KAR turns higher-than-expected quarterly profit despite missing revenue projections
The Carmel-based company said its results for the first nine months of 2020 have been “significantly impacted by the COVID-19 pandemic.”
KAR Auction Services
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KAR Global cuts 3,000 workers, could eliminate 2,000 more
In its second quarter, the Carmel-based company lost $32.3 million and saw year-over-year revenue plummet 42%, from $719.1 million to $419.0 million.
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Auction giant KAR sees industry’s transformation as opportunity
CEO Jim Hallett predicts that 2019 will be the peak year for brick-and-mortar auto auction volumes, but company officials aren’t sitting around wringing their hands and wishing for the past.
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Head of KAR’s fast-growing TradeRev unit resigns
One of central Indiana’s most prominent female executives plans to step down from Carmel-based KAR Auction Services Inc. two years after taking over a new business unit for the company.
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Articles
KAR Global to expand digital auction options with $425M acquisition
KAR Global plans to expand upon the online automotive auction services it provides through TradeRev by acquiring BacklotCars’ longer-term online auctions, which allow dealers to bid on cars over the course of several days.
KAR Global units to terminate 48 employees in Plainfield
The companies attributed the terminations to business conditions caused by the ongoing pandemic.
2020 Indiana 100: ADESA exec integrating online, in-person auctions
Srisu Subrahmanyam brings a diverse set of experiences to his job as chief operating officer of ADESA.
KAR raises $550M to help it emerge from pandemic shutdown
KAR Auction shares rose more than 9% Tuesday morning after the company announced the investment by London-based Apax Partners, a global private equity advisory firm, with participation by New York City-based Periphas Capital L.P.
KAR Global shares slide 11% as auction giant cuts costs to weather COVID crisis
Pay reductions helped the auto auction giant partially offset the temporary closing of its physical auctions and other fallout from COVID-19.
KAR rethinks strategy for startup after it loses $125M in two years
Auto auction giant KAR Global’s bet on a phone app that facilitates dealer-to-dealer car sales has cost it a fortune over the past two years—so much so that KAR now is retooling its strategy for the fast-growing division.
Auto-auction giant KAR rebrands to reflect global scope
The rebranding of the company coincides with the debut of its new, $80 million headquarters in Carmel.
KAR to spend $3.75M to open downtown Indy HQ for software unit
TradeRev, whose software facilitates dealer-to-dealer auto auctions, plans to add 200 workers by 2023.
KAR leader Hallett ‘extremely happy’ with spinoff of IAA business unit
The separation of KAR Auction Services and Insurance Auto Auctions is already creating shareholder value, CEO Jim Hallett said.
Auto-auction giant KAR buying European online-auction firm for at least $103M
KAR CEO Jim Hallett said the purchase of Belgium-based CarsOnTheWeb "will instantly anchor KAR in the international marketplace."
KAR Auction CEO is taking on Indy’s mobility problem
Although Jim Hallett runs a business that sold 5.5 million used vehicles in 120 countries last year, he also knows firsthand what life is like without a car.
KAR still determining headquarters for proposed spinoff
Carmel-based KAR Auction Services Inc. denies that a decision has been made on the headquarters location for the auto-salvage business it plans to spin off into a separate publicly traded company.
KAR Auction’s proposed spinoff to be headquartered in Illinois
The Carmel-based company plans to separate its Insurance Auto Auctions salvage auction business unit within the next year to create a separate publicly traded company.
KAR to spin off Insurance Auto Auctions unit, creating separate public firm
Carmel-based KAR Auction Services Inc. on Tuesday afternoon said it plans to spin off its Insurance Auto Auctions salvage auction business unit within the next year. The unit accounted for 34 percent of KAR’s revenue last year.
KAR sees profit soar on higher revenue, tax benefits
Carmel-based KAR Auction Services Inc. saw profit and revenue jump in the fourth quarter, topping Wall Street expectations in both categories.
Carmel-based KAR Auction Services acquires tech startup Stratim
KAR has acquired a San Francisco-based startup that uses technology to help companies manage fleets of vehicles.
KAR tops quarterly expectations with rising revenue, earnings
The Carmel-based vehicle reseller increased its full-year earnings forecast after seeing a 15 percent increase in third-quarter profit.
KAR to pay up to $125M to gain full control of software firm
After buying a 50 percent stake in TradeRev for $30 million in 2014, Carmel-based KAR Auction Services said Tuesday that it has acquired the remaining shares in the company for a sum that could balloon to $125 million.
KAR Auction Services planning $80M HQ project in Carmel
The Carmel-based vehicle reseller announced Tuesday that it intends to develop a new corporate campus that includes a 250,000-square-foot headquarters that provides room for 400 additional employees.