KAR Auction Services, Inc. Announces Executive Changes, Effective April 1, 2021
March 02, 2021 at 04:31 pm EST
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KAR Auction Services, Inc. announced that Peter Kelly will assume the role of Chief Executive Officer effective April 1, 2021. Kelly has served as KAR Global's president since 2019 and succeeds Jim Hallett who has led the company as CEO since 2009 and became Chairman in 2014. Hallett will become executive chairman of KAR Global and continue to advise the company on strategic and customer and investor relations matters. Kelly joined KAR in 2011 through the company's acquisition of OPENLANE where he served as co-founder, president and CEO. Over the coming months, Hallett and Kelly will work closely to ensure a seamless transition of management responsibilities while continuing to advance the company's strategic priorities.
OPENLANE, Inc. provides sellers and buyers across the global wholesale used vehicle industry with technology-driven remarketing solutions. It offers a digital marketplace for used vehicles, connecting sellers and buyers across North America and Europe. The Company's end-to-end platform supports whole car, financing, logistics and other ancillary and related services. The Companyâs segments include Marketplace and Finance. The Marketplace segment serves a domestic and international customer base through digital marketplaces for wholesale vehicles that allow the buyers to inspect and compare vehicles. Its marketplace offerings allow it to offer vehicles for sale from any location. Digital marketplace sales are initiated online and include OPENLANE US, OPENLANE Canada and OPENLANE Europe sales. The Finance segment provides short-term, inventory-secured financing, known as floorplan financing, primarily to independent dealer customers throughout the United States and Canada.
OPENLANE, INC. 
