M&A Deal Summary

Carvana Acquires ADESA

On February 24, 2022, Carvana acquired business services company ADESA from Openlane for 2.2B USD

Acquisition Highlights
  • This is Carvana’s 1st transaction in the Business Services sector.
  • This is Carvana’s largest (disclosed) transaction.
  • This is Carvana’s 3rd transaction in the United States.
  • This is Carvana’s 1st transaction in Indiana.

M&A Deal Summary
Date 2022-02-24
Target ADESA
Sector Business Services
Buyer(s) Carvana
Sellers(s) Openlane
Deal Type Divestiture
Deal Value 2.2B USD

Target

ADESA

Carmel, Indiana, United States
ADESA
ADESA is a provider of whole car auctions and salvage vehicle auctions in North America. Through the largest network of automobile auction locations in North America, the Company facilitates the sale of used and salvage vehicles through physical, online, and hybrid auctions. ADESA is also a provider of short-term inventory-secured financing, known as floorplan financing, primarily to independent used vehicle dealers. ADESA is based in Carmel, Indiana.

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Buyer(S) 1

Buyer

Carvana

Tempe, Arizona, United States
Category Company
Founded 2012
Sector E-Commerce
Employees13,700
Revenue 10.8B USD (2023)
DESCRIPTION

Carvana provides consumers with an intuitive and convenient online automotive retail platform, with a fully transactional website that enables consumers to quickly and easily buy a car online, including finding their preferred vehicle, qualifying for financing, completing the purchase and loan with signed contracts, and receiving delivery or pickup of the vehicle from one of Carvana’s proprietary automated Car Vending Machines. Carvana was founded in 2012 and is headquartered in Tempe, Arizona.

DEAL STATS #
Overall 3 of 3
Sector (Business Services) 1 of 1
Type (Divestiture) 1 of 1
State (Indiana) 1 of 1
Country (United States) 3 of 3
Year (2022) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-17 Car360

Atlanta, Georgia, United States

Car360, Inc. is a software that offers 3D modeling and interactive visualization solutions for the automotive industry. Car360, Inc. was founded in 2012 and is based in Atlanta, Georgia.

Buy $7M

Seller(S) 1

SELLER

Openlane

Carmel, Indiana, United States
Category Company
Founded 2006
Sector Business Services
Employees3,960
Revenue 1.6B USD (2023)
DESCRIPTION

Openlane provides sellers and buyers across the global wholesale used-vehicle industry with innovative, technology-driven remarketing solutions. Openlane’s unique end-to-end platform supports whole car, financing, logistics, and other ancillary and related services. Its integrated physical, online and mobile marketplaces reduce risk, improve transparency, and streamline transactions for customers in more than 80 countries. Openlane was formed in 2006 and is headquartered in Carmel, Indiana.

DEAL STATS #
Overall 2 of 2
Sector (Business Services) 1 of 1
Type (Divestiture) 1 of 1
State (Indiana) 1 of 1
Country (United States) 2 of 2
Year (2022) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-08-23 CarWave

Escondido, California, United States

CarWave is an online automobile auction platform that simplifies the wholesaling of trade-in and frontline vehicles between franchise and independent auto dealers. CarWave was founded in 2009 and is based in Escondido, California.

Buy $450M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-12-04 Manheim

Milton, Ontario, Canada

Manheim is a provider of vehicle remarketing services. Manheim was founded in 1945 and is based in Milton, Ontario.

Buy $95M
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