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Hallett served in an active 25-year career with KAR Global but he will still keep his seat on the company's board of directors.
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The agreement is closely aligned with KAR’s digital strategy, and will allow KAR to focus on its portfolio of digital marketplaces.
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KAR expects to be immediately profitable across its North American dealer-to-dealer platforms while enhancing its position in the highly fragmented wholesale used vehicle market.
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Velocicast technology fortifies simulcast capabilities and enhances customer experience.
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Tom Caruso is retiring from KAR Global after more than 40 years in the remarketing industry.
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Vehicles from fleet consignors followed the broader used-vehicle market downward in September, as wholesale prices struggled to keep up with last year's hurricane-driven demand and a now robust upstream market, said Tom Kontos, KAR Auction Services' chief economist.
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The average value of used fleet vehicles increased 1.5% in August from the prior month and are now up 8.5% from a year ago, according to Tom Kontos, KAR Auction Services' chief economist.
Read More →Vehicles that were taken out of commercial, government, and daily rental fleets and sold at auction in July were worth 8.1% more than they were a year ago and 0.4% more than in June, according to Tom Kontos, KAR Auction Services' chief economist.
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Off-lease fleet vehicles sold in the wholesale market at auction fell 1% in value in June from the prior month but increased 7% from a year ago, according to Tom Kontos, KAR Auction Services' chief economist.
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Three-year-old full-size vans retained the most value among trucks, vans, and SUVs in the wholesale used vehicle market, according to Tom Kontos, KAR Auction Services' chief economist.
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