KAR Auction Services Swings to Profit

(image courtesy of KAR Global)

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Carmel-based KAR Auction Services Inc. (NYSE: KAR) is reporting second quarter net income of $11.5 million, compared to a net loss of $32.3 million during the same period last year. Chief Executive Officer Peter Kelly said the company achieved its strongest results to-date in the digital dealer-to-dealer segment, with record numbers of sellers and buyers participating.

“I am pleased with our second quarter performance, particularly given the significant supply headwinds that our industry faced,” said Kelly. “We also saw improvement in the unit economics at ADESA and an improved performance from our finance business, AFC. I believe KAR is well positioned for growth as industry volumes begin to recover.”

The company also reported total revenue for the quarter was $585.4 million, up 40% compared with $419 million for the second quarter last year.

You can connect to the full earnings report by clicking here.