COTW is now Adesa Europe
Cars On The Web (COTW), the Belgium-based online vehicle auction specialist acquired earlier this year by KAR Auction Services, has ceased to operate as a separate brand. COTW is now part of Adesa Europe.
Until now, US-based Kar Auction Services reserved the Adesa brand for operations in the US and the UK. The launch of Adesa Europe effectively integrates COTW's various European subsidiaries (in Belgium, France, Germany, Italy, the Netherlands and Spain) with KAR's existing UK subsidiary.
COTW's full integration into the Adesa brand will provide the platform with stronger growth opportunities, KAR executive VP Benjamin Skuy was quoted by JournalAuto.com. Johan Meyssen (pictured), until now CEO of COTW, has been appointed as the first CEO of Adesa Europe.
Kar Auction Services acquired COTW for an estimated €91 million in November last year. The acquisition was finalised in February this year.
KAR sells more than 5.5 million vehicles at auction per year, half of which online, for a total of around €40 billion. The company employs 17,500, operates in almost 120 countries around the world (including the US, Canada and Mexico), and generates an annual turnover of around $3.5 billion. COTW has a portfolio of around 40,000 used-vehicle dealers across Europe, and a total annual volume of around 68,000 units.