OPENLANE Inc. Stock Price, News & Analysis

KAR Global (NYSE: KAR), a leader in vehicle remarketing and technology solutions, will participate in the J.P. Morgan Auto Conference on August 11, 2021, at 2:50 PM Eastern. The session will feature CEO Peter Kelly, CFO Eric Loughmiller, and VP Mike Eliason. Investors can access the live webcast via the KAR Global website. The company is known for its innovative remarketing solutions, having sold nearly 3.1 million vehicles valued at over $40 billion in 2020.

KAR Auction Services (NYSE: KAR) reported robust second quarter 2021 results, achieving total revenue of $585.4 million, a 40% increase from $419.0 million in Q2 2020. Net income surged to $11.5 million or $0.01 per diluted share, reversing a loss of $32.3 million in the previous year. Adjusted EBITDA rose by 46% to $116.5 million. Digital dealer-to-dealer marketplace volume grew by 65% year-over-year, while ADESA's gross profit per vehicle sold increased by 24%. The company's guidance for 2021 remains unchanged, with net income from continuing operations projected at $90 million.

KAR Auction Services, Inc. (NYSE: KAR) will announce its second quarter 2021 financial results on August 3, 2021, after market closure. Following the earnings report, KAR will host a conference call on August 4, 2021, at 8:30 a.m. Eastern. The call will be led by CEO Peter Kelly and CFO Eric Loughmiller, accessible via phone or live webcast on the company's investor relations page. The earnings report is anticipated to include vital financial metrics that can influence investor sentiment towards KAR.

KAR Global has launched a new feature called "% to Retail" on its ADESA digital marketplace. This functionality provides real-time vehicle bidding information compared to estimated national retail prices. Powered by autoniq®, it assists dealers in making informed pricing decisions and identifying profitable inventory quickly. Early users reported a 20% higher success rate in purchasing vehicles. This new tool aims to address the dynamic market challenges faced by dealers across North America.

KAR Global's ADESA has launched enhanced vehicle undercarriage imaging to improve buyer confidence in its digital auctions. This new capability includes high-definition photos of vehicle undercarriages, allowing buyers to assess potential issues such as rust or damage. The images, available since mid-April in the U.S. and Canada, are part of a broader effort to exceed traditional viewing experiences. The initiative also comes alongside a partnership with Ravin AI to enhance inspection capabilities using artificial intelligence.

KAR Auction Services, Inc. (NYSE: KAR) reported Q1 2021 revenue of $581.6 million, a 10% decrease from $645.5 million in Q1 2020. Net income surged to $50.9 million or $0.25 per diluted share, up from $2.8 million or $0.02 per diluted share year-over-year. Adjusted EBITDA increased by 39% to $123.2 million. The company reported realized gains of $17 million and unrealized gains of $43.5 million from early-stage automotive investments. Despite operational adjustments due to COVID-19, 2021 guidance remains unchanged.

KAR Global (NYSE: KAR) announced the acquisition of Auction Frontier, enhancing its digital marketplace capabilities. This acquisition focuses on Auction Frontier's Velocicast technology, which powers simulcast auctions across North America and Australia. The deal aims to accelerate innovations in KAR's ADESA Simulcast and Simulcast+ platforms, emphasizing improved marketplace speed, convenience, and real-time analytics. CEO Peter Kelly expressed confidence in the integration, highlighting previous successful partnerships and the potential for enhanced value for customers.

KAR Auction Services, Inc. (NYSE: KAR) is set to release its first quarter 2021 financial results after market close on May 4, 2021. An earnings conference call will follow on May 5, 2021, at 8:30 a.m. Eastern, featuring key executives including Jim Hallett and Peter Kelly. Investors can access the call via phone or through a live webcast on the company's website, which will also host an archive of the webcast post-call. KAR Global provides technology-driven services in the global wholesale used vehicle industry, facilitating the sale of approximately $30 billion worth of vehicles in 2020.

ADESA, a unit of KAR Global (NYSE: KAR), has launched the 'Off-Lease Exclusive' feature on ADESA.com. This allows dealers early access to approximately 80% of North America's off-lease inventory, significantly enhancing their sourcing capabilities in a supply-constrained market. The feature includes a new search functionality with personalized alerts for fresh inventory. Listings will refresh daily and are available for a limited time. This initiative aims to streamline the acquisition process for dealers, offering over 60,000 additional vehicle listings daily.