KAR Sees Lower Profit as It Invest in TradeRev Featured

By Staff Writer May 13, 2019 395

KAR Auction Services Inc. reported lower net income despite increased revenues as the company invest in TradeRev, its online auction offering.

For the first quarter, KAR reported revenue of $1,046.8 million as compared with revenue of $950.5 million for the first quarter of 2018. Net income for the first quarter decreased to $77.8 million, as compared with net income of $90 million in the first quarter of 2018.

KAR incurred operating losses of $16.8 million and $11.1 million for the quarters ended March 31, 2019 and 2018, respectively, which were attributable to the rollout of TradeRev.

Rate this item
(0 votes)
Last modified on Monday, 13 May 2019 14:57