Updated: Mar 26
Steve Greenfield of Automotive Ventures highlights the technology deals of the day in this segment of the Daily Download.
Automotive Ventures is the resource for automotive technology entrepreneurs and financial and strategic acquirers. The company, founded in 2014, offers fundraising, growth strategy, and transaction guidance.
Big news today in the wholesale/remarketing space. ADESA parent KAR Global has reached a deal to acquire CARWAVE for $450 million dollars.
The California-based dealer-to-dealer online wholesale marketplace was founded in 2009, and its network of dealer customers includes stores in Arizona, California, Nevada, Oregon and Texas.
The platform allows dealers to take trade-ins and aged frontline inventory and quickly wholesale them, while also sourcing vehicles to purchase. Co-founders John Lauer and Bill Lauer will stay on with the company, which will continue operating its Escondido, Calif., headquarters.
The purchase is expected to close by the end of the year. In September of last year, KAR Global announced the acquisition of BackLot Cars for $425 million dollars.
More recently, in May of this year, KAR announced the acquisition of Auction Frontier, who provides the industry with auction simulcast solution Velocicast. With ACV’s recent acquisition of MAX Digital, and XLerate Group’s acquisition of Liquid Motors, it’s an exciting time for M&A in the wholesale remarketing arena!