KAR Auction Services Acquires High Tech Locksmiths
By: Stephanie Cosby
Leading automotive key services provider joins KAR family of companies
CARMEL, Ind., January 3, 2014—Carmel, Ind.-based KAR Auction Services, Inc. (NYSE: KAR), a provider of used vehicle auction services, announced today the acquisition of Miami, Fla.-based High Tech Locksmiths (HTL), which specializes in products for the automotive industry. HTL is the largest provider of transponder, remote, high-security and car smart keys in North America. KAR Auction Services, Inc. CEO Jim Hallett made the announcement.
“I am pleased to welcome Jay Wiener and his entire team to the KAR family,” said Hallett. “High Tech Locksmiths utilizes technologically advanced equipment and processes that will benefit customers across the KAR business units. This acquisition allows us to provide a more consistent level of service to even more locations nationwide.”
Wiener will continue in his role as CEO of High Tech Locksmiths and report directly to KAR Executive Vice President of Enterprise Optimization, David Vignes. Joining Wiener in leading the High Tech team is Don Davis, who has worked for KAR’s subsidiary ADESA for 15 years. During this time, Davis has held management roles of increasing responsibility in the areas of reconditioning, operations and strategic improvements, including developing the company’s first in-house locksmith division. Davis has more than 32 years of experience in the automotive industry. In his promotion to vice president of operations for High Tech, Davis will report directly to Wiener.
About KAR Auction Services
KAR Auction Services, Inc. is the holding company for ADESA, Inc. (“ADESA”), Insurance Auto Auctions, Inc. (“IAA”) and Automotive Finance Corporation (“AFC”). ADESA is a leading provider of wholesale used vehicle auctions with 65 North American locations and its subsidiary OPENLANE provides a leading Internet automotive auction platform. IAA is a leading salvage vehicle auction company with 164 sites across the United States and Canada. AFC is a leading provider of floorplan financing to independent and franchise used vehicle dealers with 105 sites across the United States and Canada. Together, the Company provides a unique, comprehensive, end-to-end solution for its customers’ remarketing needs.