CARMEL, Ind. -

KAR Global said Thursday it has completed its purchase of BacklotCars, a $425 million deal first announced in September.

In a news release, KAR said the acquisition “supplements” its existing crop of digital marketplaces like TradeRev, and OPENLANE, while also growing KAR’s presence in key markets and “anchoring continued expansion into new geographies to meet dealer demand.”

“We are laser-focused on providing dealers with the most efficient, convenient and economically advantageous digital marketplaces to sell and source inventory,” KAR president Peter Kelly said in a news release. “BacklotCars is one of the fastest-growing dealer-to-dealer platforms in the country, and TradeRev’s growth continued to accelerate through the third quarter.

“Combine that strong momentum with the buyer-base, technology, analytic capabilities and expertise from ADESA and across the KAR platform, and I think you’ve got a pretty compelling solution for any dealer in any market,” Kelly said.

BacklotCars co-founders Justin Davis, Ryan Davis, Josh Parsons and Fabricio Solanes will remain with the company. Justin Davis, who is the president of BacklotCars, will report to Kelly.

KAR and BacklotCars are integrating. However, there are not any “immediate changes” to the products, pricing or customer agreements for either KAR or BacklotCars.

“There is so much energy and excitement around this combination with our employees and with our customers,” Justin Davis said in the release. “I’m proud of what the BacklotCars team has built and the thousands of strong dealer partnerships we’ve developed over the past six years. And I can’t wait to introduce the innovation, power and fierce entrepreneurial spirit of KAR Global to our culture, our products and our customer base.”

Kelly added: “We’re committed to a disruption-free integration for our customers and advancing BacklotCars’ vision of making wholesale easy so that dealers can be more successful. We are excited to be part of that vision and to bring the BacklotCars offering to more dealers across the United States.”

Shortly after the deal was announced in September, KAR's leadership shared limited details on what BacklotCars would bring to its table