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Mar 31, 2022
OPENLANE Q1 2022 Earnings Report
KAR Auction Services reported first quarter financial results.
Key Takeaways
KAR Auction Services reported total revenue of $369.4 million for the first quarter of 2022, a slight decrease compared to the previous year. The company experienced a net loss from continuing operations of $8.4 million, or $(0.16) per diluted share, and adjusted EBITDA from continuing operations was $49.1 million. The company is focusing on becoming a premier digital marketplace for wholesale used vehicles after the sale of its ADESA U.S. physical auction business to Carvana.
KAR expects to close the transaction selling its ADESA U.S. physical auction business to Carvana, with the proceeds expected to reduce debt
KAR reported consistent revenue from continuing operations
Gross profit per vehicle sold increased year-over-year to $255
Continued growth in digital dealer-to-dealer volumes were driven by industry-leading platforms, BacklotCars and TradeRev
Revenue by Segment
Forward Guidance
KAR expects the new simplified KAR to generate $265 million of Adjusted EBITDA in 2022.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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