OPENLANE Inc. Stock Price, News & Analysis

KAR Auction Services reported third quarter 2021 results showing total revenue of $535.2 million, down 10% year-over-year from $593.6 million. The company experienced a net loss of $1.0 million or $(0.10) per diluted share, compared to net income of $47.1 million or $0.23 per diluted share in Q3 2020. However, the North American digital dealer-to-dealer marketplace saw a 105% increase year-over-year. Gross profit per vehicle sold increased 10% to $274. The company also announced the election of Sanjeev Mehra to its Board of Directors.

ADESA, a unit of KAR Global, has launched a new tool aimed at enhancing the vehicle reconditioning process for sellers. By utilizing extensive data on vehicle repairs and sales, the tool provides actionable repair suggestions to maximize resale profits in the wholesale channel. This innovation allows sellers to view vehicle statuses and make data-driven decisions quickly. During the pilot phase, sellers reported improved returns even in a competitive market. The tool’s functionalities are accessible via the ADESA Portal, streamlining the process from vehicle check-in to sale.

KAR Global (NYSE: KAR) has appointed James Coyle as the new Chief Digital Officer, effective October 26, 2021. Coyle, with experience from Microsoft and Amazon, is tasked with enhancing KAR's digital marketplace and expanding its digital offerings to a diverse customer base, including dealers and financial institutions. CEO Peter Kelly emphasized Coyle's leadership and digital expertise as key to advancing the company's vision of creating leading digital marketplaces for used vehicles. Coyle aims to leverage KAR's existing digital platforms to improve customer experience.

KAR Auction Services, Inc. (NYSE:KAR) will announce its third quarter 2021 financial results on November 2, 2021, after market close. The company will hold an earnings conference call on November 3, 2021, at 8:30 a.m. ET, hosted by CEO Peter Kelly and CFO Eric Loughmiller. This call can be accessed by calling 1-844-778-4145 and using passcode 2698167. The webcast will be available on the investor relations section of karglobal.com. KAR operates a comprehensive platform for the wholesale used vehicle industry, supporting significant transaction volumes globally.

KAR Global and Black Book have initiated an expanded partnership to enhance the digital car retail experience for franchise and independent dealers. This collaboration will integrate Black Book's VIN decoding and pricing algorithms with KAR's digital capabilities, enabling dealers to offer instant, guaranteed trade-in values through their platforms. Additionally, KAR's BacklotCars marketplace will assist dealers in selling unwanted trade-in inventory. The partnership aims to create a more efficient transaction process while minimizing risks associated with trade-ins.

KAR Global (NYSE: KAR) has acquired CARWAVE Holdings LLC for $450 million in cash, enhancing its dealer-to-dealer segment. The acquisition strengthens KAR's market position and profitability while integrating CARWAVE's digital platform, which serves dealers across California, Arizona, Nevada, Oregon, and Texas. This strategic move aims to leverage synergies with existing platforms like ADESA and BacklotCars, providing dealers with improved access to inventory and services. Key CARWAVE leaders will remain post-acquisition, ensuring continuity in product offerings.

KAR Global, a leader in wholesale used vehicle auctions, has announced that its ADESA Simulcast+ technology received the prestigious 2021 Automotive News PACE Award for exceptional innovation. This award recognizes the tech's role in enhancing auction processes through fully digital and automated live streaming, offering expanded access and flexibility for buyers and sellers. Since its launch in April 2020, Simulcast+ has received positive customer feedback and has already won multiple awards, including the TechPoint Mira Award earlier this year.

KAR Global (NYSE: KAR) announced the withdrawal of its financial outlook for 2021 due to the ongoing chip shortage impacting used vehicle volumes. The company anticipates an Adjusted EBITDA of $95 million to $100 million for Q3 2021, with about 2.6 million vehicles sold this year. While fourth-quarter expectations remain uncertain, KAR plans to discuss its strategic direction and long-term targets during an Analyst Day on September 21, 2021, aiming for 4.25 million vehicles sold by 2025, with revenues between $3.4 billion and $3.5 billion.

KAR Auction Services, operating as KAR Global (NYSE: KAR), will hold a virtual Analyst Day on September 21, 2021, from 11:00 a.m. to 2:00 p.m. ET. Key executives, including CEO Peter Kelly and CFO Eric Loughmiller, will discuss the company's market outlook, strategy, and financial performance. The event targets financial analysts and institutional investors, featuring an interactive Q&A session. A live webcast will be accessible via karglobal.com, with a replay available afterward.