KAR Auction Services Inc. on Monday said that its auto-auction subsidiary, ADESA Inc., will expand its online auction operations by buying Openlane Inc., an Internet-based automotive remarketing company, for roughly $210 million in cash. Hit the jump to read the rest of the story.
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Peter Kelly will continue as Openlane’s CEO and will report directly to KAR CEO Jim Hallett.
In a statement, Hallett said, “Openlane is a natural fit for the KAR family of companies as it extends our online product offerings, provides a complementary customer base and adds talented members to our management team.”
He added, “I have known Peter and members of his management team for a number of years and have always believed that Openlane would be a good cultural fit with KAR. I look forward to Peter and his team contributing to KAR’s success.”
In the same statement, Kelly said, “I consider this a great combination that will significantly benefit our customers and the industry.”
