Summary
KAR Auction Services, Inc., together with its subsidiaries, provides used vehicle auctions and related vehicle remarketing services for the automotive industry in the United States, Europe, Canada, Mexico, and the United Kingdom. The company operates through two segments, ADESA Auctions and AFC. The ADESA Auctions segment offers whole car auctions and related services to the vehicle remarketing industry through online auctions and auction facilities. It also provides value-added services, such as auction related, transportation, reconditioning, inspection, title and repossession administration and remarketing, vehicle research, and analytical services, as well as data as a service. This segment sells its products and services through vehicle manufacturers, fleet companies, rental car companies, finance companies, and others. As of December 31, 2021, this segment had a network of approximately 70 vehicle logistics center locations in North America. The AFC segment offers floorplan financing, a short-term inventory-secured financing to independent used vehicle dealers; and sells vehicle service contracts. The company provides wheel repair and hail catastrophe response services. It serves vehicle manufacturers, vehicle rental companies, financial institutions, commercial fleets and fleet management companies, and dealer customers. The company was formerly known as KAR Holdings, Inc. and changed its name to KAR Auction Services, Inc. in November 2009. KAR Auction Services, Inc. was incorporated in 2006 and is headquartered in Carmel, Indiana.
History
KAR Auction Services (KAR) is an industry leader in technology, data science and end-to-end remarketing solutions designed to meet the needs of customers around the globe. Formed in 2009 as a result of the merger between ADESA and Automotive Finance Corporation (formerly known as AFC Enterprises), KAR has grown over the years to include end-to-end digital solutions in addition to its core businesses of physical and digital auctions, salvage sale, and strategic initiatives such as KAR Global. Today, KAR offers its services in infrastructure, data and digital solutions to customers worldwide.
Mission
“Our mission at KAR Auction Services is to invest in and leverage best-in-class technology solutions to provide continuously streamlined, elevated service to our customers,” said Watkins. “Achieving an Honorable Mention in the HP Discover Awards is a testament to our commitment, and an inspiration for us to continue dedicating ourselves to moving the technology needle forward.”
Vision
KAR Auction Services envisions a future where the global used-vehicle remarketing industry is reshaped and realized through custom-built technology and in-depth analytics.
Key Team
Mr. Charles S. Coleman (Exec. VP, Chief Legal Officer & Sec.)
Mr. James P. Coyle (Exec. VP & Chief Digital Officer)
Mr. Justin T. Davis (Pres of BacklotCars)
Mr. Tobin Richer (Sr. VP of Marketing & Communications)
Mr. Sriram Subrahmanyam (EVP of Operations & Pres of KAR Services Group)
Mr. Scott A. Anderson (VP, Controller & Principal Accounting Officer)
Mr. Michael Eliason (VP of Investor Relations & Treasurer)
Recognition and Awards
KAR Auction Services was named one of Computerworld Magazine's 2020 Best Places to Work in IT, one of Forbes Magazine's America's Best Midsize Employers 2020, and one of Forbes America's Best Employers for Diversity 2020.
References
United States 