KAR Auction Services Net Income Up 19 Percent
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CARMEL, Ind. –
KAR Auction Services boosted its revenue by 12 percent year-over-year in the third quarter, as its ADESA, Insurance Auto Auctions and AFC business units all showed gains.
Meanwhile, the increase in net income for KAR was even higher, climbing 19 percent to $22.8 million for Q3.
Drilling down into specifics, KAR’s quarterly revenue was $533.7 million, up from $474.9 million for the third quarter of 2012.
Adjusted EBITDA came in at $130.6 million, up from $117.3 million in Q3 2012.
Breaking down the operating segments, ADESA pulled in revenue of $275.4 million, up from $257 million in the same period a year ago. IAA’s revenue was $198.8 million, compared to $167.4 million in Q3 2012.
For AFC, quarterly revenue totaled $59.5 million, against $50.5 million in the year-ago period.
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