PRESS DIGEST - Wall Street Journal - June 23
June 23 The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.
CHICAGO, April 19 KAR Auction Services Inc , a provider of car auction and salvage services, said on Wednesday it would acquire DRIVIN, which aggregates automotive retail, pricing, registration and economic data to match vehicle inventory to dealer demand, for $43 million in stock.
DRIVIN, also known as CarCo Technologies Inc, was launched in 2015. Its founders include Brad Keywell and Eric Lefkofsky, the co-founders of Groupon Inc, the operator of the operator of daily deals website groupon.com.
KAR chief operating officer Don Gottwald told Reuters that the deal was timely for the company because U.S. new vehicle sales appear to have peaked following a record year in 2016 and automakers will have to contend with millions of off-lease vehicles returning to the market over the next few years.
"We believe there is an opportunity for us to better match the right dealer buyer for the right vehicle," Gottwald said. (Reporting By Nick Carey; Editing by Chizu Nomiyama)
June 23 In today's U.S. shale fields, tiny sensors attached to production gear harvest data on everything from pumping pressure to the heat and rotational speed of drill bits boring into the rocky earth.
PARIS, June 23 Israeli defence electronics company Elbit Systems Ltd, is moving quickly to innovate and maintain its edge in a global market in which it faces increasing competition from China, France, Turkey and others.