KAR Joins Mobility Open Blockchain Initiative (MOBI) Working Group on Electric Vehicle Grid Integration (EVGI)

CARMEL, Ind., May 28, 2019 /PRNewswire/ -- KAR Auction Services Inc., announces its participation in the Mobility Open Blockchain Initiative (MOBI) Electric Vehicle Grid Integration (EVGI) working group alongside representatives from Accenture, GM and Honda. MOBI is a member-driven consortium of smart mobility industry leaders exploring blockchain technology for use in the digital mobility ecosystem. Its EVGI working group will research the potential value of using blockchain technology and the logistics necessary to pilot peer-to-peer energy smart contracts, tokenized carbon credits, and vehicle-to-grid (V2G) energy storage and ancillary services.

"As a leader in the automotive industry, we are always looking for ways to collaborate and innovate," said Peter Kelly, KAR president. "Working with other automotive and technology industry leaders as active members of MOBI, we are pioneers in the mobility and blockchain technology space with a vested interest in the success, integrity and security of blockchain enabled solutions. Together we can build a more transparent and trustworthy ecosystem for our customers and the industry."

MOBI's EVGI working group will explore smart contracts to help create a more transparent, conflict-free way to exchange money and property, research the use of blockchain digitized ledgers to track and manage carbon credits that off-set charging station setup costs, and examine V2G energy storage solutions.

KAR is the first and only 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. For more than a year, representatives from KAR's legal, operations, marketing and strategy business areas have worked to develop blockchain technology use cases for the automotive industry. Through MOBI's open-source approach to blockchain software tools and standards, KAR continues to collaborate on the development of standardized blockchain-enabled vehicle data and mobility services applications.

Blockchain technology operates by cryptographically distributing information to a network of independent computers, ensuring that transactions are secure and that 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.

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 approximately six 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 more than 130 countries. Headquartered in Carmel, Ind., KAR has 18,000 employees across the United States, Canada, Mexico and Europe. For more information go to www.karauctionservices.com. For the latest KAR news follow us on Twitter @KARspeaks.

SOURCE KAR Auction Services, Inc.

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