KAR Auction Services and Banking & Finance and Investing

KAR Auction Services declares first dividend

November 30, 2012

Carmel-based KAR Auction Services Inc. is declaring its first quarterly dividend since going public in December 2009.

The company said Friday that the dividend of 19 cents per share will be paid on Dec. 28 to shareholders of record on Dec. 19.

KAR is the holding company of ADESA Inc., Insurance Auto Auctions Inc. and Automotive Finance Corp. ADESA is a wholesale used vehicle auctions provider, while Insurance Auto Auctions is a salvage vehicle auction company. Automotive Finance offers financing to independent and franchise used vehicle dealers.

With about 137 million shares outstanding, the dividend would cost the company about $26 million.

Its shares finished at $18.60 each on Thursday. They have traded in a 52-week range of $12.67 to $20.85.

Earlier this month, KAR tried to sell itself to private-equity firm Clayton Dubilier & Rice LLC, but a deal couldn't be reached.

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