KAR Auction Services has agreed to pay $425m to buy the online used vehicle marketplace, which had raised about $50m from investors including Renren.

Automotive remarketing technology provider KAR Auction Services agreed yesterday to buy BacklotCars, the operator of an online automotive reselling platform, in a $425m deal that will enable social media company Renren to exit. Founded in 2015, BacklotCars is the owner of an online dealer-to-dealer marketplace for second-hand vehicles, allowing companies such as rental services and…

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