KAR Auction Services, Inc. provides whole car auction services in North America and salvage auction services in North America and the United Kingdom. The company provides auction services for sellers of used, or ‘whole car’, vehicles and salvage vehicles through its 237 physical auction locations as of December 31, 2015, and multiple proprietary Internet venues. In 2015, the company facilitated the sale of approximately 4.4 million used and salvage vehicles. ADESA, Inc. (ADESA or ADESA Auctions), the company’s whole car auction services business, is a provider of used vehicle auction services in North America. Vehicles at ADESA's auctions are typically sold by used vehicle dealers, vehicle manufacturers and their captive finance companies, financial institutions, commercial fleet operators and rental car companies to franchised and independent used vehicle dealers. Through ADESA.com, powered by OPENLANE (OPENLANE, Inc.) technology, ADESA provides a remarketing solution to automobile manufacturers, captive finance companies, lease and daily rental car companies, financial institutions and wholesale automobile auctions. Insurance Auto Auctions, Inc. (IAA), the company’s salvage auction services business, is a provider of salvage auction services in North America and also includes HBC Vehicle Services’ (HBC's) operations in the United Kingdom. Vehicles at the company’s salvage auctions are typically damaged or low-value vehicles that are primarily sold by automobile insurance companies, non-profit organizations, automobile dealers, vehicle leasing companies and rental car companies to licensed dismantlers, rebuilders, scrap dealers or qualified public buyers. An important component of ADESA's and IAA's services to their buyers is providing short-term inventory-secured financing, known as floorplan financing, primarily to independent used vehicle dealers through the company’s wholly-owned subsidiary, AFC (Automotive Finance Corporation, a wholly-owned subsidiary of ADESA, and Automotive Finance Corporation's subsidiaries and other related entities, including PWI Holdings, Inc.). As of December 31, 2015, the company had a North American network of 66 whole car auction locations and 171 salvage auction locations. In addition, HBC operated from 10 locations in the United Kingdom. The company’s auction locations are primarily facilities dedicated to either whole car or salvage auctions; however, some of its sites are utilized to service both whole car and salvage customers at the same location. Business Segments The company operates as three business segments: ADESA Auctions, IAA, and AFC. ADESA Auctions This segment provides whole car auctions and related services to the vehicle remarketing industry in North America. The company 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. The company’s online service offerings include ADESA.com, LiveBlock and DealerBlock; and allow the company to offer vehicles for sale from any location. The company offers both online and physical auctions, as well as value-improving ancillary services in an effective and efficient manner to improve returns for the sellers of used vehicles. The company transfers the vehicles and ownership to the buyer and the net funds to the seller. Vehicles are typically offered for sale at the physical auctions on at least a weekly basis at most locations and the auctions are simulcast through the Internet with streaming audio and video (LiveBlock) so that remote bidders could participate through the company’s online capabilities. The company also provides customized ‘private label’ selling systems (including buy now functionality and online auctions) for its customers, primarily utilizing technology acquired with the purchase of OPENLANE. Services The company’s whole car auctions also provide a range of value-added services to sellers and buyers that enable the company to serve as a ‘one-stop shop’. Many of these services might be provided or purchased in
kar auction services inc (KAR:New York)
13085 Hamilton Crossing Boulevard
Carmel, IN 46032
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