KAR AUCTION SERVICES, INC.

(KAR)
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Delayed Nyse  -  05/16 04:00:01 pm EDT
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KAR Auction Services : Statement on the Passing of Tom Caruso

12/23/2021 | 08:47am EDT

Jim Hallett, Executive Chairman and Chairman of the Board of global wholesale used vehicle digital marketplace operator KAR Auction Services, Inc., d/b/a/ KAR Global (NYSE: KAR), provided the following statement on the passing of remarketing industry icon Tom Caruso:

"It is with tremendous grief and sadness that I announce the passing of my dear friend and colleague, Tom Caruso. Tom passed away Tuesday evening after a battle with cancer and leaves a 40-year legacy of leadership and friendship across ADESA, KAR Global and the entire automotive industry. On behalf of the KAR Global executive committee, our Board of Directors and the entire KAR Global organization-we send our thoughts, prayers and support to Tom's wife, children, grandchildren and loved ones.

"Tom was one of my longest and dearest friends in this great industry. He began his career at the Concord Auto Auction in 1980 and later led the creation of ADESA Boston, our largest and most successful location. That track record set him on the path to becoming Executive Vice President of ADESA, then Chief Operating Officer and finally President and CEO in 2009.

"What always set Tom apart, however, was not what he accomplished, but how he accomplished it. Tom was a true servant leader who believed deeply in the power of people-the ability to get anything done through partnership, collaboration and trust. He approached every challenge with enthusiasm and an eagerness to work with others to find the best possible outcome. That is why people gravitated toward him and why we all enjoyed working with him so much.

"More than anything, Tom was an incredibly kind and genuine person-a man from humble beginnings who never took a person, opportunity nor idea for granted. He was willing to do any job, anytime, anywhere if he thought it would help one of our customers. On a personal level, he guided me through some of the most challenging decisions of my career, and I will treasure the countless memories and milestones we celebrated together over the years.

"Tom's industry accomplishments are many-so I won't repeat them all here. But I would encourage anyone in our industry to read our press release announcing his retirement in March 2020. His contributions to automotive remarketing are nothing short of inspirational. And it is that inspiration that will live forever at our company, across our industry and in my heart."

Disclaimer

KAR Auction Services Inc. published this content on 23 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 December 2021 13:46:07 UTC.


ę Publicnow 2021
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Financials (USD)
Sales 2022 1 579 M - -
Net income 2022 30,9 M - -
Net Debt 2022 457 M - -
P/E ratio 2022 171x
Yield 2022 -
Capitalization 1 762 M 1 762 M -
EV / Sales 2022 1,41x
EV / Sales 2023 1,28x
Nbr of Employees 8 928
Free-Float 98,5%
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Number of Analysts 9
Last Close Price 14,50 $
Average target price 21,71 $
Spread / Average Target 49,8%
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Managers and Directors
Peter J. Kelly Chief Executive Officer & Director
Eric Michael Loughmiller Executive VP, Chief Financial & Accounting Officer
James P. Hallett Executive Chairman
Michael T. Kestner Lead Independent Director
J. Mark Howell Independent Director
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