OPENLANE Inc. Stock Price, News & Analysis

KAR Auction Services (KAR) finalized the sale of its ADESA U.S. auction business to Carvana, utilizing the proceeds to pay down debt. As of June 30, 2022, KAR reported over $800 million in cash and initiated a tender offer for $600 million of senior notes. In Q2 2022, total revenue rose 2% to $384.2 million, but loss from continuing operations was $5.4 million. Adjusted EBITDA dropped to $56.1 million. The company anticipates 2022 Adjusted EBITDA of $245-$265 million, reflecting ongoing conversion challenges.

KAR Global (NYSE: KAR) will report its second quarter 2022 financial results on August 2, 2022, after market close. An earnings conference call is scheduled for August 3, 2022, at 8:30 a.m. ET, led by CEO Peter Kelly and CFO Eric Loughmiller. Investors can join the call at 1-877-300-8521 or via webcast on the company's investor relations website. The conference call archive will be available after the event. KAR Global offers an integrated platform for the wholesale used vehicle market, operating in approximately 75 countries worldwide.

KAR Global (NYSE: KAR) is set to host an Investor Update call on June 14, 2022, from 11:00 a.m. ET to 12:15 p.m. ET. CEO Peter Kelly and CFO Eric Loughmiller will discuss the market outlook, strategic direction, and financial performance of the company, followed by a Q&A session.

The event is aimed at financial analysts and institutional investors. Interested participants can access the live webcast via karglobal.com.

KAR Global (NYSE: KAR) has enhanced its BacklotCars platform by introducing new condition reports developed in collaboration with Thoughtworks (NASDAQ: TWKS). These features include engine audio recordings and aim to improve customer experience by providing more accurate and consistent vehicle condition information. The initiative focuses on offering a transparent and trustworthy inspection process, helping sellers accelerate sales while ensuring buyers receive comprehensive information about vehicle conditions. This partnership is expected to streamline operations and enhance digital experiences for dealers.

KAR Global (NYSE: KAR), a leader in digital marketplaces for wholesale used vehicles, announced its participation in the 17th Annual Needham Technology & Media Conference on May 18, 2022. The presentation will feature Eric Loughmiller, CFO, and Mike Eliason, Treasurer and VP of Investor Relations, from 3:45pm to 4:25pm ET. A webcast will be available on KAR’s investor relations page.

Carvana (NYSE: CVNA) has announced the acquisition of ADESA's U.S. auction business for $2.2B, enhancing its operational capabilities. This acquisition includes 56 U.S. locations, spanning 6.5 million square feet. Carvana aims to utilize this acquisition to improve customer experiences and achieve sustainable efficiencies, positioning itself for growth despite recent industry slowdowns. The deal is expected to bolster Carvana's strategy in the automotive sector, enabling a seamless transition for existing customers under the leadership of ADESA President John Hammer.

KAR Global (NYSE: KAR) has completed the sale of its ADESA U.S. physical auction business to Carvana, enhancing its digital marketplace strategy. The transaction, initially announced in February, includes 56 auction sites and the ADESA.com marketplace. CEO Peter Kelly emphasized the shift towards digital solutions and the simplification of the business model. KAR will retain its OPENLANE platform and continue operations in Canada and Europe. An analyst day update call is expected in June to discuss strategic projections.

KAR Auction Services (NYSE: KAR) reported Q1 2022 financial results, highlighting a total revenue of $369.4 million, a slight decline from $369.8 million in Q1 2021. The company expects to finalize the sale of its ADESA U.S. physical auction business to Carvana, which will significantly reduce its debt. Gross profit per vehicle sold increased to $255, and digital dealer-to-dealer volumes grew by 31%. However, the net loss from continuing operations was $8.4 million, or $(0.16) per diluted share. The board also authorized a $200 million increase in its share repurchase program.

KAR Global (NYSE: KAR) will release its first quarter 2022 financial results after market close on May 3, 2022. The company will hold an earnings conference call on May 4, 2022, at 8:30 a.m. ET, hosted by CEO Peter Kelly and CFO Eric Loughmiller. Interested parties can access the call by dialing 1-844-778-4145 or through a live webcast on the investor relations section of karglobal.com. The archive of the webcast will be available thereafter for a limited time.