OPENLANE Inc. Stock Price, News & Analysis

KAR Global (NYSE: KAR) has finalized a $2.2 billion all-cash agreement for Carvana to acquire its ADESA U.S. physical auction business. This transaction encompasses all sales, operations, and staff at 56 auction centers and grants Carvana exclusive use of the ADESA.com marketplace in the U.S. With this move, KAR aims to streamline its focus on digital marketplaces and reduce corporate debt. Although expected to reduce Adjusted EBITDA by $100 million annually, KAR plans significant workforce reductions and anticipates higher growth and margins in their digital operations.

KAR Auction Services (NYSE: KAR) reported its Q4 2021 financial results, showing a revenue increase of 4% to $549.4 million compared to Q4 2020. Net income was $5.1 million, with a loss of $(0.04) per diluted share, improved from a net loss of $17.1 million in Q4 2020. Adjusted EBITDA surged 45% to $97.9 million. Full-year revenue for 2021 also grew by 3% to $2.25 billion, and net income rose significantly to $66.5 million. The company is focused on enhancing gross profit and reducing costs amid a digital transformation strategy for better growth and profitability moving forward.

KAR Global (NYSE: KAR) will announce its fourth quarter and full year 2021 financial results after market close on February 16, 2022. An earnings conference call hosted by CEO Peter Kelly and CFO Eric Loughmiller is scheduled for February 17, 2022, at 8:30 a.m. ET. The call can be accessed via phone or through a live webcast on the investor relations section of karglobal.com. The webcast archive will be available for a limited time after the call.

KAR Auction Services, d/b/a KAR Global (NYSE: KAR), has licensed its Privacy Pam™ training program to the National Auto Auction Association (NAAA) for use by its member auctions. This initiative aims to enhance data security and privacy practices across the industry, benefiting nearly 10,000 employees. The program, developed in 2020, includes updated curricula addressing emerging threats in data privacy. CEO Tricia Heon emphasized the importance of protecting customer information, while KAR’s Chief Privacy Officer, Michelle Bray, highlighted ongoing investments in data protection capabilities.

KAR Global has announced the full deployment of its automated vehicle tracking solution via ADESA, making it the first of its kind in the wholesale marketplace. This cutting-edge technology, developed in partnership with CoreKinect, utilizes GPS-enabled IoT devices to enhance real-time vehicle visibility at over 70 North American locations. The solution also integrates a mobile app for easy access to vehicle information. This initiative is part of ADESA's strategy to modernize auction processes and improve operational efficiency, ensuring better security and faster transaction times for customers.

KAR Global (NYSE: KAR), a leader in vehicle remarketing and technology solutions, will participate in the UBS Global TMT Virtual Conference. The event is scheduled for December 6, 2021, at 3:00 PM Eastern, featuring presentations by Eric Loughmiller and Mike Eliason. A webcast of the presentation will be accessible via the KAR Global investor relations website.

KAR Global (NYSE: KAR), a leader in vehicle remarketing and technology solutions, will participate in the BofA Securities Leveraged Finance Conference on November 30, 2021, at 9:00 AM Eastern. Executive Vice President and CFO Eric Loughmiller and Treasurer Mike Eliason will represent the company. A webcast of their presentation will be available on KAR's investor relations website. KAR is renowned for its innovative services, having sold nearly 3.1 million vehicles valued at over $40 billion in 2020, and operates in approximately 75 countries.

KAR Global (NYSE: KAR) announced its participation in the Stephens Annual Investment Conference on November 29, 2021, at 11:00 AM Eastern. Executives Eric Loughmiller and Mike Eliason will represent the company. A webcast of the presentation will be available on the KAR Global investor relations page.

KAR Global is a leader in vehicle remarketing, having sold nearly 3.1 million units valued over $40 billion in 2020.

KAR Global (NYSE: KAR), a leading provider of vehicle remarketing and technology solutions, will participate in the Barclays Global Automotive and Mobility Tech Conference on November 17, 2021, from 8:40 am to 9:15 am ET. The company's executives, including CEO Peter Kelly and CFO Eric Loughmiller, will represent the firm. A webcast of the presentation will be available on their official website karglobal.com under the investor relations section.