"Our industry is rapidly evolving, with emerging new markets and increasing customer demand for better technology, transparency and service. KAR's unique end-to-end remarketing platform and integrated technology solutions position us well to lead change in this dynamic environment," said Hallett. "Taking a more holistic, enterprise approach to these functions will help KAR better serve our customers and accelerate opportunities for growth."
The strategic development of enterprise KAR functions and corresponding leadership roles are aimed at leveraging the broad expertise, innovation and entrepreneurial talent across the KAR family of companies. By instituting a more aligned approach to product development, data analytics and strategy, KAR will more quickly and effectively bring new products, services and capabilities to market.
"At KAR, we have a very simple and singular focus – to help our customers succeed. Our integrated platform streamlines the auction experience and delivers actionable insights that help sellers and buyers make the most informed decisions possible," said KAR Chief Operating Officer Don Gottwald. "We have hired and promoted a proven team of industry pioneers to further empower our customers and anticipate unmet needs in the market. Our goal is to radically expand both the scope and impact of our mobile, digital, and physical and online auction capabilities."
The new leaders represent a strong, complementary combination of internal promotions and external recruitment from top industry sources. Together, they help fortify the seasoned and experienced leadership team at KAR.
As the senior vice president of product development, Pat Walsh will institute an agile approach to new product development to more quickly and effectively identify, foster, and deploy new ideas and solutions for KAR's customers. Walsh has been a key leader within the company for nearly 30 years, previously serving in senior roles at KAR's Insurance Auto Auctions (IAA) salvage auction and ADESA whole-car auction subsidiaries.
Chris Adams will serve as the vice president of market development. In his role, he will identify opportunities to expand KAR's broad portfolio of technology and capabilities to new channels, markets and geographies. Adams brings two decades of industry expertise and a proven track record of success driving growth in large-scale and start-up environments, including Pep Boys and Enterprise Rent-A-Car.
Industry expert and thought-leader Tom Kontos has been elevated to the role of chief economist for KAR. Kontos will aggregate economic and industry data with KAR's vast data resources to analyze a wide spectrum of market trends. His insights will help customers better understand the many diverse and complex factors that influence their businesses and the industry. Kontos is building on his 16-year tenure with ADESA, KAR's whole car auction business unit, where he established himself as a global authority on economic trends in the automotive sector.
Terrence Wynne, vice president of data as a service, will work closely with Kontos and KAR's Data Science Solutions team to translate data into clear, actionable insights for sellers and buyers. Wynne joins KAR with a diverse portfolio of experience driving the application of data science to product, strategy and decision making, including roles at Audi, NADA Used Car Guide and ALG. Terrence's work will deliver a data-driven suite of capabilities and predictive analytics that help KAR customers make more informed and customized decisions.
As the vice president of strategy, Joe Bannon will lead KAR's strategic planning activities. Bannon will focus on aligning and prioritizing investment and business decisions to extend KAR's footprint and positively impact customers. Joe's career spans 30+ years in the automotive, advertising and media industries, in roles including account management, business development, operations, product, sales and strategy.
About KAR Auction Services
KAR Auction Services, Inc. (NYSE: KAR), a FORTUNE® 1000 company, operates worldwide vehicle auction services and provides related services. Based in Carmel, Indiana, the KAR group of companies is comprised of ADESA, Inc. (ADESA), Insurance Auto Auctions, Inc. (IAA), Automotive Finance Corporation (AFC), and additional business units, with nearly 18,000 employees and 300 locations. Together, KAR's complementary businesses provide support, technology and logistics for the used vehicle industry. For more information, visit karauctionservices.com.
Forward Looking Statements
Certain statements contained in this release include "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and which are subject to certain risks, trends and uncertainties. In particular, statements made that are not historical facts may be forward-looking statements. Words such as "should," "may," "will," "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," and similar expressions identify forward-looking statements. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results projected, expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include those matters disclosed in the Company's Securities and Exchange Commission filings. The Company does not undertake any obligation to update any forward-looking statements.
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SOURCE KAR Auction Services, Inc.