KAR Global’s Third Quarter Swings to Loss
Carmel is the world headquarters for KAR Global. (IIB Photo/Wes Mills)
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowCarmel-based KAR Global is reporting a third quarter net loss of $1 million, compared to net income of $47 million during the same period a year ago. The wholesale car vendor says revenue was impacted by lower volumes throughout the wholesale remarketing industry.
Chief Executive Officer Peter Kelly given the constrained vehicle supply the industry faces, he’s pleased with Q3 results.
“We continued to experience solid growth in our digital dealer-to-dealer segment and once again saw record numbers of total active sellers and buyers participate in our marketplaces,” said Kelly. “Our continued efforts to refine our operating model toward a more digital future contributed to stronger unit economics in the quarter while also positioning KAR for accelerated growth once industry volumes begin to recover.”
Kelly says a reduction in unrealized gains on investments contributed to the Q3 net loss.
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