KAR Auction Services announced two major purchases in November. In this conversation at Used Car Week, we talk with three folks involved in the first of those two: KAR's purchase of Clearplan, which was announced on Nov. 12.
Clearplan is a digital platform for recovery agents, drivers, forwarders and lenders that acts as a centralized, mobile “cloud-based hub” for repo workflow and logistics management.
At Used Car Week, we caught up with Peter Kelly of KAR Auction Services, Justin Zane of Clearplan and Michael Briggs of RDN to talk about the purchase for an episode of the AuSM Podcast, which can be found below.
The second of KAR's two purchases last month occured on Nov. 28.
KAR said it reached a definitive agreement to buy CarsOnTheWeb, a digital wholesale auction platform out of Belgium, for roughly 91 million euros in cash, as much as 65 million euros more that would be staggered over a specific time frame.
The latter figure would be contingent on certain terms and conditions as well as performance by COTW. Pending regulatory approvals, the potential transaction is expected to close in the first quarter of 2019.