Intrinsic value of KAR Auction Services - KAR

Previous Close

$56.25

  Intrinsic Value

$67.55

stock screener

  Rating & Target

buy

+20%

Previous close

$56.25

 
Intrinsic value

$67.55

 
Up/down potential

+20%

 
Rating

buy

We calculate the intrinsic value of KAR stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 7.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  11.50
  10.85
  10.27
  9.74
  9.26
  8.84
  8.45
  8.11
  7.80
  7.52
  7.27
  7.04
  6.84
  6.65
  6.49
  6.34
  6.20
  6.08
  5.98
  5.88
  5.79
  5.71
  5.64
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
Revenue, $m
  3,856
  4,274
  4,713
  5,172
  5,651
  6,150
  6,670
  7,211
  7,773
  8,358
  8,965
  9,596
  10,252
  10,934
  11,644
  12,382
  13,150
  13,950
  14,783
  15,652
  16,559
  17,504
  18,492
  19,523
  20,600
  21,726
  22,904
  24,136
  25,425
  26,774
Variable operating expenses, $m
  2,985
  3,278
  3,584
  3,905
  4,240
  4,588
  4,952
  5,330
  5,722
  6,131
  6,263
  6,704
  7,162
  7,639
  8,134
  8,650
  9,187
  9,746
  10,328
  10,935
  11,568
  12,229
  12,919
  13,639
  14,392
  15,178
  16,001
  16,862
  17,762
  18,705
Fixed operating expenses, $m
  194
  198
  203
  207
  212
  217
  221
  226
  231
  236
  241
  247
  252
  258
  263
  269
  275
  281
  287
  294
  300
  307
  313
  320
  327
  335
  342
  349
  357
  365
Total operating expenses, $m
  3,179
  3,476
  3,787
  4,112
  4,452
  4,805
  5,173
  5,556
  5,953
  6,367
  6,504
  6,951
  7,414
  7,897
  8,397
  8,919
  9,462
  10,027
  10,615
  11,229
  11,868
  12,536
  13,232
  13,959
  14,719
  15,513
  16,343
  17,211
  18,119
  19,070
Operating income, $m
  676
  798
  926
  1,060
  1,199
  1,345
  1,497
  1,655
  1,820
  1,991
  2,461
  2,645
  2,838
  3,038
  3,246
  3,462
  3,688
  3,923
  4,168
  4,424
  4,690
  4,969
  5,260
  5,563
  5,881
  6,213
  6,561
  6,925
  7,305
  7,704
EBITDA, $m
  1,149
  1,291
  1,440
  1,595
  1,757
  1,927
  2,103
  2,287
  2,478
  2,676
  2,883
  3,098
  3,321
  3,553
  3,794
  4,046
  4,308
  4,580
  4,865
  5,161
  5,471
  5,794
  6,131
  6,483
  6,852
  7,237
  7,640
  8,062
  8,503
  8,965
Interest expense (income), $m
  125
  172
  212
  254
  299
  346
  395
  445
  498
  553
  611
  670
  732
  796
  863
  932
  1,004
  1,079
  1,158
  1,239
  1,324
  1,412
  1,504
  1,601
  1,701
  1,806
  1,916
  2,030
  2,150
  2,275
  2,407
Earnings before tax, $m
  505
  586
  671
  760
  854
  951
  1,052
  1,157
  1,267
  1,380
  1,791
  1,914
  2,042
  2,175
  2,314
  2,458
  2,609
  2,766
  2,929
  3,100
  3,278
  3,464
  3,659
  3,862
  4,075
  4,298
  4,531
  4,774
  5,030
  5,297
Tax expense, $m
  136
  158
  181
  205
  230
  257
  284
  312
  342
  373
  483
  517
  551
  587
  625
  664
  704
  747
  791
  837
  885
  935
  988
  1,043
  1,100
  1,160
  1,223
  1,289
  1,358
  1,430
Net income, $m
  368
  428
  490
  555
  623
  694
  768
  845
  925
  1,008
  1,307
  1,397
  1,490
  1,588
  1,689
  1,794
  1,904
  2,019
  2,138
  2,263
  2,393
  2,529
  2,671
  2,820
  2,975
  3,137
  3,307
  3,485
  3,672
  3,867

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  7,789
  8,634
  9,521
  10,448
  11,416
  12,425
  13,475
  14,568
  15,704
  16,885
  18,111
  19,386
  20,712
  22,089
  23,522
  25,013
  26,565
  28,182
  29,866
  31,621
  33,452
  35,362
  37,357
  39,440
  41,617
  43,892
  46,270
  48,759
  51,363
  54,088
Adjusted assets (=assets-cash), $m
  7,789
  8,634
  9,521
  10,448
  11,416
  12,425
  13,475
  14,568
  15,704
  16,885
  18,111
  19,386
  20,712
  22,089
  23,522
  25,013
  26,565
  28,182
  29,866
  31,621
  33,452
  35,362
  37,357
  39,440
  41,617
  43,892
  46,270
  48,759
  51,363
  54,088
Revenue / Adjusted assets
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
Average production assets, $m
  2,579
  2,859
  3,153
  3,460
  3,780
  4,115
  4,462
  4,824
  5,200
  5,591
  5,998
  6,420
  6,859
  7,315
  7,790
  8,283
  8,797
  9,332
  9,890
  10,471
  11,078
  11,710
  12,371
  13,061
  13,782
  14,535
  15,323
  16,147
  17,009
  17,912
Working capital, $m
  474
  526
  580
  636
  695
  756
  820
  887
  956
  1,028
  1,103
  1,180
  1,261
  1,345
  1,432
  1,523
  1,617
  1,716
  1,818
  1,925
  2,037
  2,153
  2,274
  2,401
  2,534
  2,672
  2,817
  2,969
  3,127
  3,293
Total debt, $m
  3,311
  3,976
  4,673
  5,403
  6,165
  6,959
  7,786
  8,646
  9,540
  10,469
  11,434
  12,438
  13,481
  14,565
  15,693
  16,866
  18,088
  19,360
  20,685
  22,066
  23,507
  25,011
  26,581
  28,220
  29,933
  31,723
  33,596
  35,554
  37,603
  39,748
Total liabilities, $m
  6,130
  6,795
  7,493
  8,222
  8,984
  9,778
  10,605
  11,465
  12,359
  13,288
  14,254
  15,257
  16,300
  17,384
  18,512
  19,685
  20,907
  22,179
  23,504
  24,886
  26,327
  27,830
  29,400
  31,039
  32,752
  34,543
  36,415
  38,373
  40,422
  42,567
Total equity, $m
  1,659
  1,839
  2,028
  2,225
  2,432
  2,646
  2,870
  3,103
  3,345
  3,596
  3,858
  4,129
  4,412
  4,705
  5,010
  5,328
  5,658
  6,003
  6,361
  6,735
  7,125
  7,532
  7,957
  8,401
  8,864
  9,349
  9,856
  10,386
  10,940
  11,521
Total liabilities and equity, $m
  7,789
  8,634
  9,521
  10,447
  11,416
  12,424
  13,475
  14,568
  15,704
  16,884
  18,112
  19,386
  20,712
  22,089
  23,522
  25,013
  26,565
  28,182
  29,865
  31,621
  33,452
  35,362
  37,357
  39,440
  41,616
  43,892
  46,271
  48,759
  51,362
  54,088
Debt-to-equity ratio
  2.000
  2.160
  2.300
  2.430
  2.540
  2.630
  2.710
  2.790
  2.850
  2.910
  2.960
  3.010
  3.060
  3.100
  3.130
  3.170
  3.200
  3.230
  3.250
  3.280
  3.300
  3.320
  3.340
  3.360
  3.380
  3.390
  3.410
  3.420
  3.440
  3.450
Adjusted equity ratio
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  368
  428
  490
  555
  623
  694
  768
  845
  925
  1,008
  1,307
  1,397
  1,490
  1,588
  1,689
  1,794
  1,904
  2,019
  2,138
  2,263
  2,393
  2,529
  2,671
  2,820
  2,975
  3,137
  3,307
  3,485
  3,672
  3,867
Depreciation, amort., depletion, $m
  473
  493
  514
  535
  558
  582
  606
  632
  658
  686
  422
  452
  483
  515
  549
  583
  620
  657
  696
  737
  780
  825
  871
  920
  971
  1,024
  1,079
  1,137
  1,198
  1,261
Funds from operations, $m
  842
  921
  1,004
  1,091
  1,181
  1,276
  1,374
  1,476
  1,583
  1,693
  1,729
  1,849
  1,973
  2,103
  2,238
  2,378
  2,524
  2,676
  2,835
  3,000
  3,173
  3,354
  3,542
  3,739
  3,945
  4,161
  4,386
  4,622
  4,870
  5,129
Change in working capital, $m
  49
  51
  54
  56
  59
  61
  64
  67
  69
  72
  75
  78
  81
  84
  87
  91
  94
  98
  103
  107
  111
  116
  121
  127
  133
  139
  145
  152
  159
  166
Cash from operations, $m
  793
  869
  950
  1,034
  1,122
  1,214
  1,310
  1,410
  1,513
  1,621
  1,655
  1,771
  1,893
  2,019
  2,150
  2,287
  2,429
  2,578
  2,732
  2,893
  3,062
  3,237
  3,421
  3,612
  3,813
  4,022
  4,242
  4,471
  4,711
  4,963
Maintenance CAPEX, $m
  -163
  -182
  -201
  -222
  -244
  -266
  -290
  -314
  -340
  -366
  -394
  -422
  -452
  -483
  -515
  -549
  -583
  -620
  -657
  -696
  -737
  -780
  -825
  -871
  -920
  -971
  -1,024
  -1,079
  -1,137
  -1,198
New CAPEX, $m
  -265
  -280
  -294
  -307
  -321
  -334
  -348
  -362
  -376
  -391
  -406
  -422
  -439
  -456
  -475
  -494
  -514
  -535
  -558
  -581
  -606
  -633
  -660
  -690
  -721
  -753
  -788
  -824
  -862
  -903
Cash from investing activities, $m
  -428
  -462
  -495
  -529
  -565
  -600
  -638
  -676
  -716
  -757
  -800
  -844
  -891
  -939
  -990
  -1,043
  -1,097
  -1,155
  -1,215
  -1,277
  -1,343
  -1,413
  -1,485
  -1,561
  -1,641
  -1,724
  -1,812
  -1,903
  -1,999
  -2,101
Free cash flow, $m
  365
  408
  455
  505
  558
  614
  672
  734
  798
  864
  855
  927
  1,002
  1,080
  1,161
  1,245
  1,332
  1,423
  1,517
  1,616
  1,718
  1,825
  1,936
  2,051
  2,172
  2,298
  2,430
  2,568
  2,712
  2,862
Issuance/(repayment) of debt, $m
  631
  665
  698
  730
  762
  794
  827
  860
  894
  929
  966
  1,003
  1,043
  1,084
  1,128
  1,173
  1,221
  1,272
  1,325
  1,382
  1,441
  1,504
  1,570
  1,639
  1,713
  1,790
  1,872
  1,958
  2,049
  2,145
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  631
  665
  698
  730
  762
  794
  827
  860
  894
  929
  966
  1,003
  1,043
  1,084
  1,128
  1,173
  1,221
  1,272
  1,325
  1,382
  1,441
  1,504
  1,570
  1,639
  1,713
  1,790
  1,872
  1,958
  2,049
  2,145
Total cash flow (excl. dividends), $m
  995
  1,073
  1,153
  1,235
  1,320
  1,408
  1,499
  1,594
  1,692
  1,793
  1,820
  1,930
  2,045
  2,164
  2,288
  2,418
  2,553
  2,695
  2,843
  2,997
  3,159
  3,328
  3,505
  3,691
  3,885
  4,089
  4,302
  4,526
  4,761
  5,007
Retained Cash Flow (-), $m
  -174
  -180
  -189
  -197
  -206
  -215
  -224
  -233
  -242
  -251
  -261
  -272
  -282
  -293
  -305
  -318
  -331
  -344
  -359
  -374
  -390
  -407
  -425
  -444
  -464
  -485
  -507
  -530
  -555
  -581
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  821
  893
  964
  1,037
  1,114
  1,193
  1,275
  1,361
  1,450
  1,542
  1,559
  1,659
  1,762
  1,871
  1,983
  2,100
  2,223
  2,351
  2,484
  2,623
  2,769
  2,921
  3,080
  3,247
  3,422
  3,604
  3,796
  3,996
  4,206
  4,427
Discount rate, %
  7.80
  8.19
  8.60
  9.03
  9.48
  9.95
  10.45
  10.98
  11.52
  12.10
  12.71
  13.34
  14.01
  14.71
  15.44
  16.22
  17.03
  17.88
  18.77
  19.71
  20.70
  21.73
  22.82
  23.96
  25.16
  26.41
  27.73
  29.12
  30.58
  32.11
PV of cash for distribution, $m
  762
  763
  752
  734
  708
  675
  636
  592
  543
  492
  418
  369
  321
  274
  230
  190
  153
  122
  95
  72
  53
  39
  27
  19
  13
  8
  5
  3
  2
  1
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

KAR Auction Services, Inc. is a provider of whole car auction services in North America, and salvage auction services in North America and the United Kingdom. The Company operates through three segments: ADESA, Inc. (ADESA Auctions or ADESA), Insurance Auto Auctions, Inc. (IAA) and Automotive Finance Corporation (AFC). The ADESA segment is a provider of whole car auctions and related services to the vehicle remarketing industry in North America. It serves its customer base through online auctions and auction facilities that are developed and located to draw professional sellers and buyers together, and allow the buyers to inspect and compare vehicles remotely or in person. As a provider of salvage vehicle auctions and related services, it operates as IAA in the United States and Impact Auto Auctions in Canada, and serves customer base through salvage auction locations throughout North America. The AFC segment provides floorplan financing to independent used vehicle dealers.

FINANCIAL RATIOS  of  KAR Auction Services (KAR)

Valuation Ratios
P/E Ratio 34.6
Price to Sales 2.4
Price to Book 5.5
Price to Tangible Book
Price to Cash Flow 21.3
Price to Free Cash Flow 37.3
Growth Rates
Sales Growth Rate 17.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 14.8%
Cap. Spend. - 3 Yr. Gr. Rate 9.8%
Financial Strength
Quick Ratio 2
Current Ratio 0.1
LT Debt to Equity 169.3%
Total Debt to Equity 176.8%
Interest Coverage 4
Management Effectiveness
Return On Assets 4.9%
Ret/ On Assets - 3 Yr. Avg. 4.6%
Return On Total Capital 6.2%
Ret/ On T. Cap. - 3 Yr. Avg. 6%
Return On Equity 16%
Return On Equity - 3 Yr. Avg. 13.9%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 42%
Gross Margin - 3 Yr. Avg. 42.6%
EBITDA Margin 22.9%
EBITDA Margin - 3 Yr. Avg. 22.9%
Operating Margin 15.7%
Oper. Margin - 3 Yr. Avg. 15.3%
Pre-Tax Margin 11.3%
Pre-Tax Margin - 3 Yr. Avg. 11.6%
Net Profit Margin 7%
Net Profit Margin - 3 Yr. Avg. 7.3%
Effective Tax Rate 37.5%
Eff/ Tax Rate - 3 Yr. Avg. 36.9%
Payout Ratio 70.7%

KAR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the KAR stock intrinsic value calculation we used $3458 million for the last fiscal year's total revenue generated by KAR Auction Services. The default revenue input number comes from 0001 income statement of KAR Auction Services. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our KAR stock valuation model: a) initial revenue growth rate of 11.5% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 7.8%, whose default value for KAR is calculated based on our internal credit rating of KAR Auction Services, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of KAR Auction Services.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of KAR stock the variable cost ratio is equal to 78.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $190 million in the base year in the intrinsic value calculation for KAR stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 6.4% for KAR Auction Services.

Corporate tax rate of 27% is the nominal tax rate for KAR Auction Services. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the KAR stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for KAR are equal to 66.9%.

Life of production assets of 14.2 years is the average useful life of capital assets used in KAR Auction Services operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for KAR is equal to 12.3%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1484.9 million for KAR Auction Services - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 134.289 million for KAR Auction Services is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of KAR Auction Services at the current share price and the inputted number of shares is $7.6 billion.

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COMPANY NEWS

▶ KAR Auction Services: 3Q Earnings Snapshot   [Nov-06-18 05:27PM  Associated Press]
▶ KAR Auction Services, Inc. to Host Earnings Call   [Aug-08-18 09:00AM  ACCESSWIRE]
▶ KAR Auction Services: 2Q Earnings Snapshot   [06:08PM  Associated Press]
▶ IAA Adds North Tampa Branch   [Jul-31-18 09:00AM  PR Newswire]
▶ OPENLANE Reimagines Upstream   [Jun-17-18 12:00PM  GlobeNewswire]
▶ ADESA Canada Names New Vice President of Dealer Sales   [Jun-13-18 10:30AM  GlobeNewswire]
▶ ADESA Appoints New General Managers in Chicago and Fresno   [Jun-12-18 08:00AM  GlobeNewswire]
▶ KAR Names New Leader for Autoniq   [Jun-07-18 08:30AM  GlobeNewswire]
▶ KAR Auction Services: 1Q Earnings Snapshot   [May-08-18 05:38PM  Associated Press]
▶ Ed Goldman: Luxury Motorcars to move to Richards Boulevard in early 2019   [May-04-18 11:30AM  American City Business Journals]
▶ Top Ranked Income Stocks to Buy for April 19th   [Apr-19-18 10:27AM  Zacks]
▶ Top Ranked Income Stocks to Buy for April 6th   [Apr-06-18 11:28AM  Zacks]
▶ Top Ranked Income Stocks to Buy for April 4th   [Apr-04-18 11:14AM  Zacks]
▶ Top Ranked Income Stocks to Buy for April 2nd   [Apr-02-18 06:50AM  Zacks]
▶ Top Ranked Income Stocks to Buy for March 28th   [Mar-28-18 09:36AM  Zacks]
▶ KAR Pursues Separation of IAA Salvage Auction Business Unit   [Feb-27-18 05:00PM  GlobeNewswire]
▶ KAR Auction Services, Inc. to Host Earnings Call   [Feb-20-18 10:00AM  ACCESSWIRE]
▶ KAR Auction Services beats Street 4Q forecasts   [08:43AM  Associated Press]
▶ KAR Announces Executive Leadership Change   [Jan-25-18 04:15PM  GlobeNewswire]
▶ Stocks With Rising Composite Ratings: Kar Auction Services   [Jan-11-18 03:00AM  Investor's Business Daily]
▶ Karmin Provides Update on Aripuanã Zinc Project   [Dec-19-17 08:28AM  Business Wire]

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