Financial Results and Public Companies

Revenue, earnings up for KAR Auction Services

August 4, 2010

Carmel-based KAR Auction Services Inc. on Wednesday reported higher revenue and profit in the second quarter.

The company had revenue of $470 million in the quarter ended June 30, a 7-percent increase over the $439.1 million it reported in the same quarter of 2009.

Profit for the second quarter was $28.6 million, or 21 cents per share, compared with profit of $12.8 million, or $12 cents per share, in 2009.
KAR is the holding company for Adesa Inc., a leading provider of wholesale used vehicle auctions; Insurance Auto Auctions Inc., a national salvage auto auction company; and Automotive Finance Corp. , a provider of financing to used vehicle dealers.

All three units reported higher revenue and profit in the second quarter over the same period of 2009.

Second quarter revenue rose from $139 million last year to $157.3 million this year at Insurance Auto Auctions Inc. and from $20.6 million to $32.6 million at Automotive Finance.
 

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