KAR Global completes $2.2B sale of ADESA U.S. physical auction business to Carvana

OPENLANE, Inc.

Total cash consideration of $2.2B; includes 56 ADESA U.S. vehicle logistics centers and exclusive use of ADESA.com in U.S.
Chief Commercial Officer John Hammer departs KAR, joins Carvana; receives $1.716M separation payment.
Pro forma gain on sale estimated at ~$586.4M; $926.2M Term Loan B-6 repaid with proceeds.
KAR retains digital platforms OPENLANE, BacklotCars, CARWAVE, TradeRev, plus ADESA Canada/UK/Europe and AFC.
CEO Peter Kelly says sale advances digital strategy and simplifies business model for accelerated growth.

item 2.01 item 5.02 item 7.01 item 9.01

Executive movements

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Departed

John Hammer

Chief Commercial Officer

OPLN · OPENLANE, Inc.

Effective: 2022-05-10
Filed: May 10, 2022, 7:59 PM ET

Upon the completion of the Sale, John Hammer, Chief Commercial Officer for the Company and President of ADESA, Inc., departed the Company and commenced employment with Buyer.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

John Hammer departed as Chief Commercial Officer at OPENLANE, Inc..

Action: departed
Role: Chief Commercial Officer

Exact text from the filing

Upon the completion of the Sale, John Hammer, Chief Commercial Officer for the Company and President of ADESA, Inc., departed the Company and commenced employment with Buyer.

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OPENLANE, Inc. filing history →

Source: SEC EDGAR

accession 0001395942-22-000035

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