KAR Auction Services, Inc.

Carmel, IN United States

  (NYSE: KAR)

Company Description

KAR Auction Services is not a used car lot, but it sells more than 3 million used cars through subsidiaries. Formed in 2007, KAR is a holding company for ADESA, a wholesaler of used vehicles at auction; Insurance Auto Auctions, a salvage auto auction company; and Automotive Finance Corporation, a capital funding business, which serves used car dealers. In addition to some 215 physical auction sites throughout North America, KAR also hosts Internet auctions. The company makes money through auction fees extended to vehicle buyers and sellers and by providing add-on services such as inspections, storage, transportation, reconditioning, salvage recovery, and titling. KAR Auction Services went public in late 2009.