KAR Auction Services, Inc. Reports Earnings Results for the First Quarter Ended March 31, 2022
May 04, 2022 at 01:45 am IST
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KAR Auction Services, Inc. reported earnings results for the first quarter ended March 31, 2022. For the first quarter, the company reported sales was USD 84.2 million compared to USD 65.8 million a year ago. Revenue was USD 369.4 million compared to USD 369.8 million a year ago. Net loss was USD 0.3 million compared to net income of USD 50.9 million a year ago. Basic loss per share from continuing operations was USD 0.16 compared to basic earnings per share from continuing operations of USD 0.1 a year ago. Diluted loss per share from continuing operations was USD 0.16 compared to diluted earnings per share from continuing operations of USD 0.1 a year ago. Basic loss per share was USD 0.09. Diluted loss per share was USD 0.09.
OPENLANE, Inc. provides sellers and buyers across the global wholesale used vehicle industry with technology-driven remarketing solutions. It offers a digital marketplace for used vehicles, connecting sellers and buyers across North America and Europe. The Company's end-to-end platform supports whole car, financing, logistics and other ancillary and related services. The Companyâs segments include Marketplace and Finance. The Marketplace segment serves a domestic and international customer base through digital marketplaces for wholesale vehicles that allow the buyers to inspect and compare vehicles. Its marketplace offerings allow it to offer vehicles for sale from any location. Digital marketplace sales are initiated online and include OPENLANE US, OPENLANE Canada and OPENLANE Europe sales. The Finance segment provides short-term, inventory-secured financing, known as floorplan financing, primarily to independent dealer customers throughout the United States and Canada.