Carvana announces agreement to acquire ADESA US
In February 2021, Carvana announced that the company has signed a definitive agreement to acquire ADESA's US physical auction business (ADESA US), a wholly owned subsidiary of KAR Global. ADESA US is the second largest provider of wholesale vehicle auction solutions in the United States. Carvana stated that the acquisition of ADESA US will accelerate Carvana's growth strategy towards becoming the largest and most profitable automotive retailer. Additionally, Carvana will continue to operate ADESA US's existing wholesale auction business and related services under the ADESA brand.
M&AIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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