IBJNews

KAR Auction reports higher profit, revenue

Back to TopCommentsE-mailPrintBookmark and Share

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.

ADVERTISEMENT

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
thisissue1-092914.jpg 092914

Subscribe to IBJ
  1. On my rental property, before tax caps, I was paying $2,000/yr in property taxes. After the tax caps I'm paying $4,000/yr. How exactly am I "benefiting the most"?

  2. Nick, I too tried that new Walmart NM on Michigan a couple of weeks ago. I had the same feeling, it had good prices, but something was just off about it. I can't put my finger on what it is, but it just didn't feel right. On the plus side, it was easy to get in and out of and much less busy than a typical Walmart.

  3. @Young Hoosier - you might want to check out the Paris skyline again....it's decidedly taller than 7-8 stories http://all-that-is-interesting.com/paris-skyline-photo

  4. Are you in need of Loan or financial help?, you need a loan for your business or to solve other monetary issues. James Lewis Loan Company started offering loans with a very low interest rate of 3% for a minimum of 15 years, Interested applicants should submit their request via email (jameslewisloan@gmail.com) for immediate processing with the information listed below: Names in full:................ Address:...................... Gender:.................... Email:........................ Phone Number:....... Amount Required:... Loan Duration:....... Country:................. Occupation:.................. ================================== In acknowledgment to these details, I will send you a well calculated Terms and Conditions for the amount you require. Warm Regards, Mr James Lewis

  5. So the GOP legislature passed a bill that gave big breaks to business at the expense of Indiana families. Color us not surprised.

ADVERTISEMENT