Profit Grows for KAR Global
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Carmel-based KAR Global (NYSE: KAR) is reporting full-year net income of $66.5 million in 2021, up from $500,000 the previous year. The company says the results were driven in part by strong growth in its digital dealer-to-dealer businesses.
KAR Global has developed a platform that provides wholesale vehicle remarketing services for dealers, buyers, fleet operators and more.
The company is also reporting fourth quarter net income of $5.1 million, compared to a loss of $17.1 million during the same period in 2020.
“Though commercial seller volumes remained constrained in the fourth quarter, I was pleased with our performance in the face of this challenge,” KAR Global Chief Executive Officer Peter Kelly said in written remarks. “We have maintained – and in some cases slightly increased – our share with commercial sellers while achieving strong double-digit growth in our digital dealer-to-dealer businesses. We believe our digital transformation strategy and leaner cost structure position us for faster growth and higher profitability as volumes return.”
You can view the full earnings report by clicking here.
