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SEARCHKAR Auction Services extended $15 million in credit to TradeRev, the digital auction platform in which KAR acquired a 50% stake in 2014.
CARMEL, Ind. — KAR Auction Services, a wholesale used-vehicle marketplace and technology solutions provider, has extended up to $15 million in credit to Nth Gen Software, home of the TradeRev platform, which facilitates online and mobile dealer-to-dealer auctions.
KAR acquired a 50% stake in TradeRev through its ADESA business unit in 2014. KAR’s directors said the additional funding will be used to accelerate TradeRev’s expansion and deploy new products and platform functionality.
“KAR is focused on simplifying used-vehicle transactions and providing the best physical, online and mobile auction venues for our customers worldwide,” said Jim Hallett, chairman and CEO of KAR. “We’ve witnessed the disruptive power of TradeRev’s progressive mobile technology in the dealer-to-dealer segment and are committed to supporting their continued growth in new and existing markets.”
TradeRev was designed to allow users to launch and participate in one-hour online vehicle auctions with live, competitive bidding. Potential buyers are notified of new auctions via text, mobile and email alerts, and sellers receive bids representing true, real-time market value for their vehicles, according to the provider.
“This additional infusion of support will expedite the release of new TradeRev products and functionality to meet growing customer demand,” said Mark Endras, CEO and cofounder of TradeRev. “We look forward to expanding TradeRev’s network of participating buyers and sellers and placing the power of real-time auctions in the palm of their hands.”
TradeRev operates in 17 U.S. markets, including their recently announced entry into New York, Pennsylvania and Dallas. TradeRev is available to franchise dealers across Canada and the technology is offered through the ADESA brand in the United Kingdom.
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