OPENLANE Inc. Stock Price, News & Analysis

KAR Auction Services (KAR) reported Q3 2020 revenue of $593.6 million, down 15% from $701.9 million a year ago. Net income from continuing operations was $47.1 million, or $0.23 per diluted share, compared to $34.4 million or $0.26 per diluted share in Q3 2019. Adjusted EBITDA increased by 8% to $139.2 million. For the nine months ended September 30, revenue decreased 21% to $1.658 billion and net income fell to $17.6 million, or $0.04 per diluted share. The company's performance was significantly impacted by the COVID-19 pandemic.

KAR Auction Services, Inc. (NYSE: KAR) will release its third quarter 2020 financial results on November 3, 2020, after market close. An earnings conference call will be held on November 4, 2020, at 8:30 a.m. Eastern. The call will be led by CEO Jim Hallett and CFO Eric Loughmiller. Participants can join by calling 1-844-778-4145, passcode 8592422. A replay will be available for two weeks after the call. KAR Global offers technology-driven solutions in the wholesale used vehicle industry, with operations in over 80 countries.

Uptake has appointed Kayne Grau as President to enhance its industrial asset management offerings and support global growth. Grau, previously with KAR Global, is tasked with advancing Uptake's product suite amid rising demand for digital transformation. Founder and CEO Brad Keywell will continue to focus on customer relationships and industry guidance. Grau emphasizes Uptake's innovative AI applications and commitment to sustainability, aiming to deliver immediate value through optimized operations in the industrial sector.

KAR Global (NYSE: KAR) announced its agreement to acquire BacklotCars Inc. for $425 million. This acquisition, pending regulatory approvals, aims to enhance KAR's digital dealer-to-dealer marketplace capabilities. BacklotCars provides a 24/7 wholesale platform that includes comprehensive vehicle inspections and facilitates greater transparency in transactions. The purchase is expected to strengthen KAR's existing TradeRev platform and expand its market presence, offering dealers improved options and access to a wider network of buyers and sellers.

KAR Auction Services, Inc. (NYSE: KAR) reported a 42% decline in revenue to $419 million in Q2 2020, attributed to the COVID-19 pandemic. The company incurred a net loss of $32.3 million ($0.27 per share) compared to a profit of $27.4 million in Q2 2019. Adjusted EBITDA fell 41% to $80 million. For the first half of 2020, revenue dropped 24% to $1.06 billion, with a net loss of $29.5 million. The company reported a $29.8 million charge for impairment of goodwill. Despite challenges, used vehicle sales improved in May and June, with June revenue at 91% of June 2019 levels.

KAR Global recently hosted a successful digital auction via its Simulcast+ technology, facilitating vehicle sales from 22 locations for The Hertz Corporation. This platform, launched earlier this year, allows for competitive bidding across 19 states, enhancing user experience for both sellers and buyers. Since its inception, Simulcast+ has been used in over 400 events, generating significant bidding activity and engagement. The technology has outperformed traditional methods, averaging almost 20% more bids per vehicle. This strategic move reinforces the company’s commitment to innovation in the automotive remarketing sector.

KAR Global (NYSE: KAR), a leader in vehicle remarketing and technology solutions, announced its participation in the J.P. Morgan 2020 Auto Conference set for August 11, 2020. Key executives, including Chairman and CEO Jim Hallett, CFO Eric Loughmiller, and VP of Investor Relations Mike Eliason, will represent the company. A webcast of the presentation will be available in the investor relations section of karglobal.com.

KAR Auction Services, Inc. (NYSE: KAR) is set to announce its second quarter 2020 financial results on August 5, 2020, before the market opens. An earnings conference call, featuring CEO Jim Hallett and CFO Eric Loughmiller, will take place on the same day at 8:30 a.m. Eastern. Interested parties can access the call by dialing 1-844-778-4145 and using the passcode 1267834. A replay will be available for two weeks post-call. In 2019, KAR sold nearly 3.8 million units worth approximately $40 billion through its innovative remarketing solutions.

KAR Global (NYSE: KAR) has launched a new insights platform on KARglobal.com for both buyers and sellers in the vehicle remarketing sector. This platform, powered by DRIVIN®, offers real-time data on retail and wholesale trends, aiding users in making informed decisions amidst market recovery. The interactive dashboards display key metrics, including buyer demand and inventory levels, and are updated weekly at no cost to users. KAR's analytics utilize extensive industry data to provide a comprehensive view of market activity, further enhancing the company's technology-driven solutions.