"This transaction will enable a leaner, more nimble operating model and faster long-term growth rate at KAR," said Kelly. "We believe the transaction will reduce our 2022 adjusted EBITDA by approximately $100 million on an annual basis — net of the contribution from the commercial agreement entered into with Carvana as part of this transaction. However, we will reduce our headcount by approximately 50% while also paying down the majority of our balance sheet debt.