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KAR Auction reports higher profit, revenue

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

The company had revenue of $445.3 million in the quarter ended Sept. 30, a 4-percent increase from the $430.1 million it reported in the same quarter of 2009.

Profit was $25.6 million, or 19 cents per share, compared with $8.6 million, or 8 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.

Adesa revenue in the third quarter slipped slightly, to $267.4 million in the third quarter from $270.8 million in the same period last year.

Third-quarter revenue at Insurance Auto Auctions rose from $135.5 million last year to $142.3 million this year, and from $23.8 million to $35.6 million at Automotive Finance.

Adesa on Wednesday announced that is has acquired six used-vehicle auctions from The Premier Auction Group. Terms of the deal were not disclosed. The company said the purchase strengthens its footprint in Michigan, Ohio, Tennessee and Wisconsin.

The deal also includes a specialty auction in Las Vegas, less than two miles from the site of an auction facility Adesa is building. Las Vegas is a new market for the company. The auction site there is expected to open in spring 2011.

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