RTTNews | Aug 23, 2021 07:23AM EDT

07:23 Monday, August 23, 2021 (RTTNews.com) - KAR Auction Services, Inc. (KAR) has agreed to acquire CARWAVE Holdings LLC, an online dealer-to-dealer marketplace, in a deal valued at $450 million. CARWAVE currently serves a network of franchise and independent dealers across Arizona, California, Nevada, Oregon and Texas.

"CARWAVE's asset-light, technology-forward business model, with approximately 100,000 vehicles sold over the past 12 months, will enable us to continue driving innovation, achieve immediate profitability across our dealer-to-dealer offerings and enhance our position in the highly competitive dealer-to-dealer space," said Peter Kelly, CEO of KAR Global.

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