America-based KAR Auction Services, a provider of end-to-end vehicle remarketing services, has acquired GRS Remarketing, a subsidiary of Greenhous Group.
“During the past 20 years, GRS has established a successful online vehicle remarketing business in the UK through robust technology, effective sales and operations, a healthy buyer network and strong relationships with commercial customers,” said Jim Hallett, CEO and chairman of KAR.
“KAR is committed to international growth, and the acquisition of a leading technology business like GRS complements our wide range of vehicle remarketing services.”
GRS will be renamed ADESA UK (Auto Dealers Exchange Services of America) following the completion of the sale. Jonathan Holland, vice-president of business development for ADESA UK, will assume the position of managing director.
This is KAR’s second acquisition in the United Kingdom, following the purchase of salvage company HBC Vehicle Services in June 2015.
Also in May 2016, TradeRev UK announced a partnership with Arval to provide upstream remarketing services for a luxury segment of the leasing company's UK portfolio.
KAR business unit ADESA holds a 50% stake in TradeRev.
“We view the TradeRev partnership and GRS acquisition as strategically complementary,” said Benjamin Skuy, executive vice-president of international markets and strategic initiatives for KAR.
“Along with other KAR services we intend to bring to the UK market, these businesses will position ADESA UK as an exceptionally formidable competitor.”