OPENLANE Inc. Stock Price, News & Analysis

KAR Global (NYSE: KAR) announces the retirement of Jim Hallett, who served as executive chairman and CEO for over a decade. Hallett will remain on the board while Michael Kestner, formerly the lead independent director, takes over as chairman effective April 1, 2023. Under Hallett's leadership, KAR transformed into a digital marketplace for used vehicles, completing over 50 acquisitions and executing a successful spin-off of Insurance Auto Auctions, generating significant shareholder value. Peter Kelly continues as CEO, expressing confidence in the company's future direction.

KAR Auction Services, Inc. (NYSE: KAR) reported a 4% increase in Q4 2022 total revenue, totaling $372.8 million, driven by improved financial metrics despite a challenging industry landscape. Income from continuing operations surged to $41.9 million or $0.21 per share, up from $15.2 million or $0.04 per share a year prior. For the full year, total revenue reached $1.519 billion, a 5% year-over-year growth. Despite the revenue gains, adjusted EBITDA declined to $231.2 million from $270.2 million in 2021. The company repurchased over 12.6 million shares for approximately $182 million in 2022. Guidance for 2023 projects income from continuing operations between $33 million and $48 million.

KAR Auction Services, Inc. (NYSE: KAR) will announce its fourth quarter and full year 2022 financial results on February 21, 2023. Following the earnings release, a conference call will be held on February 22, 2023, at 8:30 a.m. ET, hosted by CEO Peter Kelly and Interim CFO Scott Anderson. Investors can access the call by calling 1-833-634-2155 or via a live webcast on the company's investor relations website. An archived version of the webcast will be available for a limited time post-call. KAR Global provides innovative remarketing solutions in the wholesale used vehicle market, operating in about 75 countries worldwide.

KAR Global (NYSE: KAR) has announced the integration of CARWAVE and BacklotCars into a single digital platform, enhancing the auction experience for dealers. This new platform offers a live auction combined with a 24/7 marketplace, improving inventory access for buyers and visibility for sellers. Initially available to California sellers, it will expand to other regions in 2023. CEO Peter Kelly emphasized that the integration was driven by dealer feedback, aiming to simplify transactions and increase market access. The KAR Global network also offers transportation and financing solutions for dealers.

KAR Auction Services, doing business as KAR Global (NYSE: KAR), announced its participation in the Stephens Annual Investment Conference occurring on November 17, 2022, at 11am ET. The event will feature Vice President of Investor Relations Mike Eliason and Chief Accounting Officer Scott Anderson. A live webcast will be accessible on the investor relations section of the company's website. KAR Global is a leader in the wholesale used vehicle market, offering technology-driven remarketing solutions across approximately 75 countries.

KAR Auction Services, Inc. (NYSE: KAR) reported strong third-quarter financial results for the period ending September 30, 2022. Total revenue rose by 13% to $393 million, and adjusted EBITDA increased to $69.5 million. The company achieved significant improvements in income from continuing operations, reporting a profit of $0.5 million versus a loss of $26.9 million in Q3 2021. Marketplace revenue grew by 14%, and gross profit per vehicle sold also increased by 14% to $320. The firm continued to repurchase shares, buying back $100 million in common stock over recent months.

KAR Auction Services, operating as KAR Global (NYSE: KAR), will announce its third quarter 2022 financial results on November 1, 2022, after market closure. An earnings conference call will follow on November 2, 2022, at 8:30 a.m. ET, hosted by CEO Peter Kelly and CFO Eric Loughmiller. Investors can access the call by phone or through a live webcast. KAR Global specializes in digital marketplaces for wholesale used vehicles, providing technology-driven solutions that enhance transaction transparency across approximately 75 countries.

KAR Global (NYSE: KAR) announced early results of its cash tender offer to purchase up to $600,000,000 of its 5.125% Senior Notes due 2025. As of August 15, 2022, $769,097,000 of the Notes were tendered, exceeding the tender cap, which means later submissions will not be accepted. The company will execute an early settlement on August 17, 2022, with accrued interest included. All terms are outlined in the Offer to Purchase dated August 2, 2022.

KAR Global (NYSE: KAR), a leader in digital marketplaces for wholesale used vehicles, announced its participation in the J.P. Morgan 2022 Auto Conference on August 9, 2022, at 4:35 PM ET. CFO Eric Loughmiller and Treasurer Mike Eliason will represent the company. A webcast will be available on the investor relations section of their website, karglobal.com. Founded in Carmel, Indiana, KAR Global operates in approximately 75 countries, providing innovative technology-driven remarketing solutions to the wholesale vehicle market.