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OPENLANE, Inc. (NYSE: KAR), headquartered in Carmel, Indiana, operates as a leading digital marketplace for wholesale used vehicles. The company caters to a global customer base, offering sellers and buyers technology-driven remarketing solutions that streamline the entire process of buying and selling used cars, trucks, and other vehicles.
OPENLANE is comprised of several key businesses, including ADESA, Inc. (wholesale used vehicle auctions), Insurance Auto Auctions, Inc. (salvage vehicle auctions), and Automotive Finance Corporation, Inc. (inventory financing and business services). Overall, OPENLANE operates 65 wholesale auction sites and 165 salvage vehicle auction locations. The company's innovative online platforms ensure greater access and convenience for customers worldwide.
In addition to auctions, OPENLANE provides a wide range of services, such as financing, repossessions, repairs, transportation, warranties, and inventory management. The company's operations are divided into two main segments: Marketplace and Finance, with the majority of revenue generated from the Marketplace segment.
OPENLANE's commitment to innovation is evident in its recent developments. The launch of Visual Boost AI™, an AI-powered technology for damage detection overlays, has enhanced the accuracy and transparency of vehicle inspections. This new tool allows buyers to visualize potential exterior damage, making it easier to make informed purchasing decisions.
Financially, OPENLANE has shown strong performance, exceeding guidance for the year 2023. The company continues to make strategic investments in technology and innovation, contributing to volume growth, revenue growth, and margin expansion. The first quarter of 2024 showed a promising start, with the marketplace segment growing volumes by 13% and contributing 47% of total adjusted EBITDA.
OPENLANE's leadership has also seen significant changes, with the upcoming retirement of AFC President Jim Money and Treasurer and Vice President of Investor Relations Mike Eliason. The company has initiated national searches for their successors to ensure a smooth transition and continued leadership excellence.
For more information and the latest news, visit corporate.openlane.com.
KAR Auction Services, doing business as KAR Global (NYSE: KAR), announced its participation in the Stephens Annual Investment Conference occurring on November 17, 2022, at 11am ET. The event will feature Vice President of Investor Relations Mike Eliason and Chief Accounting Officer Scott Anderson. A live webcast will be accessible on the investor relations section of the company's website. KAR Global is a leader in the wholesale used vehicle market, offering technology-driven remarketing solutions across approximately 75 countries.
KAR Auction Services, Inc. (NYSE: KAR) reported strong third-quarter financial results for the period ending September 30, 2022. Total revenue rose by 13% to $393 million, and adjusted EBITDA increased to $69.5 million. The company achieved significant improvements in income from continuing operations, reporting a profit of $0.5 million versus a loss of $26.9 million in Q3 2021. Marketplace revenue grew by 14%, and gross profit per vehicle sold also increased by 14% to $320. The firm continued to repurchase shares, buying back $100 million in common stock over recent months.
KAR Auction Services, operating as KAR Global (NYSE: KAR), will announce its third quarter 2022 financial results on November 1, 2022, after market closure. An earnings conference call will follow on November 2, 2022, at 8:30 a.m. ET, hosted by CEO Peter Kelly and CFO Eric Loughmiller. Investors can access the call by phone or through a live webcast. KAR Global specializes in digital marketplaces for wholesale used vehicles, providing technology-driven solutions that enhance transaction transparency across approximately 75 countries.
KAR Global (NYSE: KAR) announced early results of its cash tender offer to purchase up to $600,000,000 of its 5.125% Senior Notes due 2025. As of August 15, 2022, $769,097,000 of the Notes were tendered, exceeding the tender cap, which means later submissions will not be accepted. The company will execute an early settlement on August 17, 2022, with accrued interest included. All terms are outlined in the Offer to Purchase dated August 2, 2022.
KAR Global (NYSE: KAR), a leader in digital marketplaces for wholesale used vehicles, announced its participation in the J.P. Morgan 2022 Auto Conference on August 9, 2022, at 4:35 PM ET. CFO Eric Loughmiller and Treasurer Mike Eliason will represent the company. A webcast will be available on the investor relations section of their website, karglobal.com. Founded in Carmel, Indiana, KAR Global operates in approximately 75 countries, providing innovative technology-driven remarketing solutions to the wholesale vehicle market.
KAR Global (NYSE: KAR) announced a cash tender offer to purchase up to $600 million of its 5.125% Senior Notes due 2025. The tender offer commenced on August 2, 2022, and is open until August 29, 2022, with an early tender deadline of August 15, 2022. Holders who submit their notes by the early deadline will receive a total consideration of $1,007.50 per $1,000 principal amount, excluding accrued interest. The offer is subject to certain conditions, and holders must validly tender their notes to participate.
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.
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