CARMEL, Ind. -

KAR Global said Thursday it has completed its $450 million all-cash purchase of CARWAVE.

The purchase of the online wholesale platform, initially announced in August, adds to the company’s “fast growth in the dealer-to-dealer segment, accelerates profitability, positions the company to achieve its long-term goals and enhances the company’s differentiated combination of digital marketplaces and physical network,” KAR said in a news release.

“This acquisition adds a leading digital platform on the West Coast to our dealer-to-dealer segment — solidifying our competitive position and improving profitability across our dealer-to-dealer offerings,” KAR chief executive officer Peter Kelly said in the release.

“With the addition of CARWAVE to our successful digital marketplaces — including ADESA and BacklotCars — as well as our broad network of vehicle logistics centers, we are able to meet the needs of dealers in any market at any time,” Kelly said.

CARWAVE is a California-based dealer-to-dealer online wholesale marketplace founded in 2009. Its network of dealer customers includes stores in Arizona, California, Nevada, Oregon and Texas.

The platform allows dealers to take trade-ins and aged frontline inventory and quickly wholesale them, while also sourcing vehicles to purchase.

“We’re excited to leverage the capabilities of KAR, ADESA and BacklotCars to bring even better outcomes to our customers, building on what our customers love while realizing the full power of the KAR ecosystem,” CARWAVE co-founder and president John Lauer said in a news release.

“With the combination of our networks and dedication to superior customer service and outcomes, our trusted dealers are the real winners here — they’ll have expanded access to the top low-cost, low-stress and hassle-free used vehicle digital marketplaces.”

KAR said that key leaders at CARWAVE, including John Lauer and co-founder Bill Lauer, are staying on with the team.

Integration has begun between the two companies. However, KAR said, “no immediate” changes have made in terms of products, pricing or customer agreements for either KAR or CARWAVE.