Welcome to our dedicated page for OPENLANE news (Ticker: KAR), a resource for investors and traders seeking the latest updates and insights on OPENLANE stock.
News and updates for OPENLANE, Inc. (NYSE: KAR) focus on its role as an operator of digital marketplaces for wholesale used vehicles and on developments that affect its business, technology and capital structure. Company news releases highlight how OPENLANE connects automotive manufacturers, dealers, rental companies, fleet operators, captive finance companies and lending institutions as buyers and sellers in its marketplaces.
Investors and industry participants following KAR news will see regular coverage of quarterly financial results, including marketplace dealer volume growth, gross merchandise value (GMV), revenue trends, income from continuing operations, Adjusted EBITDA and cash flow metrics. These earnings announcements are often accompanied by updated guidance ranges for income from continuing operations, Adjusted EBITDA and Operating Adjusted EPS, as well as information about earnings conference calls and supplemental financial materials.
OPENLANE’s news also includes announcements about new technology features and tools on its marketplaces. For example, the company has publicized the launch of Audio Boost AI, an AI-powered feature embedded in vehicle condition reports that analyzes engine audio recordings, highlights potential issues and provides sample recordings of comparable "normal" engines. The company notes that Audio Boost AI builds on Visual Boost AI and Code Boost IQ, which were introduced earlier to enhance vehicle condition reporting.
Capital markets and corporate finance developments are another recurring theme. OPENLANE has issued news about Preferred Stock Repurchase Agreements for its Series A Convertible Preferred Stock, the closing and cancellation of repurchased shares, and the establishment of incremental term loans under its Credit Agreement to finance these transactions. The company has also announced changes to its ticker symbol, stating that it will move from "KAR" to "OPLN" on the New York Stock Exchange to align its investor and corporate brands.
Visitors to this news page can review these types of announcements to understand how OPENLANE’s financial performance, technology initiatives and financing activities are evolving over time. The news feed provides a centralized view of official company communications relevant to shareholders, analysts and participants in the wholesale used vehicle industry.
KAR Auction Services, Inc. (NYSE: KAR) is set to release its first quarter 2021 financial results after market close on May 4, 2021. An earnings conference call will follow on May 5, 2021, at 8:30 a.m. Eastern, featuring key executives including Jim Hallett and Peter Kelly. Investors can access the call via phone or through a live webcast on the company's website, which will also host an archive of the webcast post-call. KAR Global provides technology-driven services in the global wholesale used vehicle industry, facilitating the sale of approximately $30 billion worth of vehicles in 2020.
ADESA, a unit of KAR Global (NYSE: KAR), has launched the 'Off-Lease Exclusive' feature on ADESA.com. This allows dealers early access to approximately 80% of North America's off-lease inventory, significantly enhancing their sourcing capabilities in a supply-constrained market. The feature includes a new search functionality with personalized alerts for fresh inventory. Listings will refresh daily and are available for a limited time. This initiative aims to streamline the acquisition process for dealers, offering over 60,000 additional vehicle listings daily.
KAR Global (NYSE: KAR) has announced its participation in the upcoming BofA Securities 2021 Global Automotive Summit. The event will take place on March 30, 2021, at 3:00 pm Eastern. Key executives participating include Jim Hallett (Chairman and CEO), Eric Loughmiller (CFO), and Mike Eliason (Treasurer and VP of Investor Relations). A webcast of the presentation will be available on the company’s investor relations webpage.
KAR Global provides innovative remarketing solutions in the used vehicle industry, supporting transactions valued at nearly $30 billion in 2020.
KAR Global (NYSE: KAR) has announced a strategic partnership with Ravin AI, enhancing its digital marketplace capabilities for vehicle inspections. This collaboration will streamline inspection processes and facilitate data sharing throughout the remarketing lifecycle. The partnership aligns with KAR's goal of leveraging advanced technology to improve decision-making for its customers. Ravin AI specializes in AI solutions for vehicle inspections, and this deal will enable better applications across various sectors, including fleet maintenance and condition monitoring.
KAR Global (NYSE: KAR) announces the appointment of Peter Kelly as the new Chief Executive Officer, effective April 1, 2021. Kelly, who has been with the company since 2011 and served as president since 2019, is succeeding Jim Hallett, who will transition to executive chairman. Kelly's leadership is expected to advance the company's digital marketplace operations in the used vehicle industry. Under Hallett, KAR expanded significantly, and the transition aims to maintain strategic momentum as the company continues to innovate and capture industry opportunities.
KAR Global (NYSE: KAR) has merged its TradeRev and BacklotCars platforms into one digital marketplace to enhance dealer-to-dealer sales. U.S. dealers will transition to BacklotCars, which has shown strong growth, offering sellers enhanced conversion rates and lower fees. The combined platform aims to provide a larger inventory and buyer base, facilitating easier wholesale transactions. Ongoing integration will enhance BacklotCars with features from TradeRev, leveraging KAR's extensive physical and digital assets.
KAR Auction Services reported a significant decline in Q4 2020 results, with revenue dropping to $529.6 million from $671.3 million in Q4 2019. The company faced a net loss of $17.1 million compared to a profit of $15.3 million in the prior year, resulting in a loss of $0.21 per diluted share. Adjusted EBITDA also fell to $67.5 million from $122.0 million. For the full year, revenue totaled $2,187.7 million, down from $2,781.9 million, with a net income of $0.5 million. The company anticipates a recovery in 2021, projecting $90 million in net income and $475 million in Adjusted EBITDA.
KAR Auction Services, Inc. (NYSE: KAR) will release its fourth quarter and full year 2020 financial results on February 16, 2021. Following this, an earnings conference call will take place on February 17, 2021, at 8:30 a.m. Eastern. The call will be hosted by CEO Jim Hallett and CFO Eric Loughmiller and can be accessed via phone or live webcast on the company's investor relations page. The financials to be discussed may provide insights into the company's performance and market position.
KAR Global (NYSE: KAR) will participate in the BofA Securities 2020 Leveraged Finance Virtual Conference on December 2, 2020, featuring Executive Vice President and CFO Eric Loughmiller and Treasurer Mike Eliason at 3:45 pm Eastern. A webcast of the presentation will be available on the company's investor relations page. KAR Global, a leader in vehicle remarketing and technology, reported sales of nearly 3.8 million units worth approximately $40 billion in 2019.
KAR Global (NYSE: KAR) has successfully acquired BacklotCars, enhancing its digital marketplace portfolio that includes TradeRev and ADESA.com. This acquisition aims to strengthen KAR's presence in key markets and support its digital transformation strategy. BacklotCars operates a 24/7 auction platform, providing streamlined options for dealers to manage inventory. The integration promises a disruption-free experience for current customers, while maintaining existing product offerings and pricing. The acquisition is expected to bolster KAR's growth and customer engagement strategies.
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