OPENLANE, Inc - KAR STOCK NEWS

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.

KAR Global (NYSE: KAR) has announced its participation in the upcoming BofA Securities 2021 Global Automotive Summit. The event will take place on March 30, 2021, at 3:00 pm Eastern. Key executives participating include Jim Hallett (Chairman and CEO), Eric Loughmiller (CFO), and Mike Eliason (Treasurer and VP of Investor Relations). A webcast of the presentation will be available on the company’s investor relations webpage.

KAR Global provides innovative remarketing solutions in the used vehicle industry, supporting transactions valued at nearly $30 billion in 2020.

KAR Global (NYSE: KAR) has announced a strategic partnership with Ravin AI, enhancing its digital marketplace capabilities for vehicle inspections. This collaboration will streamline inspection processes and facilitate data sharing throughout the remarketing lifecycle. The partnership aligns with KAR's goal of leveraging advanced technology to improve decision-making for its customers. Ravin AI specializes in AI solutions for vehicle inspections, and this deal will enable better applications across various sectors, including fleet maintenance and condition monitoring.

KAR Global (NYSE: KAR) announces the appointment of Peter Kelly as the new Chief Executive Officer, effective April 1, 2021. Kelly, who has been with the company since 2011 and served as president since 2019, is succeeding Jim Hallett, who will transition to executive chairman. Kelly's leadership is expected to advance the company's digital marketplace operations in the used vehicle industry. Under Hallett, KAR expanded significantly, and the transition aims to maintain strategic momentum as the company continues to innovate and capture industry opportunities.

KAR Global (NYSE: KAR) has merged its TradeRev and BacklotCars platforms into one digital marketplace to enhance dealer-to-dealer sales. U.S. dealers will transition to BacklotCars, which has shown strong growth, offering sellers enhanced conversion rates and lower fees. The combined platform aims to provide a larger inventory and buyer base, facilitating easier wholesale transactions. Ongoing integration will enhance BacklotCars with features from TradeRev, leveraging KAR's extensive physical and digital assets.

KAR Auction Services reported a significant decline in Q4 2020 results, with revenue dropping to $529.6 million from $671.3 million in Q4 2019. The company faced a net loss of $17.1 million compared to a profit of $15.3 million in the prior year, resulting in a loss of $0.21 per diluted share. Adjusted EBITDA also fell to $67.5 million from $122.0 million. For the full year, revenue totaled $2,187.7 million, down from $2,781.9 million, with a net income of $0.5 million. The company anticipates a recovery in 2021, projecting $90 million in net income and $475 million in Adjusted EBITDA.