OPENLANE Inc. - KAR STOCK NEWS

OPENLANE, a leading operator of digital marketplaces for wholesale used vehicles, has announced the integration of ADESA Canada and TradeRev into the consolidated OPENLANE Canada marketplace. This unified platform creates Canada's largest digital wholesale marketplace for used vehicles, providing greater flexibility and convenience for buyers and sellers. OPENLANE Canada offers expanded access to more inventory for buyers and instant reach to a broader buyer base for sellers.

KAR Auction Services, Inc. is rebranding to OPENLANE, signaling a new customer-first approach to used vehicle remarketing. The change reflects the company's transformation to a more asset-light, digital marketplace company. Consolidating platforms, offerings, and operations into OPENLANE will help focus the company's strategy and investments, accelerate innovation, and simplify the overall customer experience.

KAR Auction Services reported solid performance in Q1 2023 with double-digit growth in revenue, gross profit, adjusted EBITDA, and operating adjusted earnings per share. Total revenue increased by 14% YoY to $420.6 million. Income from continuing operations was $12.7 million compared to a loss of $8.4 million in Q1 2022. Adjusted EBITDA increased by 20% to $58.9 million. Marketplace revenue grew by 11% to $265.5 million. The company's annual guidance remains unchanged.

KAR Global (NYSE: KAR), a leader in digital marketplaces for wholesale used vehicles, is set to release its first quarter 2023 financial results on May 2, 2023, after market close. The company will host an earnings conference call on May 3, 2023, at 8:30 a.m. ET, featuring CEO Peter Kelly, CFO Brad Lakhia, and CAO Scott Anderson. Stakeholders can access the call via phone or a live webcast on the company’s investor relations website. The upcoming earnings report aims to provide insights into KAR Global's financial performance and operational strategies, crucial for investors closely monitoring the company's market trends and revenue flows.

KAR Auction Services, Inc. d/b/a KAR Global (NYSE: KAR) announced the appointment of Brad Lakhia as the new EVP and Chief Financial Officer on April 17, 2023. Lakhia, who has over 25 years of diverse financial experience, will oversee all financial functions, investor relations, and capital investment strategies while joining the executive committee. Previously, he was VP Finance for the Americas at Goodyear, managing a business unit with over $10 billion in revenue, where he contributed to significant cost reductions amidst industry volatility. Lakhia emphasized his excitement about joining KAR and his commitment to driving growth and enhancing shareholder value.

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.