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KAR Auction Services Becomes First Auto Remarketer to Join Mobility Open Blockchain Initiative (MOBI)

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KAR Auction Services Becomes First Auto Remarketer to Join Mobility Open Blockchain Initiative (MOBI)

KAR Continues Investment in Mobility, Technology and Innovation

PR Newswire

CARMEL, Ind., July 24, 2018 /PRNewswire/ -- KAR Auction Services, Inc. (NYSE:KAR), a global vehicle remarketing and technology solutions provider joins MOBI, the Mobility Open Blockchain Initiative. MOBI is a member-driven consortium of global automotive industry leaders exploring blockchain technology for use in the digital mobility ecosystem. KAR is the first auto remarketer to join MOBI and collaborate with international automotive OEMs, new mobility technology companies, government agencies, and leading consulting and financial services firms, to put forward interoperable solutions. 

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"Working with other leaders in the automotive and technology industries as partners with a vested interest in the success, integrity and security of blockchain enabled solutions, we can build a more transparent and trustworthy ecosystem," said Don Gottwald, chief operating officer and chief strategy officer at KAR. "As a forward-thinking company, KAR has assembled a team to consider potential blockchain technology use cases, and active participation in MOBI can help ensure that effort results in a unified, secure reality for our customers and the industry."

Blockchain technology operates by cryptographically distributing information to a network of independent computers, ensuring transactions are secure and data privacy, ownership rights, and integrity are protected. Working in a consortium allows MOBI and its partners to reduce fraud risks and lower mobility transaction costs.

"Blockchain has the potential to transform the automotive industry – how dealers and consumers purchase vehicles, insure vehicles and use vehicles on a day-to-day basis," said Chris Ballinger, chairman and CEO at MOBI. "KAR's participation with other automotive industry leaders such as global manufacturers, suppliers, startups, and government agencies means we can all work toward developing a network we trust and adopt."

Through MOBI's open-source approach to blockchain software tools and standards, KAR hopes to collaborate on the development of standardized blockchain-enabled vehicle data and mobility services applications.

KAR Contacts




Media Inquiries:

Analyst Inquiries:

Gene Rodriguez

Mike Eliason

(317) 343-5243

(317) 249-4559

gene.rodriguez@karauctionservices.com

mike.eliason@karauctionservices.com

About KAR Auction Services
KAR Auction Services (NYSE:KAR) provides sellers and buyers across the global wholesale used vehicle industry with innovative, technology-driven remarketing solutions. KAR's unique end-to-end platform supports whole car, salvage, financing, logistics and other ancillary and related services, including the sale of more than 5.5 million units valued at over $40 billion through our auctions. Our integrated physical, online and mobile marketplaces reduce risk, improve transparency and streamline transactions for customers in 120 countries. Headquartered in Carmel, Ind., KAR has approximately 17,500 employees across the United States, Canada, Mexico and the United Kingdom. For more information go to www.karauctionservices.com. For the latest KAR news follow us on Twitter @KARspeaks.

About MOBI
MOBI is a newly created nonprofit foundation formed to accelerate adoption and to promote standards in blockchain, distributed ledgers, and related technologies for the benefit of the mobility industry, consumers, and communities. MOBI and our partners are creating simple, standard and digital ways of identifying cars, people, and trips, of paying for mobility services, and securely exchanging and monetizing data in ways that preserve property rights and privacy.

MOBI is working with most of the world's large automakers and many mobility ecosystem players, along with many start-ups, non-profits, governments, transit agencies, and technology companies. We are convinced that by working together we can make mobility services more efficient, affordable, greener, safer and less congested.

MOBI is an open, inclusive body that acts as a 'trusted convener' and partner to entities in the emerging ecosystem of pay for use, on demand, connected, and increasingly autonomous mobility services. MOBI itself is technology and ledger agnostic.

 

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SOURCE KAR Auction Services, Inc.

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