Business Wire, April 16, 2010
CARMEL, Ind. — KAR Auction Services, Inc., (NYSE: KAR) a leading provider of vehicle
and salvage auction services in North America, today announced a 30
percent increase in online sales volumes for the year ended December 31,
2009 for ADESA, the companys whole car auction services business, as
compared to the year ended December 31, 2008. Additionally, the holding
companys salvage auction services business, Insurance Auto Auctions
(IAA), experienced 9 percent growth in online sales volumes for the year
ended December 31, 2009 as compared to the year ended December 31, 2008.
Online sales volumes for ADESA in 2009 reached nearly 390,000 vehicles,
which represented slightly more than 19 percent of total vehicles sales
for ADESA. Online sales volumes for IAA reached more than 550,000, which
represented more than 45 percent of total vehicle sales for IAA. Total
online sales volumes for both companies neared the 1 million mark with
more than 950,000 vehicles, making KAR one of the largest online sellers
of wholesale used and salvage vehicles worldwide.
Customers have different buying and selling preferences and KAR is
committed to providing them with auction services during every stage of
the remarketing processregardless of where the inventory is locatedas
well as through every possible channel, online or at our 215 physical
whole car and salvage auction locations,? said Benjamin Skuy, executive
vice president of international markets and strategic initiatives for
KAR.
Dealers are utilizing both the electronic systems and physical sites in
record numbers. Recently, the companys whole car unit received two of Auto
Dealer Monthlys prestigious Dealers Choice Awardstop place for
purchasing inventory online and second place for brick-and-mortar
auctions.
We have dedicated substantial resources to our platformsLiveBlock,
DealerBlock and i-Bid Livein order to enhance our online remarketing
options,? Skuy said. In addition, we continue to develop products and
services for the entire remarketing industry through our wholly owned
subsidiary, LiveBlock Auctions International.?
About KAR Auction Services
KAR Auction Services, Inc. (NYSE: KAR) is the holding company for ADESA,
Inc., a leading provider of wholesale used vehicle auctions whose
operations span North America with 62 used vehicle sites, Insurance Auto
Auctions, Inc., a leading salvage auto auction company whose operations
span North America with 153 sites and Automotive Finance Corporation, a
leading provider of floorplan financing to independent and franchised
used vehicle dealers with 88 sites across North America.
Forward Looking Statements
This press release may include information that could constitute
forward-looking statements. Any such forward-looking statements may
involve risk and uncertainties that could cause actual results to differ
materially from any future results encompassed within the
forward-looking statements. Factors that could cause or contribute to
such differences include those matters disclosed in the Companys
Securities and Exchange Commission filings. Past results of the Company
are not necessarily indicative of its future results
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