KAR Revenue Drops

May 08, 2020

KAR Auction Services Inc. reported its first quarter financial results with revenue of $645.5 million as compared with revenue of $689.6 million for the first quarter of 2019, a decrease of 6 percent. Net income from continuing operations for the first quarter of 2020 decreased 82 percent to $2.8 million, or $0.02 per diluted share, as compared with net income from continuing operations of $15.3 million, or $0.11 per diluted share, in the first quarter of 2019. The company’s operating results for the quarter ended March 31, 2020 were significantly impacted by the COVID-19 pandemic. On April 6, the company reopened Simulcast-only sales in select markets and has continued to expand the Simulcast-only sales each week, where possible and as permitted. The company has altered its processes to comply with all local, state and provincial directives, including social distancing guidelines, which have materially limited ADESA’s ability to provide its full scope of services until the guidelines are eased or terminated.

The company has reduced compensation expense, with the company’s CEO, CFO and president voluntarily electing to forgo 100 percent of their respective base salaries effective April 5 through at least June 27, 2020. The remainder of the company’s executive officers have voluntarily chosen to reduce their base salaries by 50 percent during this period. Base salaries across many levels of the organization have been temporarily reduced. The company also furloughed approximately 11,000 employees in April 2020 and its board of directors voluntarily elected to forgo their cash compensation for the second quarter of 2020.

ADESA announced as of March 20, all U.S. and Canadian physical auction locations will run in “minimum essential operations” status until April 3 at the earliest.

It will not host physical sales or simulcast sales during this time. It will operate certain “essential operations” as permitted by local, state, provincial or national directives.

For information on specific auctions, please go to their website Here.

ADESA Names New GMs

January 17, 2020

ADESA named new general managers at four of the company’s wholesale vehicle auction locations: Scott Coleman at ADESA Portland, Kathy Hopkins at ADESA Indianapolis, Eric Jenkins at ADESA Dallas and Mike Phillips at ADESA Buffalo.

Coleman has more than 25 years of automotive sales leadership and has been with ADESA Portland for seven years. He joined the auction in 2013 - part of the Brasher’s auction group at the time - as UVA manager. In 2018 he took on the role of general sales manager.

Hopkins returns to ADESA Indianapolis, where she began her career as an account coordinator in 1998. Since then, she has worked her way up. Most recently, she has served as vice president of dealer sales for TradeRev.

Jenkins joined ADESA in 2005 as an outside coordinator and condition report writer at ADESA Dallas. Jenkins assumed more responsibility through promotions to fleet lease manager at ADESA Austin, assistant general manager at ADESA Atlanta and general manager at ADESA Birmingham. In 2018, he returned to his home state of Texas as assistant general manager of ADESA Dallas.

Phillips has more than 30 years of experience in the automotive industry, getting his start in sales at an auto body repair shop. He joined ADESA Buffalo in 1996 as assistant controller and was promoted to controller the next year. In 1999 he was promoted to business manager. Phillips has served as assistant general manager at ADESA Buffalo since 2007.

ADESA, a business unit of KAR Auction Services, announced the  launch of  an advanced ADESA Simulcast remote seller dashboard showcasing at-a-glance, vehicle-specific auction participation, bid activity, vehicle values and vehicle comparisons. Sellers get instant access to auction sales performance of their vehicles - helping them make better-informed decisions in real time from their offices.

“At ADESA, we listen to our customers and are continuously working to move their user experience to the next level,” said John Hammer, president of ADESA. “Sellers wanted a more transparent snapshot of their inventory going through the lanes and up for bid. Our new remote seller dashboard allows them to see bid performance on each vehicle and how it compares to their set reserve, guidebook and the ADESA Market Guide national average - giving sellers actionable insights on bid activity.”

ADESA Simulcast remote seller dashboard includes a sale overview widget that keeps count of a seller’s transactions and updates in real time. Sellers can also monitor sale statistics for mileage, price, grade averages, reserve overs/unders, etc. Detailed floor activity and auction attendee, bidder and purchaser statistics are also included in the dashboard. Remote sellers can communicate directly with the clerk and auctioneer via the dashboard’s real-time chat function. Customers can export detailed reports of their sale activity and buyer information. Intuitive search functionality allows users to access reports based on sale totals, averages, percentages, buyer information and more.

ADESA Beefs Up Mobile App

November 12, 2019

ADESA announced the full integration of ADESA VirtuaLane multisite capabilities in ADESA’s Marketplace mobile app. Marketplace users can now view and bid on all vehicles offered on VirtuaLane multisite events from all 26 ADESA auction sites that host these virtual-only sales across North America. ADESA sellers are exposed to a broader buyer base and buyers have access to expanded inventory.

“Making VirtuaLane inventory from multiple auction locations available on the Marketplace app is a critical step as we evolve the app into a full-fledged e-commerce tool,” said Paul Lips, chief commercial officer for ADESA.

ADESA VirtuaLane is a live, in-lane auction utilizing advanced technology to create a modernized customer experience that makes safety a priority. Dealer customers attending a VirtuaLane sale participate in the same bidding process as in a traditional in-lane auction. However, instead of cars physically driving through the auction lanes, big-screen monitors showcase the vehicle and its features during bidding. Before the bidding begins, customers can view the vehicle in person while it is parked at the ADESA auction location.

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