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CARMEL, Ind. — KAR Auction Services, a wholesale used-vehicle marketplace and technology solutions provider, has extended up to $15 million in credit to Nth Gen Software, home of the TradeRev platform, which facilitates online and mobile dealer-to-dealer auctions.
Carmel, IN — March 16, 2017 — GLOBE NEWSWIRE — KAR Auction Services, Inc. (NYSE:KAR), a global wholesale used-vehicle marketplace and technology solutions provider, has extended up to $15 million in credit to Nth Gen Software, Inc., (“TradeRev”). Through its ADESA business unit, KAR acquired a 50% stake in Toronto-based TradeRev in 2014. TradeRev facilitates real-time dealer-to-dealer vehicle auctions via desktop or mobile app. The additional funding will be used to accelerate TradeRev’s expansion and deploy new products and platform functionality.
CARMEL, Ind. – TradeRev will no longer require monthly subscription fees from U.S. car dealers and its mobile app has been fitted with brand-new personalized “Title Concierge” and “My Account” tools that provide added transparency and organization, the tech startup announced on Wednesday.
TradeRev continues to add locations, features and clients as it expands in the United States and Canada. The online wholesale service recently moved into Dallas, Tulsa and Oklahoma City. Keith Crerar, TradeRev’s senior executive vice president, said the company plans on moving into the Houston market soon.
TORONTO – TradeRev, which offers an online and mobile app for dealerships to buy or sell used vehicles in real-time auctions, has announced a series of exclusive relationships with dealer groups. The deal adds about 100 stores across Canada to the more than 2,500 already using the service. The new partnerships include Dilawri Group of Companies, AWIN Group, The Humberview Group, Open Road Automotive Group, Weins Canada Inc., and The Mierins Automotive Group. The agreements are in collaboration with vehicle auction company Adesa, which owns 50 per cent of TradeRev.
CARY, N.C. – Below is a Q&A with Julie Derybowski, executive director of operations at TradeRev and a 2017 Women in Remarketing honoree. Auto Remarketing: What was your path to the automotive industry, and what do you enjoy most about working in the car business? Julie Derybowski: It all started when I was in high school with my first job at a small town family owned gas station. It’s there where my interest in the automotive industry and my drive to succeed sprouted. The guys at the station would pump gas and wash windows for elderly customers when they pulled in and sometimes get a tip for their efforts.
TORONTO – Mark Endras, the cofounder and CEO of TradeRev, a Toronto startup which has developed an automated used-car bidding platform for the automotive sector, knows a thing or two about the industry he’s disrupting. After all, he runs a dealership himself. After graduating from the University of Toronto at the height of the early-aughts dotcom boom, then leaving a job with a hot startup just before the first Internet bubble burst, Endras ended up at his father’s business, a network of car dealerships in the Toronto suburb of Ajax, Ontario, which he inherited in 2008.
CARY, N.C. – The growth trajectory of TradeRev, starting from Canada, has spread throughout that country and into the South, East Coast and North Central areas of the U.S. It has hopped the pond to offer white-label services in the United Kingdom, with discussions ongoing to launch in mainland Europe. In mid-March, it secured up to $15 million in credit from KAR Auction Services, which is a backer of the smartphone-based auction company. That investment is primarily being used to foster the continued rollout of the product in additional U.S. markets.
It was mid-afternoon on Dec. 5, 2013, and KAR Auction Services chief executive Jim Hallett was at a meeting in a Chicago boardroom. A person in that meeting was discussing a new product called TradeRev that had been launched in Canada. “I stopped the meeting, and I said, ‘Go and phone the principals right now, and tell them we’d like to buy their company,’” Hallett said. Within 60 days of making that phone call, KAR was in discussions with TradeRev to acquire a 50-percent ownership stake in the company. The deal officially closed in August 2014.