KAR Global Launches Interactive Insights for Buyers and Sellers

Rhea-AI Summary

KAR Global (NYSE: KAR) has launched a new insights platform on KARglobal.com for both buyers and sellers in the vehicle remarketing sector. This platform, powered by DRIVIN®, offers real-time data on retail and wholesale trends, aiding users in making informed decisions amidst market recovery. The interactive dashboards display key metrics, including buyer demand and inventory levels, and are updated weekly at no cost to users. KAR's analytics utilize extensive industry data to provide a comprehensive view of market activity, further enhancing the company's technology-driven solutions.

Positive

• Launch of new buyer and seller insights on KARglobal.com.
• Interactive dashboards provide real-time data to improve decision-making.
• Insights are available for free, encouraging wider user engagement.
• Utilization of DRIVIN® data science enhances understanding of market trends.

Negative

• None.

CARMEL, Ind., June 16, 2020 /PRNewswire/ -- KAR Auction Services, Inc. d/b/a KAR Global (NYSE: KAR), a global vehicle remarketing and technology solutions provider, announces the launch of the company's new buyer and seller insights available on KARglobal.com. The site is powered by DRIVIN®, KAR's data science and analytics engine, and features interactive dashboards displaying retail and wholesale trends from across the remarketing ecosystem. The insights were developed using DRIVIN's proprietary algorithms and KAR's broad portfolio of retail, wholesale and other industry, economic and behavioral data sources. Originally intended for internal use, the company is making this real-time information public to help customers navigate the ongoing recovery and keep their businesses moving forward.

"KAR wants our wholesale customers to make the best, most informed buying and selling decisions possible," said Peter Kelly, president of KAR. "There's a lot of data floating around out there—but it doesn't have any real value if it's not actionable. We've distilled our insights down to several key state and national metrics to help customers determine where there is buyer demand, where there is seller inventory and which markets are the most vibrant and active at any given time." 

The site's interactive maps and graphs allow users to view state- and date-specific statistics, or to animate aggregate trends over time. Retail used vehicle insights include average days of used vehicle supply, retail used vehicle listings and sales as well as a comparison of 2020 inventory to 2019 levels. Wholesale insights focus on buyer engagement, displaying both aggregate and state-level buyer activity versus 2019 levels. Each dashboard includes a brief description of how to view, interpret and use the data displayed, and a more detailed how-to guide is also available through the site. 

"Data science and analytics are the backbone of KAR Global's progressive technology infrastructure," said Tom Fisher, chief digital officer of KAR. "By leveraging our exclusive upstream closed channel data representing 80% of North America's off-lease inventory, our insights provide the most comprehensive picture of market activity possible. We hope the simplicity and power of these insights help our customers in the weeks, months and years to come."

The current suite of dashboards is updated weekly and provided free of charge to all KAR Global website visitors. The company intends to supplement the site with additional tools and insights over the next several months. The new KAR Global insights page can be accessed directly at www.karglobal.com/dashboards.

KAR Contacts
Media Inquiries:	Analyst Inquiries:
Tobin Richer	Mike Eliason
(317) 249-4521	(317) 249-4559
tobin.richer@karglobal.com	mike.eliason@karglobal.com

About KAR

KAR Auction Services, Inc. d/b/a KAR Global (NYSE: KAR), provides sellers and buyers across the global wholesale used vehicle industry with innovative, technology-driven remarketing solutions. KAR Global's unique end-to-end platform supports whole car, financing, logistics and other ancillary and related services, including the sale of nearly 3.8 million units valued at approximately $40 billion through our auctions in 2019. Our integrated physical, online and mobile marketplaces reduce risk, improve transparency and streamline transactions for customers in more than 80 countries. Headquartered in Carmel, Indiana, KAR Global has employees across the United States, Canada, Mexico, U.K. and Europe. For more information and the latest KAR Global news, go to www.karglobal.com and follow us on Twitter @KARspeaks.

 

View original content to download multimedia:http://www.prnewswire.com/news-releases/kar-global-launches-interactive-insights-for-buyers-and-sellers-301077995.html

SOURCE KAR Global

FAQ

What is the new feature launched by KAR Global on June 16, 2020?

KAR Global launched a new insights platform on KARglobal.com for buyers and sellers, utilizing real-time data to improve decision-making.

How does the new insights platform benefit users?

The platform provides interactive dashboards with key metrics on retail and wholesale trends, helping users make informed buying and selling decisions.

What technology powers the buyer and seller insights on KARglobal.com?

The insights are powered by DRIVIN®, KAR's data science and analytics engine.

Are the insights available on KAR Global's platform free?

Yes, the insights are provided free of charge to all visitors of the KAR Global website.

How often are the insights on KAR Global updated?

The insights are updated weekly.