Provider of vehicle auction and remarketing services, including technology solutions for automotive dealers and manufacturers.
KAR Auction Services, Inc., along with its subsidiaries, specializes in facilitating used vehicle auctions and associated vehicle remarketing services across multiple regions including the United States, Europe, Canada, Mexico, and the United Kingdom. The company operates through two principal segments: ADESA Auctions and AFC.
The ADESA Auctions segment is pivotal in the vehicle remarketing industry, offering comprehensive services via both physical auction facilities and online platforms. It caters primarily to vehicle manufacturers, fleet companies, rental car firms, finance institutions, and various other entities involved in the automotive sector. ADESA Auctions also provides extensive value-added services such as vehicle transportation, reconditioning, inspection, title management, and data analytics. As of December 31, 2021, ADESA Auctions boasted a robust network encompassing approximately 70 vehicle logistics centers across North America.
The AFC segment of KAR Auction Services focuses on providing floorplan financing, a vital short-term financing solution secured by dealer inventory, primarily targeting independent used vehicle dealers. Additionally, AFC offers vehicle service contracts and engages in offering specialized services like wheel repair and hail catastrophe response. The company's clientele includes a diverse array of stakeholders ranging from vehicle manufacturers and rental companies to financial institutions and commercial fleets.
Originally incorporated as KAR Holdings, Inc., the company rebranded itself as KAR Auction Services, Inc. in November 2009. Headquartered in Carmel, Indiana, since its establishment in 2006, KAR Auction Services continues to play a pivotal role in the automotive industry by facilitating efficient vehicle auctions and providing essential financial and logistical support services to its broad customer base.