Ernst & Young LLP announced this week the recipients of the EY Entrepreneur of the Year awards. Amongst them is Jim Hallett, the chief executive officer and director of KAR Auction Services Inc., who earned the EY Entrepreneur of the Year 2014 National Services Award.

According to Ernst & Young, the award is a “leading business award for entrepreneurs which encourages entrepreneurial activity and recognizes leaders and visionaries who demonstrate innovation, financial success and personal commitment as they create and build world-class businesses.”

Hallett was recognized for “transforming a traditional auction company that uses technology into a technology company that runs auctions, while nearly tripling its market cap,” according to the company’s release.

“KAR Auction Services flourished pre-IPO as ADESA under Jim Hallett’s leadership, so it should be no surprise that it thrived even more, growing in profit and size, when he returned to the new company,” said Mike Kacsmar, EY Entrepreneur of the Year Americas Program Director. “His tenacity, entrepreneurial spirit and compassion toward those he works with has propelled Jim to incredible success and truly differentiates him from others.”

The KAR CEO received the award, ahead of more than 250 potential recipients, at the Entrepreneur of the Year Awards gala in Palm Springs, Calif. on Sat., Nov. 15.

“This award is truly an honor, and it is humbling to have been chosen from so many talented and accomplished leaders who I personally find to be so inspiring,” Hallett said. “I would like to thank our 12,000 employees across the United States, Canada and Mexico for the work they do every day to make KAR successful. It is their talent and dedication that make this recognition possible.”