KAR Auction Services, Inc. (NYSE:KAR), today reported its third
quarter financial results for the period ended September 30, 2017.
For the third quarter of 2017, the company reported revenue of
$843.0 million as compared with revenue of $789.6 million for the
third quarter of 2016, an increase of 7%. Net income for the third
quarter of 2017 increased 15% to $62.8 million, or $0.46 per
diluted share, as compared with net income of $54.4 million, or
$0.39 per diluted share, in the third quarter of 2016. Adjusted
EBITDA for the quarter ended September 30, 2017 increased 13% to
$209.3 million, as compared with Adjusted EBITDA of $184.8 million
for the quarter ended September 30, 2016. Operating adjusted net
income per diluted share increased 14% to $0.57 for the quarter
ended September 30, 2017, as compared with operating adjusted net
income per diluted share of $0.50 for the quarter ended September
30, 2016.
For the nine months ended September 30, 2017, the company
reported revenue of $2,567.6 million as compared with revenue of
$2,336.4 million for the nine months ended September 30, 2016, an
increase of 10%. Net income for the nine months ended September 30,
2017 increased 7% to $189.2 million, or $1.37 per diluted share, as
compared with net income of $176.9 million, or $1.27 per diluted
share, in the first nine months of 2016. Adjusted EBITDA for the
nine months ended September 30, 2017 increased 13% to $643.4
million, as compared with Adjusted EBITDA of $571.4 million for the
nine months ended September 30, 2016. Operating adjusted net income
per diluted share increased 15% to $1.85 for the nine months ended
September 30, 2017, as compared with operating adjusted net income
per diluted share of $1.61 for the nine months ended September 30,
2016.
"I am very pleased with KAR’s consolidated performance and our
ability to navigate the events encountered during the third
quarter,” said Jim Hallett, chairman and CEO of KAR Auction
Services. “KAR’s performance, operational strategy and capital
allocation approach position us well for the fourth quarter and the
future.”
Dividend Announcement
The company announced a cash dividend today of $0.35 per share
on the company’s common stock, an increase of $0.03 per share from
the previous dividend. The dividend is payable on January 5, 2018,
to stockholders of record as of the close of business on December
20, 2017.
2017 Outlook
KAR Auction Services' has updated its previous outlook to
reflect the impact of recent acquisitions and a reduction of our
effective tax rate.
(in millions, except per share amounts) |
PreviousGuidance |
|
CurrentGuidance |
|
|
|
|
Net income |
$218.4
- $232.4 |
|
$231.4 - $246.0 |
Income taxes |
$128.2
- $136.4 |
|
$119.2 - $126.8 |
Interest expense, net of interest income |
$170 |
|
$170 |
Depreciation and amortization |
$278 |
|
$274 |
EBITDA |
$794.6
- $816.8 |
|
$794.6 - $816.8 |
Addbacks |
$30.4
- $33.2 |
|
$30.4 - $33.2 |
Adjusted EBITDA |
$825 -
$850 |
|
$825 - $850 |
Capital expenditures |
$145 |
|
$150 |
Cash taxes |
$145 |
|
$140 |
Cash interest on corporate debt |
$120 |
|
$120 |
Free cash flow |
$415 -
$440 |
|
$415 - $440 |
Effective tax rate |
37% |
|
34% |
Net income per share |
$1.57
- $1.67 |
|
$1.68 - $1.78 |
Operating adjusted net income per share |
$2.15
- $2.25 |
|
$2.30 - $2.40 |
Weighted average diluted shares |
139 |
|
138 |
Earnings guidance does not contemplate future items such as
business development activities, strategic developments (such as
restructurings or dispositions of assets or investments),
gains/losses associated with step acquisitions, significant
expenses related to litigation and changes in applicable laws and
regulations (including significant accounting and tax matters). The
timing and amounts of these items are highly variable, difficult to
predict, and of a potential size that could have a substantial
impact on the company’s reported results for any given period.
Prospective quantification of these items is generally not
practicable. Forward-looking non-GAAP guidance excludes
amortization expense associated with acquired intangible assets, as
well as one-time charges, net of taxes. See reconciliations of the
company's guidance on pages 8 and 9.
Earnings Conference Call InformationKAR Auction
Services, Inc. will be hosting an earnings conference call and
webcast on Wednesday, November 1, 2017 at 11:00 a.m. EDT (10:00
a.m. CDT). The call will be hosted by KAR Auction Services, Inc.’s
Chief Executive Officer and Chairman of the Board, Jim Hallett, and
Executive Vice President and Chief Financial Officer, Eric
Loughmiller. The conference call may be accessed by calling
1-844-778-4145 and entering participant passcode 95364956 while the
live web cast will be available at the investor relations section
of www.karauctionservices.com. Supplemental financial information
for KAR Auction Services’ third quarter 2017 results is available
at the investor relations section of www.karauctionservices.com
under the quarterly results page.
A replay of the call will be available for two weeks via
telephone starting approximately 2 hours after the completion of
the call. The replay may be accessed by calling 1-855-859-2056 and
entering passcode 95364956. The archive of the web cast will also
be available following the call and will be available at the
investor relations section of www.karauctionservices.com for a
limited time.
About KAR Auction ServicesKAR Auction Services
(NYSE:KAR) provides sellers and buyers across the global wholesale
used vehicle industry with innovative, technology-driven
remarketing solutions. KAR’s unique end-to-end platform supports
whole car, salvage, financing, logistics and other ancillary and
related services, including the sale of more than 5 million units
valued at over $40 billion through our auctions. Our integrated
physical, online and mobile marketplaces reduce risk, improve
transparency and streamline transactions for customers in 110
countries. Headquartered in Carmel, Ind., KAR has approximately
17,600 employees across the United States, Canada, Mexico and the
United Kingdom. www.karauctionservices.com
Forward Looking StatementsCertain statements
contained in this release include "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995 and which are subject to certain risks, trends and
uncertainties. In particular, statements made that are not
historical facts may be forward-looking statements. Words such as
“should,” “may,” “will,” “anticipates,” “expects,” “intends,”
“plans,” “believes,” “seeks,” “estimates,” and similar expressions
identify forward-looking statements. Such statements are not
guarantees of future performance and are subject to risks and
uncertainties that could cause actual results to differ materially
from the results projected, expressed or implied by these
forward-looking statements. Factors that could cause or contribute
to such differences include those matters disclosed in the
Company’s Securities and Exchange Commission filings. The Company
does not undertake any obligation to update any forward-looking
statements.
|
KAR Auction Services, Inc. |
Condensed Consolidated Statements of
Income |
(In millions) (Unaudited) |
|
|
|
|
|
Three Months EndedSeptember
30, |
|
Nine Months EndedSeptember
30, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Operating revenues |
|
|
|
|
|
|
|
ADESA Auction
Services |
$ |
477.1 |
|
|
$ |
457.4 |
|
|
$ |
1,464.3 |
|
|
$ |
1,323.0 |
|
IAA Salvage
Services |
287.7 |
|
|
261.0 |
|
|
883.8 |
|
|
795.4 |
|
AFC |
78.2 |
|
|
71.2 |
|
|
219.5 |
|
|
218.0 |
|
Total operating
revenues |
843.0 |
|
|
789.6 |
|
|
2,567.6 |
|
|
2,336.4 |
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
Cost of services
(exclusive of depreciation and amortization) |
479.2 |
|
|
459.5 |
|
|
1,462.1 |
|
|
1,339.1 |
|
Selling, general and
administrative |
155.7 |
|
|
146.3 |
|
|
467.7 |
|
|
434.3 |
|
Depreciation and
amortization |
66.2 |
|
|
60.5 |
|
|
195.2 |
|
|
175.9 |
|
Total operating
expenses |
701.1 |
|
|
666.3 |
|
|
2,125.0 |
|
|
1,949.3 |
|
|
|
|
|
|
|
|
|
Operating profit |
141.9 |
|
|
123.3 |
|
|
442.6 |
|
|
387.1 |
|
|
|
|
|
|
|
|
|
Interest expense |
41.5 |
|
|
36.3 |
|
|
121.9 |
|
|
100.8 |
|
Other (income) expense,
net |
(0.1 |
) |
|
0.8 |
|
|
(1.7 |
) |
|
(0.8 |
) |
Loss on extinguishment
of debt |
— |
|
|
— |
|
|
27.5 |
|
|
4.0 |
|
|
|
|
|
|
|
|
|
Income before income
taxes |
100.5 |
|
|
86.2 |
|
|
294.9 |
|
|
283.1 |
|
|
|
|
|
|
|
|
|
Income taxes |
37.7 |
|
|
31.8 |
|
|
105.7 |
|
|
106.2 |
|
|
|
|
|
|
|
|
|
Net income |
$ |
62.8 |
|
|
$ |
54.4 |
|
|
$ |
189.2 |
|
|
$ |
176.9 |
|
|
|
|
|
|
|
|
|
Net income per
share |
|
|
|
|
|
|
|
Basic |
$ |
0.46 |
|
|
$ |
0.39 |
|
|
$ |
1.38 |
|
|
$ |
1.29 |
|
Diluted |
$ |
0.46 |
|
|
$ |
0.39 |
|
|
$ |
1.37 |
|
|
$ |
1.27 |
|
|
|
|
|
|
|
|
|
Dividends declared per
common share |
$ |
0.32 |
|
|
$ |
0.29 |
|
|
$ |
0.96 |
|
|
$ |
0.87 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KAR
Auction Services, Inc. |
Condensed Consolidated Balance Sheets |
(In
millions) (Unaudited) |
|
|
|
|
|
September
30,2017 |
|
December 31,2016 |
Cash and cash
equivalents |
$ |
432.1 |
|
|
$ |
201.8 |
|
Restricted cash |
18.6 |
|
|
17.9 |
|
Trade receivables, net
of allowances |
761.9 |
|
|
682.9 |
|
Finance receivables,
net of allowances |
1,796.4 |
|
|
1,780.2 |
|
Other current
assets |
165.1 |
|
|
158.4 |
|
Total current
assets |
3,174.1 |
|
|
2,841.2 |
|
|
|
|
|
Goodwill |
2,096.8 |
|
|
2,057.0 |
|
Customer relationships,
net of accumulated amortization |
395.9 |
|
|
461.0 |
|
Intangible and other
assets |
368.3 |
|
|
355.9 |
|
Property and equipment,
net of accumulated depreciation |
870.5 |
|
|
842.5 |
|
Total assets |
$ |
6,905.6 |
|
|
$ |
6,557.6 |
|
|
|
|
|
Current liabilities,
excluding obligations collateralized by finance receivables
and current maturities of debt |
$ |
1,071.5 |
|
|
$ |
949.5 |
|
Obligations
collateralized by finance receivables |
1,259.3 |
|
|
1,280.3 |
|
Current maturities of
debt |
16.8 |
|
|
105.2 |
|
Total current
liabilities |
2,347.6 |
|
|
2,335.0 |
|
|
|
|
|
Long-term debt |
2,671.0 |
|
|
2,365.1 |
|
Other non-current
liabilities |
484.3 |
|
|
460.2 |
|
Stockholders’
equity |
1,402.7 |
|
|
1,397.3 |
|
Total liabilities and
stockholders’ equity |
$ |
6,905.6 |
|
|
$ |
6,557.6 |
|
|
|
|
|
|
|
|
|
KAR
Auction Services, Inc. |
Condensed Consolidated Statements of Cash
Flows |
(In
millions) (Unaudited) |
|
|
|
Nine Months EndedSeptember
30, |
|
2017 |
|
2016 |
Operating
activities |
|
|
|
Net income |
$ |
189.2 |
|
|
$ |
176.9 |
|
Adjustments to reconcile net income to net cash provided
by operating activities: |
|
|
|
Depreciation and amortization |
195.2 |
|
|
175.9 |
|
Provision
for credit losses |
30.8 |
|
|
23.5 |
|
Deferred
income taxes |
7.9 |
|
|
(11.8 |
) |
Amortization of debt issuance costs |
7.8 |
|
|
6.5 |
|
Stock-based compensation |
16.8 |
|
|
14.2 |
|
(Gain)
loss on disposal of fixed assets |
(0.5 |
) |
|
0.1 |
|
Loss on
extinguishment of debt |
27.5 |
|
|
4.0 |
|
Other
non-cash, net |
7.4 |
|
|
6.4 |
|
Changes in operating assets and liabilities, net of
acquisitions: |
|
|
|
Trade
receivables and other assets |
(91.7 |
) |
|
(178.5 |
) |
Accounts
payable and accrued expenses |
97.5 |
|
|
73.7 |
|
Net cash
provided by operating activities |
487.9 |
|
|
290.9 |
|
Investing
activities |
|
|
|
Net
increase in finance receivables held for investment |
(38.5 |
) |
|
(158.7 |
) |
Acquisition of businesses (net of cash acquired) |
(47.0 |
) |
|
(354.5 |
) |
Purchases
of property, equipment and computer software |
(110.1 |
) |
|
(118.5 |
) |
Advance
to equity method investee |
(5.0 |
) |
|
— |
|
Proceeds
from the sale of property and equipment |
0.3 |
|
|
— |
|
(Increase) decrease in restricted cash |
(0.7 |
) |
|
0.8 |
|
Net cash used
by investing activities |
(201.0 |
) |
|
(630.9 |
) |
Financing
activities |
|
|
|
Net
increase in book overdrafts |
31.7 |
|
|
29.6 |
|
Net
decrease in borrowings from lines of credit |
(80.5 |
) |
|
(140.0 |
) |
Net
(decrease) increase in obligations collateralized by finance
receivables |
(33.0 |
) |
|
78.8 |
|
Proceeds
from long-term debt |
2,717.0 |
|
|
1,336.5 |
|
Payments
for debt issuance costs/amendments |
(22.6 |
) |
|
(19.5 |
) |
Payments
on long-term debt |
(2,427.9 |
) |
|
(654.4 |
) |
Payments
on capital leases |
(21.7 |
) |
|
(18.8 |
) |
Payments
of contingent consideration and deferred acquisition costs |
(7.0 |
) |
|
(3.6 |
) |
Initial
net investment for interest rate caps |
(1.7 |
) |
|
— |
|
Issuance
of common stock under stock plans |
9.8 |
|
|
14.8 |
|
Tax
withholding payments for vested RSUs |
(5.7 |
) |
|
(1.0 |
) |
Repurchase and retirement of common stock |
(100.0 |
) |
|
— |
|
Dividends
paid to stockholders |
(131.5 |
) |
|
(117.0 |
) |
Net cash (used
by) provided by financing activities |
(73.1 |
) |
|
505.4 |
|
Effect of exchange rate
changes on cash |
16.5 |
|
|
2.7 |
|
Net increase in
cash and cash equivalents |
230.3 |
|
|
168.1 |
|
Cash and cash
equivalents at beginning of period |
201.8 |
|
|
155.0 |
|
Cash and cash
equivalents at end of period |
$ |
432.1 |
|
|
$ |
323.1 |
|
Cash paid for
interest |
$ |
95.6 |
|
|
$ |
91.0 |
|
Cash paid for taxes,
net of refunds |
$ |
91.8 |
|
|
$ |
99.9 |
|
|
|
|
|
|
|
|
|
KAR Auction Services,
Inc.Reconciliation of Non-GAAP Financial
Measures
EBITDA, Adjusted EBITDA, free cash flow, operating adjusted net
income and operating adjusted net income per share as presented
herein are supplemental measures of our performance that are not
required by, or presented in accordance with, generally accepted
accounting principles in the United States (“GAAP”). They are not
measurements of our financial performance under GAAP and should not
be considered as substitutes for net income (loss) or any other
performance measures derived in accordance with GAAP. Management
believes that these measures provide investors additional
meaningful methods to evaluate certain aspects of the company’s
results period over period and for the other reasons set forth
below.
EBITDA is defined as net income (loss), plus interest expense
net of interest income, income tax provision (benefit),
depreciation and amortization. Adjusted EBITDA is EBITDA adjusted
for the items of income and expense and expected incremental
revenue and cost savings as described in our senior secured credit
agreement covenant calculations. Free cash flow is defined as
Adjusted EBITDA less cash interest expense on corporate debt
(Credit Facility), capital expenditures and cash taxes related to
the calendar year. Management believes that the inclusion of
supplementary adjustments to EBITDA applied in presenting Adjusted
EBITDA is appropriate to provide additional information to
investors about one of the principal measures of performance used
by our creditors. In addition, management uses EBITDA, Adjusted
EBITDA and free cash flow to evaluate our performance.
Depreciation expense for property and equipment and amortization
expense of capitalized internally developed software costs relate
to ongoing capital expenditures; however, amortization expense
associated with acquired intangible assets, such as customer
relationships, software, tradenames and noncompete agreements are
not representative of ongoing capital expenditures, but have a
continuing effect on our reported results. Non-GAAP financial
measures of operating adjusted net income and operating adjusted
net income per share, in the opinion of the company, provide
comparability of the company's performance to other companies that
may not have incurred these types of non-cash expenses or that
report a similar measure. In addition, operating adjusted net
income and operating adjusted net income per share may include
adjustments for certain other charges.
EBITDA, Adjusted EBITDA, free cash flow, operating adjusted net
income and operating adjusted net income per share have limitations
as analytical tools, and should not be considered in isolation or
as a substitute for analysis of the results as reported under GAAP.
These measures may not be comparable to similarly titled measures
reported by other companies.
The following table reconciles EBITDA and Adjusted EBITDA to net
income for the periods presented:
|
Three Months EndedSeptember
30, |
|
Nine Months EndedSeptember
30, |
(in millions),
(unaudited) |
2017 |
|
2016 |
|
2017 |
|
2016 |
|
|
|
|
|
|
|
|
Net
income |
$ |
62.8 |
|
|
$ |
54.4 |
|
|
$ |
189.2 |
|
|
$ |
176.9 |
|
Add back: |
|
|
|
|
|
|
|
Income taxes |
37.7 |
|
|
31.8 |
|
|
105.7 |
|
|
106.2 |
|
Interest expense, net
of interest income |
40.7 |
|
|
36.1 |
|
|
120.8 |
|
|
100.5 |
|
Depreciation and
amortization |
66.2 |
|
|
60.5 |
|
|
195.2 |
|
|
175.9 |
|
EBITDA |
207.4 |
|
|
182.8 |
|
|
610.9 |
|
|
559.5 |
|
Non-cash stock-based
compensation |
6.1 |
|
|
4.7 |
|
|
17.5 |
|
|
15.1 |
|
Loss on extinguishment
of debt |
— |
|
|
— |
|
|
27.5 |
|
|
4.0 |
|
Acquisition related
costs |
1.5 |
|
|
1.3 |
|
|
5.1 |
|
|
7.2 |
|
Securitization
interest |
(8.7 |
) |
|
(7.2 |
) |
|
(25.0 |
) |
|
(20.3 |
) |
Minority interest |
1.6 |
|
|
1.1 |
|
|
4.3 |
|
|
2.7 |
|
(Gain)/Loss on asset
sales |
0.4 |
|
|
1.3 |
|
|
1.0 |
|
|
2.1 |
|
Other |
1.0 |
|
|
0.8 |
|
|
2.1 |
|
|
1.1 |
|
Total
addbacks |
1.9 |
|
|
2.0 |
|
|
32.5 |
|
|
11.9 |
|
Adjusted
EBITDA |
$ |
209.3 |
|
|
$ |
184.8 |
|
|
$ |
643.4 |
|
|
$ |
571.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table reconciles operating adjusted net income and
operating adjusted net income per share to net income and net
income per share for the periods presented:
|
Three Months EndedSeptember
30, |
|
Nine Months EndedSeptember
30, |
(in millions,
except per share amounts), (unaudited) |
2017 |
|
2016 |
|
2017 |
|
2016 |
|
|
|
|
|
|
|
|
Net income |
$ |
62.8 |
|
|
$ |
54.4 |
|
|
$ |
189.2 |
|
|
$ |
176.9 |
|
Acquired
amortization expense (1) |
25.8 |
|
|
24.7 |
|
|
76.7 |
|
|
71.3 |
|
Loss on
extinguishment of debt (2) |
— |
|
|
— |
|
|
27.5 |
|
|
4.0 |
|
Income
taxes (3) |
(9.7 |
) |
|
(9.1 |
) |
|
(37.3 |
) |
|
(28.2 |
) |
Operating adjusted net
income |
$ |
78.9 |
|
|
$ |
70.0 |
|
|
$ |
256.1 |
|
|
$ |
224.0 |
|
|
|
|
|
|
|
|
|
Net income per share –
diluted |
$ |
0.46 |
|
|
$ |
0.39 |
|
|
$ |
1.37 |
|
|
$ |
1.27 |
|
Acquired
amortization expense |
0.19 |
|
|
0.18 |
|
|
0.55 |
|
|
0.51 |
|
Loss on
extinguishment of debt |
— |
|
|
— |
|
|
0.20 |
|
|
0.03 |
|
Income
taxes |
(0.08 |
) |
|
(0.07 |
) |
|
(0.27 |
) |
|
(0.20 |
) |
Operating adjusted net
income per share – diluted |
$ |
0.57 |
|
|
$ |
0.50 |
|
|
$ |
1.85 |
|
|
$ |
1.61 |
|
|
|
|
|
|
|
|
|
Weighted average
diluted shares |
137.7 |
|
|
139.7 |
|
|
138.3 |
|
|
139.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Acquired amortization expense was $25.8 million ($16.1
million net of tax) and $24.7 million ($15.6 million net of tax)
for the three months ended September 30, 2017 and 2016,
respectively. For the nine months ended September 30, 2017 and
2016, acquired amortization expense was $76.7 million ($49.2
million net of tax) and $71.3 million ($44.6 million net of tax),
respectively.
(2) For the nine months ended September 30, 2017 and 2016, we
incurred a loss on the extinguishment of debt totaling $27.5
million ($17.7 million net of tax) and $4.0 million ($2.5 million
net of tax), respectively.
(3) The effective tax rate at the end of each period presented
was used to determine the amount of income tax on the adjustments
to net income.
The following table reconciles EBITDA, Adjusted EBITDA and free
cash flow to net income for the 2017 guidance presented:
|
2017 Outlook |
(in millions),
(unaudited) |
Low |
|
High |
|
|
|
|
Net
income |
$ |
231.4 |
|
|
$ |
246.0 |
|
Add back: |
|
|
|
Income taxes |
119.2 |
|
|
126.8 |
|
Interest expense, net
of interest income |
170.0 |
|
|
170.0 |
|
Depreciation and
amortization |
274.0 |
|
|
274.0 |
|
EBITDA |
794.6 |
|
|
816.8 |
|
Total
addbacks |
30.4 |
|
|
33.2 |
|
Adjusted
EBITDA |
$ |
825.0 |
|
|
$ |
850.0 |
|
Cash interest expense
on corporate debt |
(120.0 |
) |
|
(120.0 |
) |
Capital
expenditures |
(150.0 |
) |
|
(150.0 |
) |
Cash taxes related to
calendar year |
(140.0 |
) |
|
(140.0 |
) |
Free cash
flow |
$ |
415.0 |
|
|
$ |
440.0 |
|
|
|
|
|
|
|
|
|
The following table reconciles operating adjusted net income and
operating adjusted net income per share to net income and net
income per share for the 2017 guidance presented:
|
2017 Outlook |
(in millions,
except per share amounts), (unaudited) |
Low |
|
High |
|
|
|
|
Net income |
$ |
231.4 |
|
|
$ |
246.0 |
|
Acquired
amortization expense |
102.0 |
|
|
102.0 |
|
Loss on
extinguishment of debt |
27.5 |
|
|
27.5 |
|
Income
taxes |
(44.0 |
) |
|
(44.0 |
) |
Operating adjusted net
income |
$ |
316.9 |
|
|
$ |
331.5 |
|
|
|
|
|
Net income per share –
diluted |
$ |
1.68 |
|
|
$ |
1.78 |
|
Acquired
amortization expense |
0.74 |
|
|
0.74 |
|
Loss on
extinguishment of debt |
0.20 |
|
|
0.20 |
|
Income
taxes |
(0.32 |
) |
|
(0.32 |
) |
Operating adjusted net
income per share – diluted |
$ |
2.30 |
|
|
$ |
2.40 |
|
|
|
|
|
Weighted average
diluted shares |
138 |
|
|
138 |
|
|
|
|
|
|
|
Analyst Inquiries:Mike Eliason(317)
249-4559mike.eliason@karauctionservices.com
Media Inquiries:Tobin Richer(317)
249-4521tobin.richer@karauctionservices.com
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