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MarketScreener Homepage  >  Equities  >  Nyse  >  KAR Auction Services, Inc.    KAR

KAR AUCTION SERVICES, INC.

(KAR)
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KAR Auction Services : Global Launches “Highway to Sell” Dealer Solutions

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02/12/2020 | 07:26pm EDT

Combined Offerings Leverage the Power of Integrated Physical, Online and Digital Marketplaces

KAR Auction Services Inc. d/b/a KAR Global (NYSE: KAR), parent company of auction innovator ADESA and the pioneering TradeRev digital platform, announces the launch of its integrated dealer consignment offerings. The new products leverage the speed and efficiency of TradeRev's 45-minute, live-bidding digital auctions with the geographic convenience and full-service capabilities of ADESA's 74 North American physical auction locations. Sellers can now transact on up to five distinct auction channels with a combined audience of more than 90,000 dealers, and buyers can source inventory from up to 75,000 unique vehicles offered for sale each day. Together, these dealer-centric enhancements advance KAR Global's commitment to making buying and selling smarter, faster and easier.

'Dealers don't want to manage multiple apps, auctions and websites - they need a single solution that does it all, and that's what KAR Global delivers,' said Peter Kelly, president of KAR Global. 'For sellers, it's about choice of venue and getting the most looks and best economic outcome for every vehicle. For buyers, it's about having the right vehicles at the right price for any lot, including more than 80% of North America's off-lease inventory that dealers won't find on any other digital or online platform. In-app, online or in-lane, KAR Global is your open road to buying and selling.'

KAR's 'Highway to Sell' offers three distinct seller options - manual, automatic and cruise control - allowing dealers to select the service level that best fits their business. In manual, dealers use TradeRev to inspect and launch their cars, and can send no-sales to ADESA with the push of a button. In automatic, the KAR Global ground team will inspect and image dealer cars and launch them on TradeRev within 24 hours. No-sales are sent to ADESA, where they receive a full condition report and wash before being run through the lanes and broadcast on ADESA Simulcast. Any remaining cars are then listed on ADESA.com. Cruise control incorporates all of the previous features and adds free transport to any ADESA facility under 75 miles, concierge customer support and TradeReady seller protection against arbitrations or returns.

'On KAR's 'Highway to Sell,' the dealer is in control - just take the on-ramp that works best for your business,' said John Hammer, president of ADESA. 'You can stay in the driver's seat and manage your own auctions, or just give us the keys, and we'll take the wheel. No hassles. No worries. Just a straight line, one-way ticket to unloading your unwanted trades and aged inventory.'

For buyers, the company is also unveiling its new Move Metal® three-day delivery guarantee. Any vehicle purchased on TradeRev within 500 miles of the buying dealer will be delivered in three days or less or the delivery charge is free. This feature follows the company's recent release of its AI-driven vehicle recommendations engine on ADESA.com, which provides individual buyers with unique, real-time recommendations tailored to their specific market and dealership.

'KAR's formula is simple - help dealers source the right inventory for their lot and get it there as quickly as possible so they can make a retail sale,' continued Hammer. 'Three-day delivery is nothing short of an expectation for our personal retail experiences. KAR is the first and only company to bring this guarantee to wholesale remarketing, and we're proud to reset the industry bar.'

Dealers can experience KAR's 'Highway to Sell' and explore these new offerings at the company's interactive, Instagram-able booth at this week's NADA conference. Please visit booth location #3427. Interested dealers can also visit KARGlobal.com/HighwaytoSell to learn more.

Disclaimer

KAR Auction Services Inc. published this content on 12 February 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 February 2020 00:25:04 UTC

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Financials (USD)
Sales 2020 2 320 M - -
Net income 2020 -0,56 M - -
Net Debt 2020 899 M - -
P/E ratio 2020 -384x
Yield 2020 1,42%
Capitalization 1 738 M 1 738 M -
EV / Sales 2019
EV / Sales 2020 1,14x
Nbr of Employees 13 311
Free-Float 99,1%
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Technical analysis trends KAR AUCTION SERVICES, INC.
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Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 10
Average target price 17,88 $
Last Close Price 13,45 $
Spread / Highest target 85,9%
Spread / Average Target 32,9%
Spread / Lowest Target -3,35%
EPS Revisions
Managers
NameTitle
James P. Hallett Chairman & Chief Executive Officer
Peter J. Kelly President
Eric Michael Loughmiller Executive VP, Chief Financial & Accounting Officer
Thomas J. Fisher Chief Information Officer & Executive VP
Michael T. Kestner Lead Independent Director
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