KAR Global (NYSE: KAR) provides used car wholesalers and buyers worldwide with innovative technology-driven remarketing solutions. KAR Global’s unique end-to-end platform supports all vehicle, financing, logistics and other ancillary and related services, including the sale of nearly 3.1 million units worth over $ 40 billion through our auctions in 2020. Our integrated physical, online and mobile marketplaces mitigate risk, increase transparency and streamline transactions for customers in approximately 75 countries. Headquartered in Carmel, Indiana, KAR Global has employees in various United States, Canada, Mexico, Uruguay, UK and Europe… For more information and the latest KAR Global news, visit www.karglobal.com and follow us on Twitter. @KARspeaks…
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SOURCE KAR Global