OPENLANE Q3 2021 Earnings Report
Key Takeaways
KAR Auction Services, Inc. reported a decrease in total revenue by 10% compared to the same quarter last year, alongside a net loss, primarily due to lower volumes throughout the wholesale remarketing industry and a reduction in unrealized gains on investments. However, the company experienced solid growth in its digital dealer-to-dealer segment and an increase in ADESA gross profit per vehicle sold.
Total revenue decreased by 10% year-over-year to $535.2 million.
Net loss was $1.0 million, compared to a net income of $47.1 million in the third quarter of 2020.
Adjusted EBITDA was $96.6 million, down from $139.2 million in the same period last year.
North American digital dealer-to-dealer volumes increased by 105%.
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Forward Guidance
No specific forward guidance was provided in the release.