SpaceX Pushes for Early Stock Index Inclusion Ahead of Potential Record-Breaking IPO 
Missouri Judge Dismisses Lawsuit Challenging Starbucks’ Diversity and Inclusion Policies 
OpenAI Expands Enterprise AI Strategy With Major Hiring Push Ahead of New Business Offering 
Uber Ordered to Pay $8.5 Million in Bellwether Sexual Assault Lawsuit 
Ford and Geely Explore Strategic Manufacturing Partnership in Europe 
Alphabet’s Massive AI Spending Surge Signals Confidence in Google’s Growth Engine 
Tencent Shares Slide After WeChat Restricts YuanBao AI Promotional Links 
Australian Scandium Project Backed by Richard Friedland Poised to Support U.S. Critical Minerals Stockpile 
Nvidia, ByteDance, and the U.S.-China AI Chip Standoff Over H200 Exports 
Baidu Approves $5 Billion Share Buyback and Plans First-Ever Dividend in 2026 
TSMC Eyes 3nm Chip Production in Japan with $17 Billion Kumamoto Investment 
Nvidia Nears $20 Billion OpenAI Investment as AI Funding Race Intensifies 
Nintendo Shares Slide After Earnings Miss Raises Switch 2 Margin Concerns 
Nasdaq Proposes Fast-Track Rule to Accelerate Index Inclusion for Major New Listings 
FDA Targets Hims & Hers Over $49 Weight-Loss Pill, Raising Legal and Safety Concerns 
CK Hutchison Launches Arbitration After Panama Court Revokes Canal Port Licences 
Amazon Stock Rebounds After Earnings as $200B Capex Plan Sparks AI Spending Debate 
CARMEL, Ind., March 16, 2017 -- KAR Auction Services, Inc. (NYSE:KAR), a global wholesale used-vehicle marketplace and technology solutions provider, has extended up to $15 million in credit to Nth Gen Software, Inc., (“TradeRev”). Through its ADESA business unit, KAR acquired a 50-percent stake in Toronto-based TradeRev in 2014. TradeRev facilitates real-time dealer-to-dealer vehicle auctions via desktop or mobile app. 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 users can 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.
“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 co-founder 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.
About KAR Auction Services
KAR Auction Services (NYSE:KAR) provides sellers and buyers across the global wholesale used-vehicle industry with innovative, technology-driven remarketing solutions. KAR’s unique end-to-end platform supports whole car, salvage, financing, logistics and other ancillary and related services, including the sale of more than 5 million units valued at over $40 billion through our auctions. Our integrated physical, online and mobile marketplaces reduce risk, improve transparency and streamline transactions for customers in 110 countries. Headquartered in Carmel, Ind., KAR has approximately 17,400 employees across the United States, Canada, Mexico and the United Kingdom. www.karauctionservices.com.
KAR Contacts Media Inquiries: Tobin Richer (317) 249-4521 [email protected] Analyst Inquiries: Mike Eliason (317) 249-4559 [email protected]
