KAR Auction Services has agreed to pay $425m to buy the online used vehicle marketplace, which had raised about $50m from investors including Renren.
Automotive remarketing technology provider KAR Auction Services agreed yesterday to buy BacklotCars, the operator of an online automotive reselling platform, in a $425m deal that will enable social media company Renren to exit.
Founded in 2015, BacklotCars is the owner of an online dealer-to-dealer marketplace for second-hand vehicles, allowing companies such as rental services and dealers to buy and sell cars without having to travel. Inspections are carried out by trained mechanics it employs.
The acquisition is intended to strengthen…
