KAR Auction Services, the parent company of ADESA UK, has completed its acquisition of online auction business CarsOnTheWeb.
The £80 million deal will enable US-based KAR to expand its remarketing and technology services in Europe.
CarsOnTheWeb is a Beligium-based business that provides an online wholesale vehicle auction marketplace that can connect OEMs, fleet owners, wholesalers and dealers in more than 50 countries.
“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,” said Benjamin Skuy, KAR’s executive vice president for international markets and strategic initiatives.
“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.”
The business has sales operations in Belgium, France, Germany, Italy, the Netherlands and Spain, with buyers from all over Europe.
It will operate as a wholly-owned subsidiary of KAR and will retain its current operating locations, employees and key leadership and management team members.
The transaction is valued at approximately 91 million euros in cash and up to an additional 65 million euros over a specified period contingent on certain terms, conditions and COTW performance.