The Carmel-based company said its results for the first nine months of 2020 have been “significantly impacted by the COVID-19 pandemic.”
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.Read More
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.Read More
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.
The companies attributed the terminations to business conditions caused by the ongoing pandemic.
Srisu Subrahmanyam brings a diverse set of experiences to his job as chief operating officer of ADESA.
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.
Pay reductions helped the auto auction giant partially offset the temporary closing of its physical auctions and other fallout from COVID-19.
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.
The rebranding of the company coincides with the debut of its new, $80 million headquarters in Carmel.
TradeRev, whose software facilitates dealer-to-dealer auto auctions, plans to add 200 workers by 2023.
The separation of KAR Auction Services and Insurance Auto Auctions is already creating shareholder value, CEO Jim Hallett said.
KAR CEO Jim Hallett said the purchase of Belgium-based CarsOnTheWeb "will instantly anchor KAR in the international marketplace."
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.
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.
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.
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.
Carmel-based KAR Auction Services Inc. saw profit and revenue jump in the fourth quarter, topping Wall Street expectations in both categories.
KAR has acquired a San Francisco-based startup that uses technology to help companies manage fleets of vehicles.
The Carmel-based vehicle reseller increased its full-year earnings forecast after seeing a 15 percent increase in third-quarter profit.
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.
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.