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.
The company on Thursday announced the launch of an operating segment called KAR Remarketing Services.
The used-car auction business might sound like a low-tech industry, and one destined to stay that way. But KAR’s executives think otherwise.
Carmel-based KAR Auction Services Inc. said the acquisition of Chicago-based startup CarCo Technologies Inc., which does business as Drivin, will beef up its technology capabilities.
KAR Auction Services Inc. missed Wall Street expectations with its fourth-quarter earnings despite revenue that exceeded predictions.
Father-and-son duo Jim and Sean Hallett launched a minor-league hockey team—the Indy Fuel—in 2013, but the enterprise has expanded far beyond just an ECHL franchise.
Currently operating in eight states, the firm was founded in 2000 by three executives who had previously worked at another local auto auctioneer, Carmel-based ADESA.
The Flint business will become part of KAR’s Adesa unit, which offers wholesale used-vehicle auction services.
The used and salvaged vehicle auctioneer posted revenue of $771.8 million in the second quarter, up 17 percent from a year ago.