Belgian vehicle auction company CarsOnTheWeb has rebranded as Adesa-Europe after being acquired by Kar Auction Services in February.

The move was taken to build upon Adesa’s name recognition in North America and the U.K., to bring it into the European market. CarsOnTheWeb operates in Belgium, France, Italy, Germany, Spain and the Netherlands. The acquisition value was estimated at €91mil with up to €65mil added over time.

“There is no better way to fully welcome CarsOnTheWeb to the Kar family than by extending the Adesa brand to all of Europe. Backed by Kar’s auto tech, data, ancillary service capabilities and strong industry relationships, Adesa-Europe will lead and accelerate the evolution of the European marketplace,” said Benjamin Skuy, KAR’s EVP for international markets and strategic initiatives.

The Adesa-Europe brand will expand to each of the local markets mentioned above where it has sales operations. It will follow the business model of CarsOnTheWeb, offering buyers and sellers a range of services including vehicle auction, transportation and finance. Its online and mobile tools operate in 19 languages in more than 50 countries with VAT-compliant payment for 97 percent of cross-border sale transactions.

“We are already leveraging Kar’s reputation as our new parent company, and now, as a true Adesa brand, we can further advance our proven, profitable operating model,” said Johan Meyssen, CEO of Adesa Europe. “As Adesa-Europe, we have the power to deliver seamless, convenient and connected services on a global scale and continue to drive growth and better serve our customers.”

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