KAR Auction Services Announces Private Label Agreement with Auction Edge
For Immediate Release
KAR AUCTION SERVICES ANNOUNCES PRIVATE LABEL AGREEMENT WITH AUCTION EDGE
CARMEL, Ind., September 24, 2015 – KAR Auction Services, Inc. (NYSE: KAR), a provider of used vehicle auction services, today announced that its subsidiary, Openlane, Inc., has agreed to build a private label website for Auction Edge utilizing Openlane’s proprietary technology platform. The private label website created for Auction Edge will be known as the EDGE Marketplace. Openlane will be delivering to Auction Edge and its member auctions a customized version of its leading online auction system already used by commercial consignors, automotive dealers and a number of ADESA and Auction Edge’s mutual customers.
“We are honored that Auction Edge has chosen Openlane to create this online selling tool for its almost 200 member auctions,” said Peter Kelly, president of KAR’s Digital Services Group, which includes Openlane. Kelly further stated that, “These auctions will now be able to sell their vehicles on the industry’s premier private label platform.”
By working with Openlane, Auction Edge member auctions will be offering vehicles for sale on an online auction interface that is well known to automotive dealers who are accustomed to buying vehicles at ADESA.com and on more than 30 private label websites powered by Openlane’s technology platform.
“A private label platform has been in our plans for some time,” explained Scott Finkle, president of Auction Edge. “Utilizing Openlane’s technology is a win-win-win for the Auction Edge auctions, their selling consignors and their buying dealers.”
Auction Edge is expected to offer this private label program to independent auctions in early 2016.
About KAR Auction Services
KAR Auction Services, Inc. (NYSE: KAR), a FORTUNE® 1000 company, operates worldwide vehicle auction services and provides related services. Based in Carmel, Indiana, the KAR group of companies is comprised of ADESA, Inc. (ADESA), Insurance Auto Auctions, Inc. (IAA), Automotive Finance Corporation (AFC), and additional business units, with approximately 13,000 employees and 240 auction facilities. Together, KAR’s complementary businesses provide support, technology and logistics for the used vehicle industry. For more information, visit www.karauctionservices.com.