CARMEL, Ind. — KAR Auction Services Inc. has acquired Belgium-based CarsOnTheWeb, the company announced. The move advances KAR’s international strategy and extends its North American and U.K.-based portfolio to Continental Europe, according to Benjamin Skuy, KAR’s executive vice president for international markets and strategic initiatives.
“Now part of the KAR family, CarsOnTheWeb will help fuel our continued international growth with the power to deliver innovative, digitally connected services to our global customers,” Skuy said. “CarsOnTheWeb is already the leading cross-border automotive remarketing platform in Continental Europe. And together with KAR’s technology, data, ancillary service capabilities and strong industry relationships, we will lead and accelerate the evolution of the European marketplace.”
COTW operates an online wholesale vehicle auction marketplace that connects OEMs, fleet owners, wholesalers and dealers in more than 50 countries. With sales operations in Belgium, France, Germany, Italy, the Netherlands, and Spain, COTW provides sellers in these countries and buyers across Europe with a range of vehicle auction, transportation and related services. COTW will operate as a wholly-owned subsidiary of KAR and will retain its current operating locations, employees, and key leadership and management team members, all according to the announcement.
Originally posted on Auto Dealer Today