KAR Auction Services completed the acquisition of BacklotCars for $425m.

KAR Auction Services, a provider of whole car auction services in North America, completed the acquisition of BacklotCars, an online marketplace for auto dealers, from private equity firms Stripes Group, Pritzker, Revolution, Origin Ventures, Royal Street Ventures, KCRise Fund and Chaifetz Group for $425m. "KAR has led the digital transformation of the remarketing industry for over a decade, and we're 100% committed to providing dealers with the best, most advanced platforms to sell and source inventory. BacklotCars has grown rapidly in the highly competitive dealer-to-dealer space and is the perfect complement to our current capabilities and footprint. I'm confident the addition of Backlot's leadership, technology, and exceptional customer-service model will quickly benefit our combined customers, enhance KAR's competitive position and accelerate growth for both organizations," Jim Hallett, KAR Chairman and CEO.