KAR Auction Services
KAR Auction Services, Inc., through its subsidiaries, provides vehicle auction services in North America. It operates in three segments: ADESA Auctions, IAAI, and AFC. The ADESA Auctions encompasses wholesale auctions relates to used vehicle remarketing, including auction services, remarketing, or make ready services. It offers off-lease vehicles, repossessed vehicles, rental vehicles, and other program fleet vehicles. This segment also provides value-added ancillary services, such as inspections, storage, transportation, reconditioning and titling, and other administrative services. It serves commercial fleet operators, financial institutions, rental car companies, used vehicle dealers, vehicle manufacturers and their captive finance companies, and franchised and independent used vehicle dealers. As of December 31, 2009, this segment consisted of a 62 whole car auction network. The IAAI segment offers salvage vehicle auctions and related services. The salvage auctions facilitate the redistribution of damaged or low value vehicles designated as total losses by insurance companies and charity donation vehicles, as well as recovered stolen vehicles. This segment specializes in providing services, such as transportation, titling, salvage recovery, and claims settlement administrative services. It provided services through 157 sites. The AFC segment offers short-term and inventory-secured financing, known as floorplan financing, to independent used vehicle dealers. This segment provided its services through 88 branches. The company was formerly known as KAR Holdings Inc. and changed its name to KAR Auction Services, Inc. in November 2009. The company was founded in 2006 and is headquartered in Carmel, Indiana. KAR Auction Services, Inc. is a subsidiary of KAR Holdings II, LLC.
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KAR Auction To Pay $210M To Acquire Openlane (fis.dowjones.com) [edit]
