KAR Auction Services Inc. reported revenue of $858 million as compared with revenue of $788.5 million for the second quarter of 2016.
Net income for the second quarter decreased to $57.2 million, as compared with net income of $61.8 million in the second quarter of 2016. Net income for the quarter was negatively impacted by $17.3 million resulting from the company's refinancing activities.
Adjusted EBITDA for the quarter increased to $223.5 million, as compared with adjusted EBITDA of $197.1 million for the second quarter of 2016.
Insurance Auto Auctions Inc. announced the grand opening of IAA Portland West, its newest branch in Portland, Ore.
This marks IAA's third facility in the state, with additional branches in Portland and Eugene. This new facility expands the overall capacity needed for this marketplace by nearly 15 percent.
The accident in May that killed five people and injured another seven at Lynnway Auto Auction carries many costs.
There is the immediate cost in human life and bad publicity. Then there is the potential cost in new regulations and lawsuits.
But another cost comes from insurance.
Auctions bring considerable risk because they require hundreds of cars and people moving in a confined space.
“The auctions really have a unique set of exposures,” said Michael Rhody, area president for auto auctions at Arthur J. Gallagher.
Rhody said his firm was one of the few that offer policies for auctions.
This means the businesses have few options to begin with and an accident only makes matters worse. It means higher premiums and even the possibility of not being able to get insurance at all.
Insurance already ranks among the highest costs for any auction, Rhody said.
This makes it critical for auctions to make their operations as safe as possible.
“The best way to control loses is to value safety,” Rhody said.
Auctions have resources to make help them in this area.
The National Auto Auction Association offers its Safe T. Sam training to all members.
The program, originally developed by ADESA, covers all areas of operations, from the front office to the recon shop.
The NAAA Lane Safety Training course is specifically designed for the part-time employees who drive the vehicles through the lanes on sales day.
The course takes 20 minutes. After completion, a certificate is emailed directly to the drivers and the auction that requested the instruction.
One of the biggest risks for drivers on sales days is they handle vehicles with which they might lack familiarity.
The driver in the May 3 accident claims the Jeep he was driving suddenly accelerated,
However, he also lacked a driver’s license and had been cited numerous times for traffic violations.
Spireon Inc. announced the appointment of Bob Burden as senior vice president of sales for Spireon’s fleet division.
An industry veteran with more than 12 years of experience in executive sales roles, Burden will spearhead sales to small and medium-sized businesses, as well as reseller and channel segments, with an eye toward continued market growth and executing industry-leading go-to-market strategies.
Prior to joining Spireon, Burden was CEO of Blueprint Sales Solutions, an international consulting firm with a focus on the telematics industry. He also held the role of vice president of sales for 10 years at fleet tracking solution company Fleetmatics.
KAR Auction Services Inc. reported its latest quarter financial results for the period ended March 31.
For the quarter of 2017, the company reported revenue of $866.6 million as compared with revenue of $758.3 million for the same quarter of 2016. Net income for the quarter increased to $69.2 million, as compared with net income of $60.7 million in the same quarter of 2016.
Auction Management Solutions has hired Jamye Carpenter as vice president of business development.
Carpenter has over 18 years of experience in the auto auction industry with positions ranging from customer service to senior vice president. She started her career in 1999 with AutoCheck as a customer service representative and eventually became the director of business development.
Carpenter also managed the Red Mountain Technologies Client Services team, serving many of the largest property and casualty insurers in the country, while continuing to sell and develop new products for the auction and insurance clients she served.
Barrett-Jackson will offer a diverse collection of custom and rare collector vehicles during its 15th Annual Palm Beach Auction, April 6-8at the South Florida Fairgrounds.
Five exceptional vehicles that will cross the block to benefit charitable causes across the nation.
The winning bidder of Lot No. 3002 will receive the rights to the first retail production of the 2018 Chevrolet Camaro ZL1 LE, with 100 percent of the hammer proceeds benefiting United Way.
Lot No. 3004 is an ’09 Ford F-150 King Ranch Super Crew Pickup once owned and used by former President George W. Bush on his Texas ranch. Both the original title and right airbag panel feature Bush’s signature, and the entire hammer price will benefit the Community Foundation of Cleveland and Bradley County, Tenn.
Built by the next generation of auto specialists, Lot No. 3001, a ’96 Ford Mustang, was designed and fabricated by students at the Jordan Vocational High School in Columbus, Georgia. Winner of the national 2016 Quaker State Best in Class Competition, the vehicle is powered by a 3.8-liter engine with automatic transmission and sports a new suspension and more.
Encompassing the spirit and enthusiasm of the students who built it, the car’s hammer price will go to Jordan Vocational High School.
The sixth of only 50 built by Sanderson Ford, a ’07 Ford Mustang GT Custom Fastback (Lot No. 3003) showcases meticulous craftsmanship that shines throughout every vehicle detail, including custom body panels, tribute signature seats and carbon-fiber trim. The sale of this remarkable beauty will benefit The Darrell Gwynn Chapter of the Buoniconti Fund to Cure Paralysis.
Sporting only 58,000 original miles, Lot No. 3000, a ’69 International Travelall, will cross the block in support of the Boy Scouts of America. Unique in the market and ahead of its time, this Travelall is powered by the optional V8 engine.
Copart Inc. announced the opening of its second location in Utah.
The new location near Ogden hosts online car auctions every Monday at noon.
Copart has been undergoing aggressive expansion in the past few months as it approaches 200 locations worldwide.
GAA Classic Cars closed out its three-day auction March 4, breaking its previous records.
The sale resulted in a 76 percent sell-through rate, revenues in excess of $12 million and a crowd so large that guests had to be shuttled from satellite lots to attend the sale.
There were three record-breaking vehicles sold at the auction:
A 1965 Ford Shelby GT350 for $370,000;
A 2006 Ford GT Heritage Edition with only 41 miles sold for $470,000; and
A red Ford GT with white strips that sold for $300,000.
Copart Inc. announced the addition of its Okeechobee, Fla. location.
This facility is located between Orlando, Tampa and Miami, and it will serve as a standby location specifically for catastrophic events.
This standby location in Okeechobee follows Copart opening its 13th Florida full-service facility in January. In 2017, Copart has also opened locations in Casper, Wyo., and Denver, along with the expansion of existing locations in San Jose, Calif., Chicago, San Diego, and Springfield, Mo.