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KAR AUCTION SERVICES, INC.

(KAR)
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KAR Auction Services : TradeRev Launches Customizable Vehicle Details Page for Retail Customers

10/19/2021 | 09:21am EST
New Feature Helps Dealers Better Connect Their Wholesale and Retail Businesses

TradeRev, a business unit of global wholesale used vehicle digital marketplace operator KAR Auction Services, Inc. d/b/a KAR Global (NYSE: KAR), announces a new Retail Vehicle Details Page (VDP) feature that enables dealers to easily share key vehicle information online with retail customers via a custom link. The new feature helps dealers gauge retail interest in a vehicle by showing a customized, customer-friendly condition report to consumers so they can make their buying decision before dealers place a bid.

"Dealers don't want to overwhelm their customers with every aspect of a vehicle's condition report; they want to quickly and efficiently show consumers the information they value most when buying a vehicle," said Mark Endras, president and co-founder of TradeRev. "Our new Retail VDP gives dealers the ability to easily customize a digital condition report to feature the specific information they want to highlight for their buyers. Customers can then make a quick decision and dealers can bid more confidently knowing they have an immediate buyer for the vehicle."

Dealers can generate the Retail VDP by clicking "Create Customer Link" on the vehicle's regular Vehicle Details Page in the TradeRev platform. The page can then be customized with the dealer's retail vehicle price, a selection of photos including damages, videos, any notes or declarations and the dealership's contact information. To help ensure privacy, the license plate and background of the images and videos are automatically blurred. Once the customization is complete, dealers can send the custom link for their customers to access the report online.

"Our goal is to give dealers the tools they need to excel not just on the wholesale side of the business, but on the retail side as well," said James Tani, executive vice president of dealer sales at KAR Global and co-founder of TradeRev. "Our Retail VDP eliminates what was a manual and time-consuming process by enabling dealers to generate a simple, sharable report within seconds. It allows them to more easily connect with customers and close deals before the car even hits their lot."

TradeRev is a digital marketplace that facilitates live, dealer-to-dealer vehicle sales. Users can complete the entire transaction within the app, including inspection, title and arbitration services, instant live bids at appraisal, floorplan financing and transportation. Learn more about TradeRev here.

Disclaimer

KAR Auction Services Inc. published this content on 19 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 October 2021 13:20:06 UTC.


ę Publicnow 2021
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Financials (USD)
Sales 2021 2 205 M - -
Net income 2021 58,4 M - -
Net Debt 2021 1 679 M - -
P/E ratio 2021 98,1x
Yield 2021 -
Capitalization 2 000 M 2 000 M -
EV / Sales 2021 1,67x
EV / Sales 2022 1,56x
Nbr of Employees 9 400
Free-Float 98,6%
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Number of Analysts 10
Last Close Price 16,51 $
Average target price 19,00 $
Spread / Average Target 15,1%
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Managers and Directors
Peter J. Kelly Chief Executive Officer & Director
Eric Michael Loughmiller Executive VP, Chief Financial & Accounting Officer
James P. Hallett Executive Chairman
Thomas J. Fisher Chief Technology Officer & Executive VP
Michael T. Kestner Lead Independent Director
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