|Exchange:||New York Stock Exchange|
|Stock:||KAR Auction Services, Inc.|
|Industry:||Auto & Truck Dealerships|
|KAR Auction Services, Inc. was incorporated in 2006 and commenced operations in April 2007 upon the consummation of the 2007 Transactions. It was incorporated in Delaware. The Company is provider of vehicle auction services in North America. It facilitate an efficient marketplace providing auction services for sellers of used, or "whole car," vehicles and salvage vehicles through its 228 physical auction locations at December 31, 2011, and multiple proprietary internet venues. Its revenues are generated through auction fees from both vehicle buyers and sellers as well as by providing value-added ancillary services, including inspections, storage, transportation, reconditioning, salvage recovery, titling, and floor plan financing. It facilitates the transfer of ownership directly from seller to buyer and generally it does not take title or ownership to vehicles sold at its auctions. ADESA, its whole car auction services business, is the provider of used vehicle auction services in North America. Vehicles at ADESA's auctions are typically sold by commercial fleet operators, financial institutions, rental car companies, used vehicle dealers and vehicle manufacturers and their captive finance companies to franchise and independent used vehicle dealers. IAA, its salvage auction services business, is one of the providers of salvage auction services in North America. Vehicles at its salvage auctions are typically damaged or low value vehicles that are predominantly sold by automobile insurance companies, non-profit organizations, automobile dealers, vehicle leasing companies and rental car companies to licensed dismantlers, re builders, scrap dealers or qualified public buyers. In the whole car auction industry, the Company competes with Manheim, a subsidiary of Cox Enterprises, Inc., OVE.com (Manheim's "Online Vehicle Exchange"), SmartAuction, as well as several smaller chains of auctions and independent auctions. The Company’s operations are subject to regulation, supervision and licensing under various U.S. and Canadian federal, state, provincial and local authorities, agencies, statutes and ordinances.|
Copyright © 2013 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.