Tuesday, May. 04, 2021, 04:35 PM
KAR Global said Tuesday it has purchased Auction Frontier, the developer of the Velocicast cloud-based auction simulcast solution.
And here’s the kicker: Not only does Velocicast power KAR’s own ADESA Simulcast and Simulcast+ platforms, it also provides the technology behind the simulcast sales of more than 300 wholesale and retail auctions throughout North America and Australia.
“For over a decade, KAR has led the digital transformation of the remarketing industry, deploying powerful technologies that provide our customers with the smartest, fastest and most intuitive marketplaces for selling and sourcing inventory,” KAR chief executive officer Peter Kelly said in a news release.
“Auction Frontier has rapidly grown Velocicast to become the industry gold standard for simulcast, and we are thrilled to welcome their incredibly talented team to our organization,” Kelly said. “We have already demonstrated the power of this partnership by jointly developing ADESA Simulcast+ in 2020, the industry’s only fully-automated live-auction platform. And we look forward to supercharging the next generation of digital auction technology for our combined customers.”
Auction Frontier was founded in 2015. KAR began its partnership with Auction Frontier in 2016. ADESA Simulcast was launched three years later.
“We’re thrilled to join the KAR Global family, and look forward to bringing even greater value to our customers through expanded capabilities, integrations and functionality on our Velocicast platform,” Auction Frontier president Scott Blatter said in a news release.
“Since inception, our focus at Auction Frontier has been on building a simulcast ‘done right’ solution — giving buyers and sellers everything they need to be successful right at their fingertips,” Blatter said. “And now, backed by the full power of KAR’s diverse portfolio of marketplace technologies, services and solutions, we’ll be able to rapidly accelerate future innovation.”
Auto Remarketing will have more on this developing story.