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Wednesday, 09 September 2020 18:21

$425M Exit: BacklotCars Selling to Indiana-Based Auto Marketplace in ‘Milestone Event’ for KC

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$425M Exit: BacklotCars Selling to Indiana-Based Auto Marketplace in ‘Milestone Event’ for KC BacklotCars

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Before the Sept. 8 announcement, BacklotCars had raised $50 million to date, placing it among the top five ventures on the Kansas City Top-VC Backed Companies list for the past three years. Investors of BacklotCars include Stripes, Origin Ventures, Pritzker Group Venture Capital, Royal Street Ventures and KCRise Fund.

 

The Sept. 8 announced deal could rival news of the sale of Kansas City-based EyeVerify, which sold to Ant Financial---the payments affiliate of Alibaba Group Holding---for more than $100 million in September 2016.

 

“We look forward to completing the transaction and leveraging the power of our combined technology solutions and industry expertise to help our companies and our customers succeed,” Davis said.

 

The acquisition is expected to enhance KAR’s TradeRev auction platform and provide dealers with more choices, enhanced transparency and access to an expanded network of buyers and sellers, the companies said. 

 

“BacklotCars has grown rapidly in the highly competitive dealer-to-dealer space and is the perfect complement to our current capabilities and footprint,” said Jim Hallett, chairman and CEO of KAR. “I’m confident the addition of Backlot’s leadership, technology, and exceptional customer-service model will quickly benefit our combined customers, enhance KAR’s competitive position and accelerate growth for both organizations.”

 

We thank Startland News for reprint permission.


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