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KAR Fortifies Leading Asset Recovery Capabilities with Acquisition of Clearplan

November 13, 2018

Digital Platform to Enhance Current Service Offerings Through Real-Time, Cloud-Based Data Delivery and Reporting   

KAR Auction Services, Inc. (NYSE: KAR), a global automotive remarketing and technology services provider announced the acquisition of Reno, Nevada-based Clearplan. Clearplan’s digital platform provides recovery agents, drivers, forwarders and automotive lenders a centralized, mobile, cloud-based hub for repossession workflow and logistics management. The acquisition brings innovative new mobile technology and real-time data analytics to KAR’s portfolio of software as a service capabilities including Recovery Database Network (RDN).

“KAR is focused on leveraging the best in digital technology to help our customers operate more efficiently and effectively,” said Peter Kelly, KAR’s president of digital services. “Clearplan quickly established itself as a market leader by developing a data-driven, user-friendly communications platform. By integrating Clearplan with our existing capabilities, we will be able to offer smarter, faster and more convenient solutions that serve the entire asset recovery ecosystem.”

Clearplan was launched in 2014 with a goal of leveraging technology to streamline the vehicle asset recovery process. Today, Clearplan connects thousands of recovery agents and automotive lenders and enables real-time communication to more efficiently list, log and track vehicle recovery activity. These capabilities are highly complementary to KAR’s RDN subsidiary, which already provides specialized software and data solutions to customers across repossession and disposition value chain. Together, the companies will deliver more intelligent tools and services with increased convenience, accuracy and transparency.

“We are thrilled to extend and strengthen our partnership with RDN by becoming part of the KAR Auction Services organization,” said Justin Zane, Clearplan co-founder and president. “We look forward to serving our shared customers and delivering the next generation of innovative, technology enabled solutions to our industry.”

Clearplan will continue to operate from their Nevada headquarters and will become part of KAR’s digital services group of companies.