Wholesaler CarsOnTheWeb is a known player in Flanders’ automotive scene. The company sells high-quality secondhand vehicles exclusively and directly to car dealers and traders. At the end of 2016, two Dutch investment companies - Vortex Capital Partners and ABN AMRO Participaties – gave the group a strong boost by investing in IT and scaling initiatives. Today, founder Steven Lismont, CEO Johan Meyssen and the firm’s Dutch stakeholders are transferring the company to KAR.
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KAR Auction Services (US) acquires CarsOnTheWeb (Flanders)
The two traders complement each other geographically. KAR is mainly active in North and Central America, particularly in the US, Canada and Mexico. Until today, their European presence was limited to the United Kingdom. With over 40,000 buyers in more than 50 countries, CarsOnTheWeb makes a great investment. It is the market leader in Belgium, a top player in the Netherlands and a strong competitor in other European markets. With the takeover, KAR plants its flag in the heart of Europe.