KAR Auction Services Inc. today (Feb. 24) reported improved fourth quarter and annual financial results for the period ended Dec. 31.
For the fourth quarter of 2010, the auto and RV auction firm reported revenue of $441.3 million as compared with fourth quarter 2009 revenue of $417.9 million, an increase of 6%, according to a news release.
Net income for the fourth quarter of 2010 was $7.3 million, or 5 cents per share, as compared with net income of $5.3 million, or 5 cents per share, in the fourth quarter of 2009. Adjusted net income per share for the fourth quarter of 2010 was 20 cents versus adjusted net income per share of 15 cents for the fourth quarter of 2009.
For the year ended Dec. 31, 2010, the company reported revenue of $1,815.0 million as compared with revenue of $1,729.6 million for the year ended Dec. 31, 2009, an increase of 5%.
Net income for the year ended Dec. 31, 2010, was $69.6 million, or 51 cents per share, as compared with net income of $23.2 million, or 21 cents per share for the year ended Dec. 31, 2009. Adjusted net income per share for the year ended Dec. 31, 2010, was $1.05 versus adjusted net income per share of 76 cents for the year ended Dec. 31, 2009.
KAR Auction Services Inc. is the holding company for ADESA Inc., a leading provider of wholesale used vehicle auctions whose operations span North America with 70 used vehicle sites, Insurance Auto Auctions, Inc., a leading salvage auto auction company whose operations span North America with 159 sites and Automotive Finance Corp., a leading provider of floorplan financing to independent and franchised used vehicle dealers with 88 sites across North America. For further information on KAR Auction Services Inc., ADESA, Inc., Insurance Auto Auctions Inc. or Automotive Finance Corporation, visit www.karauctionservices.com.
KAR Auction Services Inc., parent company to ADESA Inc., a provider of whole car and RV auction services, and Automotive Finance Corp. (AFC), a provider of floorplan financing, announced Monday (Nov.15) that it will expand its Carmel, Ind., headquarters, creating up to 249 new jobs by 2015.
The company will invest several million dollars to lease and equip more space at its existing facility in Carmel, according to a press release.
“A growing company like KAR has many location options when it comes to creating jobs and expanding its business,” said Mitch Roob, Indiana secretary of commerce and CEO of the Indiana Economic Development Corp. (IEDC), which is assisting KAR in the investment. “Our top priority is to create an economic climate that encourages companies to choose Indiana and today we’re seeing the pay-off in hundreds of new jobs for Central Indiana.”
KAR, which currently employs more than 500 associates at its Carmel headquarters, plans to begin hiring additional customer service and management personnel in the first quarter of 2011, with additional hiring planned throughout the next five years. The company’s growth is the result of recent acquisitions and consolidation of certain corporate functions into the Hamilton County facility.
“Indiana has proven to have a competitive business climate and a skilled workforce,” said Jim Hallett, president and CEO of KAR Auction Services. “So when it came time to expand our operations, it made sense to do so in Carmel. We are excited by this opportunity and we appreciate the city’s support for our continued growth.”
KAR employs nearly 11,000 associates throughout the United States, Canada and Mexico. KAR’s network of companies includes 70 ADESA whole car auctions, 159 Insurance Auto Auctions Inc. salvage vehicle auctions and 88 AFC loan production offices.
The IEDC offered KAR Auction Services up to $4.5 million in performance-based tax credits and up to $200,000 in training grants based on the company’s job creation plans. The city of Carmel will consider additional property tax abatement.
“I am pleased that ADESA has decided to expand its corporate headquarters,” said Carmel Mayor Jim Brainard. “Our focus and commitment to a high quality of life is always key in attracting and retaining companies in Carmel.”