KAR Auction Services, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2022
August 02, 2022 at 04:15 pm EDT
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KAR Auction Services, Inc. reported earnings results for the second quarter and six months ended June 30, 2022. For the second quarter, the company reported sales was USD 91.9 million compared to USD 68.6 million a year ago. Revenue was USD 384.2 million compared to USD 376 million a year ago. Net income was USD 210.2 million compared to USD 11.5 million a year ago. Basic loss per share from continuing operations was USD 0.1 compared to USD 0.16 a year ago. Diluted loss per share from continuing operations was USD 0.1 compared to USD 0.16 a year ago. Basic earnings per share was USD 1.28 compared to USD 0.01 a year ago. Diluted earnings per share was USD 1.28 compared to USD 0.01 a year ago.
For the six months, sales was USD 176.1 million compared to USD 134.4 million a year ago. Revenue was USD 753.6 million compared to USD 745.8 million a year ago. Net income was USD 209.9 million compared to USD 62.4 million a year ago. Basic loss per share from continuing operations was USD 0.23 compared to USD 0.06 a year ago. Diluted loss per share from continuing operations was USD 0.23 compared to USD 0.06 a year ago. Basic earnings per share was USD 1.21 compared to USD 0.27 a year ago. Diluted earnings per share was USD 1.21 compared to USD 0.27 a year ago.
OPENLANE, Inc. provides sellers and buyers across the global wholesale used vehicle industry with technology-driven remarketing solutions. It offers a digital marketplace for used vehicles, connecting sellers and buyers across North America and Europe. The Company's end-to-end platform supports whole car, financing, logistics and other ancillary and related services. The Companyâs segments include Marketplace and Finance. The Marketplace segment serves a domestic and international customer base through digital marketplaces for wholesale vehicles that allow the buyers to inspect and compare vehicles. Its marketplace offerings allow it to offer vehicles for sale from any location. Digital marketplace sales are initiated online and include OPENLANE US, OPENLANE Canada and OPENLANE Europe sales. The Finance segment provides short-term, inventory-secured financing, known as floorplan financing, primarily to independent dealer customers throughout the United States and Canada.
OPENLANE, INC. 
