KAR buys remarketing distruptor DRIVIN
KAR Auction Services has acquired DRIVIN, a Chicago-based used-vehicle marketplace, in a $43 million stock purchase transaction. The acquisition, a month after the opening of an ADESA subsidiary in the city, is KAR’s second big move in Chicago in a short time.
DRIVIN – official name: CarCoTechnologies – was founded in 2015 by Groupon co-founders Brad Keywell and Eric Lefkofsky, along with Kayne Grau and Justin Mahlik. CEO Grau and COO Mahlik will continue in their executive roles.
Grau is chief executive officer of DRIVIN and will continue as president of DRIVIN at KAR and Mahlik will continue in his role as chief operating officer. The company will remain at its Chicago headquarters and retain key members of its leadership team.
“DRIVIN has quickly earned the reputation as a disruptor and its robust data science capabilities are highly sought after in the industry. KAR and DRIVIN will help accelerate the delivery of innovative new solutions to our diverse customers”, says KAR chairman and CEO Jim Hallett.
| 19/04/2017 | Frank Jacobs