August 25, 2021
KAR Auction Services, Inc., d/b/a/ KAR Global (NYSE: KAR) has announced that it has signed a definitive agreement to acquire CARWAVE Holdings LLC subject to certain regulatory approvals and other customary closing conditions. CARWAVE is a dealer-to-dealer marketplace featuring certified mechanical inspections, buyer guarantees and a 24/7, direct offer trading format with semi-weekly live auctions. Upon closing, the acquisition will build on KAR's consistent growth in the dealer-to-dealer segment, enhance KAR's position in the highly fragmented wholesale used vehicle market.
Latham & Watkins LLP represents CARWAVE in the transaction with a corporate deal team led by Boston partner Ryan McCarthy, with associates John Miller, Eli Slawsby and Dante Spurlock. Advice was also provided on tax matters by Century City partner Larry Stein, with associate Ryan Brenner; on antitrust matters by Washington, D.C. partner Ian Conner and counsel Patrick English, with associate Matthew Piehl; on benefits and compensation matters by Los Angeles partner Michelle Carpenter, with associate Vanessa King; and on intellectual property matters by Boston partner Sarah Gagan, with associate Deborah Hinck.