KAR Auction Services (KAR) 10-Q3 May 232023 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information Cover - $ / shares	3 Months Ended
Document and Entity Information Cover - $ / shares	Mar. 31, 2023	Apr. 30, 2023	Dec. 31, 2022
Cover [Abstract]
Document type	10-Q
Document quarterly report	true
Document period end date	Mar. 31, 2023
Document transition report	false
Commission file number	001-34568
Entity registrant name	KAR Auction Services, Inc.
Entity incorporation state	DE
Entity tax identification number	20-8744739
Entity address, address line one	11299 N. Illinois Street
Entity address, city	Carmel
Entity address, state	IN
Entity address, postal zip code	46032
City area code	800
Local phone number	923-3725
Title of 12(b) security	Common Stock, par value $0.01 per share
Trading symbol	KAR
Security exchange name	NYSE
Entity current reporting status	Yes
Entity interactive data current	Yes
Entity filer category	Large Accelerated Filer
Entity small business	false
Entity emerging growth company	false
Entity shell company	false
Entity common stock, shares outstanding		109,208,855
Common stock, par value (in dollars per share)	$ 0.01		$ 0.01
Entity central index key	0001395942
Current fiscal year end date	--12-31
Document fiscal year focus	2023
Document fiscal period focus	Q1
Amendment flag	false

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Millions	3 Months Ended
Consolidated Statements of Income - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
Operating revenues
Auction fees	$ 99.9	$ 101.4
Service revenue	165.6	137.5
Purchased vehicle sales	55.5	46.3
Finance-related revenue	99.6	84.2
Total operating revenues	420.6	369.4
Operating expenses
Cost of services (exclusive of depreciation and amortization)	224.2	210.8
Selling, general and administrative	108	118.9
Depreciation and amortization	23	26
Total operating expenses	355.2	355.7
Operating profit	65.4	13.7
Interest expense	38.3	25.6
Other (income) expense, net	7.1	1.2
Income (loss) from continuing operations before income taxes	20	(13.1)
Income taxes	7.3	(4.7)
Income (loss) from continuing operations	12.7	(8.4)
Income from discontinued operations, net of income taxes	0	8.1
Net income (loss)	$ 12.7	$ (0.3)
Net income (loss) per share - basic
Income (loss) from continuing operations	$ 0.01	$ (0.16)
Income from discontinued operations	0	0.07
Net income (loss)	0.01	(0.09)
Net income (loss) per share - diluted
Income (loss) from continuing operations	0.01	(0.16)
Income from discontinued operations	0	0.07
Net income (loss)	$ 0.01	$ (0.09)

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net income (loss)	$ 12.7	$ (0.3)
Other comprehensive income, net of tax
Foreign currency translation gain	2.4	1.1
Unrealized gain on interest rate derivatives, net of tax	0	9.1
Total other comprehensive income, net of tax	2.4	10.2
Comprehensive income	$ 15.1	$ 9.9

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 219.6	$ 225.7
Restricted cash	32.2	52
Trade receivables, net of allowances of $17.9 and $15.8	340.3	270.7
Finance receivables, net of allowances of $21.0 and $21.5	2,385.4	2,395.1
Other current assets	97.5	78.9
Total current assets	3,075	3,022.4
Other assets
Goodwill	1,466.3	1,464.5
Customer relationships, net of accumulated amortization of $422.7 and $417.3	130.9	135.9
Other intangible assets, net of accumulated amortization of $419.6 and $406.0	228.1	231.3
Operating lease right-of-use assets	82.6	84.8
Property and equipment, net of accumulated depreciation of $189.5 and $197.7	120.4	123.6
Other assets	44.6	57.3
Total other assets	2,072.9	2,097.4
Total assets	5,147.9	5,119.8
Current liabilities
Accounts payable	683.8	551.2
Accrued employee benefits and compensation expenses	24.2	31.9
Accrued interest	12.9	7.8
Other accrued expenses	79	79.1
Income taxes payable	2.5	6.9
Obligations collateralized by finance receivables	1,638.2	1,677.6
Current maturities of long-term debt	225.8	288.7
Total current liabilities	2,666.4	2,643.2
Non-current liabilities
Long-term debt	206	205.3
Deferred income tax liabilities	52.9	54
Operating lease liabilities	77.5	79.7
Other liabilities	6.7	6.8
Total non-current liabilities	343.1	345.8
Commitments and contingencies (Note 9)
Temporary equity
Series A convertible preferred stock	612.5	612.5
Stockholders' equity
Common stock, $0.01 par value: Authorized shares: 400,000,000; Issued and outstanding shares: March 31, 2023: 109,185,902 December 31, 2022: 108,914,678	1.1	1.1
Additional paid-in capital	747.4	743.8
Retained earnings	824.5	822.9
Accumulated other comprehensive loss	(47.1)	(49.5)
Total stockholders' equity	1,525.9	1,518.3
Total liabilities, temporary equity and stockholders' equity	$ 5,147.9	$ 5,119.8

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Millions	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss
Beginning balance at Dec. 31, 2021	$ 1,513	$ 1.2	$ 910.8	$ 625.7	$ (24.7)
Beginning balance (in shares) at Dec. 31, 2021		121,200,000
Increase (Decrease) in Stockholders' Equity
Net income (loss)	(0.3)			(0.3)
Other comprehensive income (loss)	10.2				10.2
Issuance of common stock under stock plans	0.6		0.6
Issuance of common stock under stock plans (in shares)		500,000
Surrender of RSUs for taxes	(2.5)		(2.5)
Surrender of RSUs for taxes (in shares)		(200,000)
Stock-based compensation expense	5.6		5.6
Dividends earned under stock plans	0		0.1	(0.1)
Dividends on preferred stock paid-in-kind	(10.7)			(10.7)
Ending balance at Mar. 31, 2022	1,515.9	$ 1.2	914.6	614.6	(14.5)
Ending balance (in shares) at Mar. 31, 2022		121,500,000
Beginning balance at Dec. 31, 2022	$ 1,518.3	$ 1.1	743.8	822.9	(49.5)
Beginning balance (in shares) at Dec. 31, 2022	108,914,678	108,900,000
Increase (Decrease) in Stockholders' Equity
Net income (loss)	$ 12.7			12.7
Other comprehensive income (loss)	2.4				2.4
Issuance of common stock under stock plans	1.3		1.3
Issuance of common stock under stock plans (in shares)		400,000
Surrender of RSUs for taxes	(1.3)		(1.3)
Surrender of RSUs for taxes (in shares)		(100,000)
Stock-based compensation expense	3.6		3.6
Dividends, Preferred Stock, Cash	(11.1)			(11.1)
Ending balance at Mar. 31, 2023	$ 1,525.9	$ 1.1	$ 747.4	$ 824.5	$ (47.1)
Ending balance (in shares) at Mar. 31, 2023	109,185,902	109,200,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Operating activities
Net income (loss)	$ 12.7	$ (0.3)
Net income from discontinued operations	0	(8.1)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	23	26
Provision for credit losses	14.3	3
Deferred income taxes	0.2	2.6
Amortization of debt issuance costs	2.2	3.1
Stock-based compensation	3.6	5
Net change in unrealized (gain) loss on investment securities	0.1	3
Investment and note receivable impairment	11	0
Other non-cash, net	0.7	(8.7)
Changes in operating assets and liabilities, net of acquisitions:
Trade receivables and other assets	(96.4)	(67.1)
Accounts payable and accrued expenses	124.7	45
Payments of contingent consideration in excess of acquisition-date fair value	0	(26.1)
Net cash provided by (used by) operating activities - continuing operations	96.1	(22.6)
Net cash provided (used by) by operating activities - discontinued operations	0	(39.2)
Investing activities
Net increase in finance receivables held for investment	(1.7)	(229.4)
Purchases of property, equipment and computer software	(12)	(13.5)
Investments in securities	(0.2)	(4.1)
Proceeds from sale of investments	0.3	0.3
Net cash used by investing activities - continuing operations	(13.6)	(246.7)
Net cash provided by (used by) investing activities - discontinued operations	7	(11.8)
Financing activities
Net (decrease) increase in book overdrafts	(0.5)	6.5
Net (decrease) increase in borrowings from lines of credit	(62.9)	108.8
Net (decrease) increase in obligations collateralized by finance receivables	(41)	170.5
Payments for debt issuance costs/amendments	(0.5)	0
Payments on long-term debt	0	(2.4)
Payments on finance leases	(0.5)	(1.3)
Payments of contingent consideration and deferred acquisition costs	0	(3.5)
Issuance of common stock under stock plans	1.3	0.6
Tax withholding payments for vested RSUs	(1.3)	(2.5)
Dividends paid on Series A Preferred Stock	(11.1)	0
Net cash (used by) provided by financing activities - continuing operations	(116.5)	276.7
Net cash provided by financing activities - discontinued operations	0	22
Net change in cash balances of discontinued operations	0	(24.3)
Effect of exchange rate changes on cash	1.1	3
Net decrease in cash, cash equivalents and restricted cash	(25.9)	(42.9)
Cash, cash equivalents and restricted cash at beginning of period	277.7	203.4	$ 203.4
Cash paid for interest, net of proceeds from interest rate derivatives	31.1	18.5
Cash paid for taxes, net of refunds	12	12.6
Cash, cash equivalents and restricted cash at end of period	251.8	160.5	$ 277.7
Discontinued Operations
Cash paid for taxes, net of refunds	$ 0	$ 0

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Trade receivable allowances	$ 17.9	$ 15.8
Finance receivables allowances	21	21.5
Customer relationships accumulated amortization	422.7	417.3
Other Intangible Assets Accumulated Amortization	419.6	406
Property, Plant and Equipment Accumulated Depreciation	$ 189.5	$ 197.7
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, Shares Authorized	400,000,000	400,000,000
Common Stock, Shares, Outstanding	109,185,902	108,914,678
Common Stock, Shares, Issued	109,185,902	108,914,678

Basis of Presentation and Natur

Basis of Presentation and Nature of Operations	3 Months Ended
Basis of Presentation and Nature of Operations	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Nature of Operations	Basis of Presentation and Nature of Operations Defined Terms Unless otherwise indicated or unless the context otherwise requires, the following terms used herein shall have the following meanings: • "we," "us," "our," "KAR" and "the Company" refer, collectively, to KAR Auction Services, Inc. and all of its subsidiaries; • "ADESA" or "ADESA Auctions" refer, collectively, to ADESA, Inc., a wholly-owned subsidiary of KAR Auction Services, and ADESA, Inc.'s subsidiaries, including Openlane, Inc. (together with Openlane, Inc.'s subsidiaries, "OPENLANE"), BacklotCars, Inc. ("BacklotCars"), CARWAVE LLC ("CARWAVE"), Nth Gen Software Inc. ("TradeRev"), ADESA Remarketing Limited ("ADESA U.K.") and ADESA Europe NV and its subsidiaries ("ADESA Europe"); • "ADESA U.S. physical auction business," "ADESA U.S. physical auctions" and "ADESA U.S." refer to the auction sales, operations and staff at ADESA’s U.S. vehicle logistics centers, which were sold to Carvana Group, LLC (together with Carvana Co. and its subsidiaries, "Carvana") in May 2022; • "AFC" refers, collectively, to Automotive Finance Corporation, a wholly-owned subsidiary of ADESA, and Automotive Finance Corporation's subsidiaries and other related entities, including PWI Holdings, Inc. (which was sold on December 1, 2020); • "Credit Agreement" refers to the Amended and Restated Credit Agreement, dated March 11, 2014 (as amended, amended and restated, modified or supplemented from time to time), among KAR Auction Services, Inc., as the borrower, the several banks and other financial institutions or entities from time to time parties thereto and JPMorgan Chase Bank N.A., as administrative agent; • "Credit Facility" refers to the $950 million, senior secured term loan B-6 facility due September 19, 2026 ("Term Loan B-6"), of which the outstanding amount was fully repaid in 2022, and the $325 million, senior secured revolving credit facility due September 19, 2024 (the "Revolving Credit Facility"), the terms of which are set forth in the Credit Agreement; • "IAA" refers, collectively, to Insurance Auto Auctions, Inc., formerly a wholly-owned subsidiary of KAR Auction Services, and Insurance Auto Auctions, Inc.'s subsidiaries and other related entities; • "KAR Auction Services" refers to KAR Auction Services, Inc. and not to its subsidiaries; • "Senior notes" refers to the 5.125% senior notes due 2025 ($350 million aggregate principal was outstanding at March 31, 2023); and • "Series A Preferred Stock" refers to the Series A Convertible Preferred Stock, par value $0.01 per share (634,305 shares of Series A Preferred Stock were outstanding at March 31, 2023 and December 31, 2022, respectively). Business and Nature of Operations KAR is a leading digital marketplace for used vehicles, connecting sellers and buyers across North America and Europe to facilitate fast, easy and transparent transactions. Our portfolio of integrated technology, data analytics, financing, logistics, reconditioning and other remarketing solutions, combined with our vehicle logistics centers in Canada, help advance our purpose: to make wholesale easy so our customers can be more successful. As of March 31, 2023, the Marketplace segment serves a domestic and international customer base through digital marketplaces and 14 vehicle logistics center locations across Canada. For our commercial sellers, our OPENLANE software platform supports private label digital remarketing sites and provides comprehensive solutions to our automobile manufacturer, captive finance company and other commercial customers. For dealer customers, the Company also operates BacklotCars and TradeRev digital marketplace platforms that facilitate real-time transactions between automotive dealers, coast-to-coast in the United States and Canada. The CARWAVE digital auction platform was integrated with BacklotCars in the fourth quarter of 2022, adding additional features and functionality to the BacklotCars marketplace, including a live auction format that allows dealers to sell and source inventory in a fast-paced, head-to-head bidding environment. Internationally, our digital marketplaces also include ADESA U.K., an online wholesale used vehicle remarketing business in the United Kingdom and ADESA Europe, an online wholesale used vehicle marketplace in Continental Europe. Remarketing services include a variety of activities designed to facilitate the transfer of used vehicles between sellers and buyers throughout the vehicle life cycle. We facilitate the exchange of these vehicles through our marketplaces, which aligns sellers and buyers. As an agent for customers, the Company generally does not take title to or ownership of vehicles sold through our marketplaces. Generally, fees are earned from the seller and buyer on each successful marketplace transaction in addition to fees earned for ancillary services. We also sell vehicles that have been purchased, for which we do take title and record the gross selling price of the vehicle sold through our marketplaces as revenue. We also provide services such as inbound and outbound transportation logistics, reconditioning, vehicle inspection and certification, titling, administrative and collateral recovery services. We are able to serve the diverse and multi-faceted needs of our customers through the wide range of services offered. AFC is a leading provider of floorplan financing primarily to independent used vehicle dealers and this financing is provided through approximately 100 locations throughout the United States and Canada as of March 31, 2023. Floorplan financing supports independent used vehicle dealers in North America who purchase vehicles at ADESA, BacklotCars (including CARWAVE), TradeRev, and other used vehicle and salvage auctions. In addition, AFC provides financing for dealer inventory purchased directly from wholesalers, other dealers and directly from consumers, as well as providing liquidity for customer trade-ins which encompasses settling lien holder payoffs. AFC also provides title services for their customers. Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. GAAP for annual financial statements. Operating results for interim periods are not necessarily indicative of results that may be expected for the year as a whole. In the opinion of management, the consolidated financial statements reflect all adjustments, generally consisting of normal recurring accruals, necessary for a fair statement of our results of operations, cash flows and financial position for the periods presented. These consolidated financial statements and condensed notes to consolidated financial statements are unaudited and should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the Securities and Exchange Commission on March 9, 2023. The 2022 year-end consolidated balance sheet data included in this Form 10-Q was derived from the audited financial statements referenced above and does not include all disclosures required by U.S. GAAP for annual financial statements. Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates based in part on assumptions about current, and for some estimates, future economic and market conditions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the period. Although the current estimates contemplate current conditions and expected future changes, as appropriate, it is reasonably possible that future conditions could differ from these estimates, which could materially affect our results of operations and financial position. Among other effects, such changes could result in future impairments of goodwill, intangible assets and long-lived assets, incremental losses on finance receivables, additional allowances on accounts receivable and deferred tax assets and changes in litigation and other loss contingencies.

Sale of ADESA U.S. Physical Auc

Sale of ADESA U.S. Physical Auction Business and Discontinued Operations	3 Months Ended
	Mar. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
Sale of ADESA U.S. Physical Auction Business and Discontinued Operations	Sale of ADESA U.S. Physical Auction Business and Discontinued Operations In February 2022, the Company announced that it had entered into a definitive agreement with Carvana, pursuant to which Carvana would acquire the ADESA U.S. physical auction business from KAR (the "Transaction"). The Transaction was completed in May 2022 for approximately $2.2 billion in cash and included all auction sales, operations and staff at ADESA’s U.S. vehicle logistics centers and use of the ADESA.com marketplace in the U.S. The net proceeds received in connection with the Transaction were included in "Net cash provided by investing activities - discontinued operations" in the consolidated statement of cash flow for the year ended December 31, 2022. In connection with the Transaction, the Company and Carvana entered into various agreements to provide a framework for their relationship after the Transaction, including a transition services agreement for a transitional period and a commercial agreement for a term of 7 years that provides for platform and other fees for services rendered. For the three months ended March 31, 2023, KAR has received a net cash inflow from the commercial agreement and transition services agreement of approximately $30.0 million. KAR provided transportation services of $21.9 million and $17.7 million to the ADESA U.S. physical auctions for the three months ended March 31, 2023 and 2022, respectively. The financial results of the ADESA U.S. physical auction business have been accounted for as discontinued operations for all periods presented. The business was formerly included in the Company’s Marketplace reportable segment. Goodwill was allocated to the ADESA U.S. physical auctions based on relative fair value. The Transaction resulted in a pretax gain on disposal of approximately $521.8 million for the year ended December 31, 2022. The effective tax rate for discontinued operations was approximately 60% primarily due to non-deductible goodwill recognized in the Transaction. The following table presents the results of operations for the ADESA U.S. physical auction business that have been reclassified to discontinued operations for all periods presented (in millions) : Three Months Ended March 31, 2023 2022 Operating revenues $ — $ 220.0 Operating expenses Cost of services (exclusive of depreciation and amortization) — 158.6 Selling, general and administrative — 43.9 Depreciation and amortization — 11.2 Total operating expenses — 213.7 Operating profit (loss) — 6.3 Interest expense — 0.1 Other (income) expense, net — (6.1) Income (loss) from discontinued operations before income taxes — 12.3 Income taxes — 4.2 Income from discontinued operations $ — $ 8.1

Stock and Stock-Based Compensat

Stock and Stock-Based Compensation Plans	3 Months Ended
Stock and Stock-Based Compensation Plans	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock and Stock-Based Compensation Plans	Stock and Stock-Based Compensation Plans The KAR Auction Services, Inc. Amended and Restated 2009 Omnibus Stock and Incentive Plan ("Omnibus Plan") is intended to provide equity and/or cash-based awards to our executive officers and key employees. Our stock-based compensation expense includes expense associated with KAR Auction Services service-based options ("service options"), market-based options ("market options"), performance-based restricted stock units ("PRSUs") and service-based restricted stock units ("RSUs"). We have determined that the KAR Auction Services service options, market options, PRSUs and RSUs should be classified as equity awards. The following table summarizes our stock-based compensation expense by type of award (in millions) : Three Months Ended March 31, 2023 2022 PRSUs $ (0.1) $ 1.9 RSUs 2.8 1.4 Service options 0.2 0.2 Market options 0.7 1.5 Total stock-based compensation expense $ 3.6 $ 5.0 PRSUs In the first quarter of 2023, we granted a target amount of approximately 0.5 million PRSUs to certain executive officers of the Company. Three quarters of the PRSUs vest if and to the extent that the Company's three-year cumulative Adjusted EBITDA ("Adjusted EBITDA PRSUs") attains certain specified goals. The other one quarter of the PRSUs vest if and to the extent that the Company's total shareholder return relative to that of companies within the S&P SmallCap 600 ("TSR PRSUs") exceeds certain levels over the three-year period ending December 31, 2025. The weighted average grant date fair value of the Adjusted EBITDA PRSUs was $14.14 per share, which was determined using the closing price of the Company's common stock on the date of grant. The grant date fair value of the TSR PRSUs was $21.24 per share and was developed with a Monte Carlo simulation using a multivariate Geometric Brownian Motion. RSUs In the first quarter of 2023, approximately 0.6 million RSUs were granted to certain management members of the Company. The RSUs are contingent upon continued employment and generally vest in three equal annual installments. The fair value of RSUs is the value of the Company's common stock at the date of grant and the weighted average grant date fair value of the RSUs was $14.14 per share. Share Repurchase Program In October 2019, the board of directors authorized a repurchase of up to $300 million of the Company's outstanding common stock, par value $0.01 per share, through October 30, 2021. In October 2021, the board of directors authorized an extension of the October 2019 share repurchase program through December 31, 2022. On April 27, 2022, the board of directors authorized an increase in the size of the Company’s $300 million share repurchase program by an additional $200 million and an extension of the share repurchase program through December 31, 2023. At March 31, 2023, approximately $126.9 million of the Company's outstanding common stock remained available for repurchase under the 2019 share repurchase program. Repurchases may be made in the open market or through privately negotiated transactions, in accordance with applicable securities laws and regulations, including pursuant to repurchase plans designed to comply with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. The timing and amount of any repurchases is subject to market and other conditions. This program does not oblige the Company to repurchase any dollar amount or any number of shares under the authorization, and the program may be suspended, discontinued or modified at any time, for any reason and without notice. No shares of common stock were repurchased during the three months ended March 31, 2023 and 2022.

Net Income (Loss) from Continui

Net Income (Loss) from Continuing Operations Per Share	3 Months Ended
Net Income (Loss) from Continuing Operations Per Share	Mar. 31, 2023
Earnings Per Share [Abstract]
Net Income (Loss) from Continuing Operations Per Share	Income (Loss) from Continuing Operations Per Share The following table sets forth the computation of income (loss) from continuing operations per share (in millions except per share amounts) : Three Months Ended March 31, 2023 2022 Income (loss) from continuing operations $ 12.7 $ (8.4) Series A Preferred Stock dividends (11.1) (10.7) Income from continuing operations attributable to participating securities (0.4) — Income (loss) from continuing operations attributable to common stockholders $ 1.2 $ (19.1) Weighted average common shares outstanding 109.3 121.4 Effect of dilutive stock options and restricted stock awards 0.6 — Weighted average common shares outstanding and potential common shares 109.9 121.4 Income (loss) from continuing operations per share Basic $ 0.01 $ (0.16) Diluted $ 0.01 $ (0.16) The Company includes participating securities (Series A Preferred Stock) in the computation of income from continuing operations per share pursuant to the two-class method. The two-class method of calculating income from continuing operations per share is an allocation method that calculates earnings per share for common stock and participating securities. Under the two-class method, total dividends provided to the holders of the Series A Preferred Stock and undistributed earnings allocated to participating securities are subtracted from income from continuing operations in determining income attributable to common stockholders. The effect of stock options and restricted stock on income from continuing operations per share-diluted is determined through the application of the treasury stock method, whereby net proceeds received by the Company based on assumed exercises are hypothetically used to repurchase our common stock at the average market price during the period. As a result of the spin-off, there are IAA employees who hold KAR equity awards included in the calculation. Stock options that would have an anti-dilutive effect on income from continuing operations per diluted share, unexercisable market options and PRSUs subject to performance conditions which have not yet been satisfied are excluded from the calculations. Approximately 0.5 million service options and all of the market options were excluded from the calculation of diluted income from continuing operations per share for the three months ended March 31, 2023. In addition, approximately 1.6 million PRSUs were excluded from the calculation of diluted income from continuing operations per share for the three months ended March 31, 2023. In accordance with U.S. GAAP, no potential common shares were included in the computation of diluted income from continuing operations per share for the three months ended March 31, 2022, because to do so would have been anti-dilutive based on the period undistributed loss from continuing operations. Total options outstanding at March 31, 2023 and 2022 were 4.7 million and 5.7 million, respectively.

Finance Receivables and Obligat

Finance Receivables and Obligations Collateralized by Finance Receivables	3 Months Ended
	Mar. 31, 2023
Financing Receivable, after Allowance for Credit Loss, Current [Abstract]
Finance Receivables and Obligations Collateralized by Finance Receivables	Finance Receivables and Obligations Collateralized by Finance Receivables AFC sells the majority of its U.S. dollar denominated finance receivables on a revolving basis and without recourse to a wholly-owned, bankruptcy remote, consolidated, special purpose subsidiary ("AFC Funding Corporation"), established for the purpose of purchasing AFC's finance receivables. A securitization agreement allows for the revolving sale by AFC Funding Corporation to a group of bank purchasers of undivided interests in certain finance receivables subject to committed liquidity. The agreement expires on January 31, 2026. AFC Funding Corporation had committed liquidity of $2.0 billion for U.S. finance receivables at March 31, 2023. We also have an agreement for the securitization of Automotive Finance Canada Inc.'s ("AFCI") receivables. AFCI's committed facility is provided through a third-party conduit (separate from the U.S. facility) and was C$300 million on March 31, 2023. In March 2023, AFCI entered into the Receivables Purchase Agreement (the "Canadian Receivables Purchase Agreement"). The Canadian Receivables Purchase Agreement increased AFCI's committed liquidity from C$225 million to C$300 million and the facility's maturity date remains January 31, 2026. In addition, provisions providing a mechanism for determining alternative rates of interest were added. We capitalized approximately $0.5 million of costs in connection with the Canadian Receivables Purchase Agreement. The receivables sold pursuant to both the U.S. and Canadian securitization agreements are accounted for as secured borrowings. The following tables present quantitative information about delinquencies, credit loss charge-offs less recoveries ("net credit losses") and components of securitized financial assets and other related assets managed. For purposes of this illustration, delinquent receivables are defined as receivables 31 days or more past due. March 31, 2023 Net Credit Losses Total Amount of: (in millions) Receivables Receivables Floorplan receivables $ 2,402.8 $ 19.6 $ 12.5 Other loans 3.6 — — Total receivables managed $ 2,406.4 $ 19.6 $ 12.5 December 31, 2022 Net Credit Losses Total Amount of: (in millions) Receivables Receivables Floorplan receivables $ 2,409.9 $ 17.5 $ 1.4 Other loans 6.7 — — Total receivables managed $ 2,416.6 $ 17.5 $ 1.4 The following is a summary of the changes in the allowance for credit losses related to finance receivables ( in millions ): March 31, 2023 March 31, 2022 Allowance for Credit Losses Balance at December 31 $ 21.5 $ 23.0 Provision for credit losses 12.0 1.4 Recoveries 1.6 1.9 Less charge-offs (14.1) (3.3) Balance at end of period $ 21.0 $ 23.0 As of March 31, 2023 and December 31, 2022, $2,373.6 million and $2,396.6 million, respectively, of finance receivables and a cash reserve of 1 or 3 percent of the obligations collateralized by finance receivables served as security for the obligations collateralized by finance receivables. The amount of the cash reserve depends on circumstances which are set forth in the securitization agreements. Obligations collateralized by finance receivables consisted of the following: March 31, 2023 December 31, 2022 Obligations collateralized by finance receivables, gross $ 1,656.5 $ 1,697.0 Unamortized securitization issuance costs (18.3) (19.4) Obligations collateralized by finance receivables $ 1,638.2 $ 1,677.6 Proceeds from the revolving sale of receivables to the bank facilities are used to fund new loans to customers. AFC, AFC Funding Corporation and AFCI must maintain certain financial covenants including, among others, limits on the amount of debt

Long-Term Debt

Long-Term Debt	3 Months Ended
Long-Term Debt	Mar. 31, 2023
Long-Term Debt, Unclassified [Abstract]
Long-Term Debt	Long-Term Debt Long-term debt consisted of the following (in millions) : Interest Rate* Maturity March 31, 2023 December 31, 2022 Term Loan B-6 Adjusted LIBOR + 2.25% September 19, 2026 $ — $ — Revolving Credit Facility Adjusted LIBOR + 1.75% September 19, 2024 65.0 145.0 Senior notes 5.125% June 1, 2025 350.0 350.0 European lines of credit Euribor + 1.25% Repayable upon demand 20.8 3.7 Total debt 435.8 498.7 Unamortized debt issuance costs/discounts (4.0) (4.7) Current portion of long-term debt (225.8) (288.7) Long-term debt $ 206.0 $ 205.3 *The interest rates presented in the table above represent the rates in place at March 31, 2023. Credit Facilities On September 19, 2019, we entered into the Third Amendment Agreement (the "Third Amendment") to the Credit Agreement. The Third Amendment provided for, among other things, the seven-year, $950 million Term Loan B-6, and the $325 million, five-year Revolving Credit Facility. In May 2022, the Company prepaid the $926.2 million outstanding balance on Term Loan B-6 with proceeds from the Transaction. As a result of the prepayment, we incurred a non-cash loss on the extinguishment of debt of $7.7 million in the second quarter of 2022. The loss was primarily a result of the write-off of unamortized debt issuance costs/discounts associated with Term Loan B-6. The Revolving Credit Facility is available for letters of credit, working capital, permitted acquisitions and general corporate purposes. The Revolving Credit Facility also includes a $50 million sub-limit for issuance of letters of credit and a $60 million sub-limit for swingline loans. The Company also pay s a commitment fee between 25 to 35 basis points, payable quarterly, on the average daily unused amount of the Revolving Facility based on the Company’s Consolidated Senior Secured Net Leverage Ratio, from time to time. The obligations of the Company under the Credit Facilities are guaranteed by certain of our domestic subsidiaries (the "Subsidiary Guarantors") and are secured by substantially all of the assets of the Company and the Subsidiary Guarantors, including but not limited to: (a) pledges of and first priority security interests in 100% of the equity interests of certain of the Company's and the Subsidiary Guarantors' domestic subsidiaries and 65% of the equity interests of certain of the Company's and the Subsidiary Guarantors' first tier foreign subsidiaries and (b) first priority security interests in substantially all other tangible and intangible assets of the Company and each Subsidiary Guarantor, subject to certain exceptions. The Credit Agreement contains affirmative and negative covenants that we believe are usual and customary for a senior secured credit agreement. The negative covenants include, among other things, limitations on asset sales, mergers and acquisitions, indebtedness, liens, dividends, investments and transactions with our affiliates. The Credit Agreement also requires us to maintain a Consolidated Senior Secured Net Leverage Ratio (as defined in the Credit Agreement), not to exceed 3.5 as of the last day of each fiscal quarter, if there are revolving loans outstanding. We were in compliance with the applicable covenants in the Credit Agreement at March 31, 2023. As of March 31, 2023 and December 31, 2022, $65.0 million and $145.0 million was drawn on the Revolving Credit Facility, respectively. In addition, we had related outstanding letters of credit in the aggregate amount of $19.0 million at March 31, 2023 and December 31, 2022, which reduce the amount available for borrowings under the Revolving Credit Facility. Senior Notes On May 31, 2017, we issued $950 million of 5.125% senior notes due June 1, 2025. The Company pays interest on the senior notes semi-annually in arrears on June 1 and December 1 of each year. The senior notes may be redeemed at 101.281% currently and at par as of June 1, 2023. The senior notes are guaranteed by the Subsidiary Guarantors. In August 2022, we conducted a cash tender offer to purchase up to $600 million principal amount of the senior notes. The tender offer was oversubscribed and as such, $600 million of the senior notes were accepted for prepayment and were prepaid in August 2022 with proceeds from the Transaction. We incurred a loss on the extinguishment of the senior notes of $9.5 million in 2022 primarily representative of the early repayment premium and the write-off of unamortized debt issuance costs associated with the portion of the senior notes repaid. The Company expects to use the remaining proceeds from the Transaction after the repayment of Term Loan B-6 to offer to redeem or repay a portion of the senior notes within 365 days of the close of the Transaction. The terms of the senior notes specify that excess proceeds must be reinvested or used to pay down a portion of the senior notes. Therefore, at March 31, 2023, $140.0 million of the remaining senior notes are classified as current debt. European Lines of Credit ADESA Europe has lines of credit aggregating $32.5 million (€30 million). The lines of credit have an aggregate $20.8 million and $3.7 million of borrowings outstanding at March 31, 2023 and December 31, 2022, respectively. The lines of credit are secured by certain inventory and receivables at ADESA Europe subsidiaries. Fair Value of Debt As of March 31, 2023, the estimated fair value of our long-term debt amounted to $430.6 million. The estimates of fair value were based on broker-dealer quotes (Level 2 inputs) for our debt as of March 31, 2023. The estimates presented on long-term financial instruments are not necessarily indicative of the amounts that would be realized in a current market exchange.

Derivatives

Derivatives	3 Months Ended
Derivatives	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives In January 2020, we entered into three pay-fixed interest rate swaps with an aggregate notional amount of $500 million to swap variable rate interest payments under our term loan for fixed interest payments bearing a weighted average interest rate of 1.44%, for a total interest rate of 3.69%. The interest rate swaps had a five-year term, each maturing on January 23, 2025. We originally designated the interest rate swaps as cash flow hedges. The changes in the fair value of the interest rate swaps that were included in the assessment of hedge effectiveness were recorded as a component of "Accumulated other comprehensive income." For the three months ended March 31, 2022, the Company recorded an unrealized gain on the interest rate swaps of $9.1 million, net of tax of $3.0 million in "Accumulated other comprehensive income." The earnings impact of the interest rate derivatives designated as cash flow hedges was recorded upon the recognition of the interest related to the hedged debt. In February 2022, we discontinued hedge accounting as we concluded that the forecasted interest rate payments were no longer probable of occurring in consideration of the Transaction and expected repayment of Term Loan B-6. As a result, the increase in the fair value of the swaps from the time of hedge accounting discontinuance to March 31, 2022 was recognized as an $8.7 million unrealized gain in "Interest expense" in the consolidated statement of income for the three months ended March 31, 2022. In connection with the repayment of Term Loan B-6 in May 2022, we entered into swap termination agreements. We received $16.7 million to settle and terminate the swaps, which was recognized as a realized gain in "Interest expense" in the consolidated statement of income for the three months ended June 30, 2022.

Other (Income) Expense, Net

Other (Income) Expense, Net	3 Months Ended
Other (Income) Expense, Net	Mar. 31, 2023
Other Nonoperating Income (Expense) [Abstract]
Other (Income) Expense, Net	Other (Income) Expense, Net Other (income) expense, net consisted of the following ( in millions ): Three Months Ended March 31, 2023 2022 Change in realized and unrealized (gains) losses on investment securities, net $ 0.1 $ 3.0 Foreign currency (gains) losses 0.1 1.2 Investment and note receivable impairment 11.0 — Other (4.1) (3.0) Other (income) expense, net $ 7.1 $ 1.2 Fair Value Measurement of Investments The Company invests in certain early-stage automotive companies and funds that relate to the automotive industry. We believe these investments have resulted in the expansion of relationships in the vehicle remarketing industry. There were no realized gains on these investments for the three months ended March 31, 2023 and 2022. The Company had unrealized losses of $0.1 million and $3.0 million for the three months ended March 31, 2023 and 2022, respectively. ASC 820, Fair Value Measurement , defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A small portion of finance receivables for one entity were converted to investment securities during the first quarter of 2021. This entity became publicly traded during the first quarter of 2021 and as a result has a readily determinable fair value. As of March 31, 2023, investment securities measured at fair value are based on quoted market prices for identical assets (Level 1 of the fair value hierarchy) and approximated $0.3 million. The net unrealized loss on these investment securities was $0.1 million for the three months ended March 31, 2023. The remaining investments held of $24.9 million do not have readily determinable fair values and the Company has elected to apply the measurement alternative to these investments and present them at cost. Investments are reported in "Other assets" in the accompanying consolidated balance sheets. Realized and unrealized gains and losses are reported in "Other (income) expense, net" in the consolidated statements of income.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Commitments and ContingenciesWe are involved in litigation and disputes arising in the ordinary course of business, such as actions related to injuries; property damage; handling, storage or disposal of vehicles; environmental laws and regulations; and other litigation incidental to the business such as employment matters and dealer disputes. Management considers the likelihood of loss or the incurrence of a liability, as well as the ability to reasonably estimate the amount of loss, in determining loss contingencies. We accrue an estimated loss contingency when it is probable that a liability has been incurred and the amount of loss (or range of possible losses) can be reasonably estimated. Management regularly evaluates current information available to determine whether accrual amounts should be adjusted. Accruals for contingencies including litigation and environmental matters are included in "Other accrued expenses" at undiscounted amounts and exclude claims for recoveries from insurance or other third parties. These accruals are adjusted periodically as assessment and remediation efforts progress, or as additional technical or legal information becomes available. If the amount of an actual loss is greater than the amount accrued, this could have an adverse impact on our operating results in that period. Although the outcome of litigation cannot be accurately predicted, based on evaluation of information presently available, our management does not currently believe that the ultimate resolution of these actions will have a material adverse effect on our financial condition, results of operations or cash flows. Legal fees are expensed as incurred. There has been no significant change in the legal and regulatory proceedings which were disclosed in our Annual Report on Form 10-K for the year ended December 31, 2022.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
Accumulated Other Comprehensive Loss	Mar. 31, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss Accumulated other comprehensive loss consisted of the following ( in millions ): March 31, 2023 December 31, 2022 Foreign currency translation loss $ (47.1) $ (49.5) Accumulated other comprehensive loss $ (47.1) $ (49.5)

Segment Information

Segment Information	3 Months Ended
Segment Information	Mar. 31, 2023
Segment Reporting [Abstract]
Segment Information	Segment Information ASC 280, Segment Reporting , requires reporting of segment information that is consistent with the manner in which the chief operating decision maker operates and views the Company. Our operations are grouped into two operating segments: Marketplace and Finance, which also serve as our reportable business segments. These reportable business segments offer different services and have fundamental differences in their operations. Beginning in the first quarter of 2022, results of the ADESA U.S. physical auctions are reported as discontinued operations (see Note 2). Financial information regarding our reportable segments is set forth below as of and for the three months ended March 31, 2023 (in millions) : Marketplace Finance Consolidated Operating revenues $ 321.0 $ 99.6 $ 420.6 Operating expenses Cost of services (exclusive of depreciation and amortization) 207.8 16.4 224.2 Selling, general and administrative 95.6 12.4 108.0 Depreciation and amortization 21.2 1.8 23.0 Total operating expenses 324.6 30.6 355.2 Operating profit (loss) (3.6) 69.0 65.4 Interest expense 8.0 30.3 38.3 Other (income) expense, net 7.0 0.1 7.1 Intercompany expense (income) 6.4 (6.4) — Income (loss) from continuing operations before income taxes (25.0) 45.0 20.0 Income taxes (3.9) 11.2 7.3 Income (loss) from continuing operations $ (21.1) $ 33.8 $ 12.7 Total assets $ 2,376.5 $ 2,771.4 $ 5,147.9 Financial information regarding our reportable segments is set forth below as of and for the three months ended March 31, 2022 (in millions) : Marketplace Finance Consolidated Operating revenues $ 285.2 $ 84.2 $ 369.4 Operating expenses Cost of services (exclusive of depreciation and amortization) 195.8 15.0 210.8 Selling, general and administrative 108.4 10.5 118.9 Depreciation and amortization 23.9 2.1 26.0 Total operating expenses 328.1 27.6 355.7 Operating profit (loss) (42.9) 56.6 13.7 Interest expense 13.3 12.3 25.6 Other (income) expense, net (1.8) 3.0 1.2 Intercompany expense (income) 0.1 (0.1) — Income (loss) from continuing operations before income taxes (54.5) 41.4 (13.1) Income taxes (15.1) 10.4 (4.7) Income (loss) from continuing operations $ (39.4) $ 31.0 $ (8.4) Total assets $ 2,630.3 $ 3,103.5 $ 5,733.8 Geographic Information Our foreign operations include Canada, Continental Europe and the U.K. Approximately 60% and 64% of our foreign operating revenues were from Canada for the three months ended March 31, 2023 and 2022, respectively. Most of the remaining foreign operating revenues were generated from Continental Europe. Information regarding the geographic areas of our operations is set forth below (in millions) : Three Months Ended March 31, 2023 2022 Operating revenues U.S. $ 272.2 $ 231.1 Foreign 148.4 138.3 $ 420.6 $ 369.4

Subsequent Events

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Event	Subsequent EventOn May 2, 2023, the Company announced that it is changing its name to OPENLANE, Inc., effective May 15, 2023. The change reflects the Company’s transformation to a more asset-light, digital marketplace company and signals a new simplified, customer-first approach to used vehicle remarketing. OPENLANE will serve as both the parent company brand and the go-to-market brand for the Company’s digital marketplaces in the U.S., Canada and Europe. OPENLANE will continue trading on the New York Stock Exchange under the ticker symbol “KAR.” As the OPENLANE branded marketplace will replace the existing branded marketplaces, the Company will evaluate the $122.8 million carrying amount of its indefinite-lived ADESA tradename, as well as the $1.3 million carrying amount for certain other definite-lived tradenames associated with recent acquisitions, which may result in a potential non-cash impairment charge in the second quarter of 2023. In addition, the Company will reassess the useful life of the ADESA tradename in the second quarter of 2023.

Basis of Presentation and Nat_2

Basis of Presentation and Nature of Operations Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. GAAP for annual financial statements. Operating results for interim periods are not necessarily indicative of results that may be expected for the year as a whole. In the opinion of management, the consolidated financial statements reflect all adjustments, generally consisting of normal recurring accruals, necessary for a fair statement of our results of operations, cash flows and financial position for the periods presented. These consolidated financial statements and condensed notes to consolidated financial statements are unaudited and should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the Securities and Exchange Commission on March 9, 2023. The 2022 year-end consolidated balance sheet data included in this Form 10-Q was derived from the audited financial statements referenced above and does not include all disclosures required by U.S. GAAP for annual financial statements.
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates based in part on assumptions about current, and for some estimates, future economic and market conditions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the period. Although the current estimates contemplate current conditions and expected future changes, as appropriate, it is reasonably possible that future conditions could differ from these estimates, which could materially affect our results of operations and financial position. Among other effects, such changes could result in future impairments of goodwill, intangible assets and long-lived assets, incremental losses on finance receivables, additional allowances on accounts receivable and deferred tax assets and changes in litigation and other loss contingencies.

Sale of ADESA U.S. Physical A_2

Sale of ADESA U.S. Physical Auction Business and Discontinued Operations (Tables)	3 Months Ended
	Mar. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	The following table presents the results of operations for the ADESA U.S. physical auction business that have been reclassified to discontinued operations for all periods presented (in millions) : Three Months Ended March 31, 2023 2022 Operating revenues $ — $ 220.0 Operating expenses Cost of services (exclusive of depreciation and amortization) — 158.6 Selling, general and administrative — 43.9 Depreciation and amortization — 11.2 Total operating expenses — 213.7 Operating profit (loss) — 6.3 Interest expense — 0.1 Other (income) expense, net — (6.1) Income (loss) from discontinued operations before income taxes — 12.3 Income taxes — 4.2 Income from discontinued operations $ — $ 8.1

Stock and Stock-Based Compens_2

Stock and Stock-Based Compensation Plans (Tables)	3 Months Ended
Stock and Stock-Based Compensation Plans (Tables)	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Summary of stock-based compensation expense by type of award	The following table summarizes our stock-based compensation expense by type of award (in millions) : Three Months Ended March 31, 2023 2022 PRSUs $ (0.1) $ 1.9 RSUs 2.8 1.4 Service options 0.2 0.2 Market options 0.7 1.5 Total stock-based compensation expense $ 3.6 $ 5.0

Net Income (Loss) from Contin_2

Net Income (Loss) from Continuing Operations Per Share (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of computation of net income (loss) from continuing operations per share	The following table sets forth the computation of income (loss) from continuing operations per share (in millions except per share amounts) : Three Months Ended March 31, 2023 2022 Income (loss) from continuing operations $ 12.7 $ (8.4) Series A Preferred Stock dividends (11.1) (10.7) Income from continuing operations attributable to participating securities (0.4) — Income (loss) from continuing operations attributable to common stockholders $ 1.2 $ (19.1) Weighted average common shares outstanding 109.3 121.4 Effect of dilutive stock options and restricted stock awards 0.6 — Weighted average common shares outstanding and potential common shares 109.9 121.4 Income (loss) from continuing operations per share Basic $ 0.01 $ (0.16) Diluted $ 0.01 $ (0.16)

Finance Receivables and Oblig_2

Finance Receivables and Obligations Collateralized by Finance Receivables (Tables)	3 Months Ended
	Mar. 31, 2023
Financing Receivable, after Allowance for Credit Loss, Current [Abstract]
Schedule of quantitative information about delinquencies, credit losses less recoveries ("net credit losses") and components of securitized financial assets and other related assets managed	The following tables present quantitative information about delinquencies, credit loss charge-offs less recoveries ("net credit losses") and components of securitized financial assets and other related assets managed. For purposes of this illustration, delinquent receivables are defined as receivables 31 days or more past due. March 31, 2023 Net Credit Losses Total Amount of: (in millions) Receivables Receivables Floorplan receivables $ 2,402.8 $ 19.6 $ 12.5 Other loans 3.6 — — Total receivables managed $ 2,406.4 $ 19.6 $ 12.5 December 31, 2022 Net Credit Losses Total Amount of: (in millions) Receivables Receivables Floorplan receivables $ 2,409.9 $ 17.5 $ 1.4 Other loans 6.7 — — Total receivables managed $ 2,416.6 $ 17.5 $ 1.4
Summary of the changes in the allowance for credit losses and doubtful accounts	The following is a summary of the changes in the allowance for credit losses related to finance receivables ( in millions ): March 31, 2023 March 31, 2022 Allowance for Credit Losses Balance at December 31 $ 21.5 $ 23.0 Provision for credit losses 12.0 1.4 Recoveries 1.6 1.9 Less charge-offs (14.1) (3.3) Balance at end of period $ 21.0 $ 23.0
Schedule of obligations collateralized by finance receivables	Obligations collateralized by finance receivables consisted of the following: March 31, 2023 December 31, 2022 Obligations collateralized by finance receivables, gross $ 1,656.5 $ 1,697.0 Unamortized securitization issuance costs (18.3) (19.4) Obligations collateralized by finance receivables $ 1,638.2 $ 1,677.6

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
Long-Term Debt (Tables)	Mar. 31, 2023
Long-Term Debt, Unclassified [Abstract]
Schedule of long-term debt	Long-term debt consisted of the following (in millions) : Interest Rate* Maturity March 31, 2023 December 31, 2022 Term Loan B-6 Adjusted LIBOR + 2.25% September 19, 2026 $ — $ — Revolving Credit Facility Adjusted LIBOR + 1.75% September 19, 2024 65.0 145.0 Senior notes 5.125% June 1, 2025 350.0 350.0 European lines of credit Euribor + 1.25% Repayable upon demand 20.8 3.7 Total debt 435.8 498.7 Unamortized debt issuance costs/discounts (4.0) (4.7) Current portion of long-term debt (225.8) (288.7) Long-term debt $ 206.0 $ 205.3

Other (Income) Expense, Net (Ta

Other (Income) Expense, Net (Tables)	3 Months Ended
Other (Income) Expense, Net (Tables)	Mar. 31, 2023
Other Nonoperating Income (Expense) [Abstract]
Schedule of Other (Income) Expense, Net	Other (income) expense, net consisted of the following ( in millions ): Three Months Ended March 31, 2023 2022 Change in realized and unrealized (gains) losses on investment securities, net $ 0.1 $ 3.0 Foreign currency (gains) losses 0.1 1.2 Investment and note receivable impairment 11.0 — Other (4.1) (3.0) Other (income) expense, net $ 7.1 $ 1.2

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
Accumulated Other Comprehensive Loss (Tables)	Mar. 31, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of accumulated other comprehensive loss	Accumulated other comprehensive loss consisted of the following ( in millions ): March 31, 2023 December 31, 2022 Foreign currency translation loss $ (47.1) $ (49.5) Accumulated other comprehensive loss $ (47.1) $ (49.5)

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
Segment Information (Tables)	Mar. 31, 2023
Segment Reporting [Abstract]
Schedule of financial information regarding the entity's reportable segments	Financial information regarding our reportable segments is set forth below as of and for the three months ended March 31, 2023 (in millions) : Marketplace Finance Consolidated Operating revenues $ 321.0 $ 99.6 $ 420.6 Operating expenses Cost of services (exclusive of depreciation and amortization) 207.8 16.4 224.2 Selling, general and administrative 95.6 12.4 108.0 Depreciation and amortization 21.2 1.8 23.0 Total operating expenses 324.6 30.6 355.2 Operating profit (loss) (3.6) 69.0 65.4 Interest expense 8.0 30.3 38.3 Other (income) expense, net 7.0 0.1 7.1 Intercompany expense (income) 6.4 (6.4) — Income (loss) from continuing operations before income taxes (25.0) 45.0 20.0 Income taxes (3.9) 11.2 7.3 Income (loss) from continuing operations $ (21.1) $ 33.8 $ 12.7 Total assets $ 2,376.5 $ 2,771.4 $ 5,147.9 Financial information regarding our reportable segments is set forth below as of and for the three months ended March 31, 2022 (in millions) : Marketplace Finance Consolidated Operating revenues $ 285.2 $ 84.2 $ 369.4 Operating expenses Cost of services (exclusive of depreciation and amortization) 195.8 15.0 210.8 Selling, general and administrative 108.4 10.5 118.9 Depreciation and amortization 23.9 2.1 26.0 Total operating expenses 328.1 27.6 355.7 Operating profit (loss) (42.9) 56.6 13.7 Interest expense 13.3 12.3 25.6 Other (income) expense, net (1.8) 3.0 1.2 Intercompany expense (income) 0.1 (0.1) — Income (loss) from continuing operations before income taxes (54.5) 41.4 (13.1) Income taxes (15.1) 10.4 (4.7) Income (loss) from continuing operations $ (39.4) $ 31.0 $ (8.4) Total assets $ 2,630.3 $ 3,103.5 $ 5,733.8
Schedule of information regarding the geographic areas of entity's operations	Information regarding the geographic areas of our operations is set forth below (in millions) : Three Months Ended March 31, 2023 2022 Operating revenues U.S. $ 272.2 $ 231.1 Foreign 148.4 138.3 $ 420.6 $ 369.4

Basis of Presentation and Nat_3

Basis of Presentation and Nature of Operations (Details) $ / shares in Units, $ in Millions	Mar. 31, 2023 USD ($) network location $ / shares shares	Dec. 31, 2022 USD ($) shares	Sep. 19, 2019 USD ($)	May 31, 2017
Basis of Presentation and Nature of Operations [Abstract]
Long-term debt	$ 435.8	$ 498.7
Marketplace
Basis of Presentation and Nature of Operations [Abstract]
Number of vehicle logistics center locations (Canada) \| network	14
AFC
Basis of Presentation and Nature of Operations [Abstract]
Number of floorplan financing locations \| location	100
Series A Preferred Stock [Member]
Basis of Presentation and Nature of Operations [Abstract]
Series A Preferred Stock par value per share \| $ / shares	$ 0.01
Series A Preferred Stock shares outstanding \| shares	634,305	634,305
Term Loan B-6
Basis of Presentation and Nature of Operations [Abstract]
Long-term debt	$ 0	$ 0
Senior Notes [Member]
Basis of Presentation and Nature of Operations [Abstract]
Long-term debt	$ 350	350
Senior notes stated interest rate	5.125%			5.125%
Credit Agreement \| Term Loan B-6
Basis of Presentation and Nature of Operations [Abstract]
Long-term debt			$ 950
Credit Agreement \| Senior secured revolving credit facility
Basis of Presentation and Nature of Operations [Abstract]
Long-term debt	$ 65	$ 145
Maximum borrowing capacity			$ 325

Sale of ADESA U.S. Physical A_3

Sale of ADESA U.S. Physical Auction Business and Discontinued Operations (Details) - USD ($) $ in Millions		3 Months Ended		12 Months Ended
	May 09, 2022	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Discontinued Operations
Proceeds from divestiture of business	$ 2,200
Term of commercial agreement	7 years
Net cash inflow from the commercial agreement and transition services		$ 30
Pretax gain on disposal of discontinued operations				$ 521.8
Effective rate for discontinued operations (as a percent)				60%
Cost of Service - KAR to ADESA U.S. Physical Auctions		21.9	$ 17.7
Service Revenue - KAR to ADESA U.S. Physical Auctions		21.9	17.7
Discontinued Operations - Results of Operations
Operating revenues		0	220
Cost of services (exclusive of depreciation and amortization)		0	158.6
Selling, general and administrative		0	43.9
Depreciation and amortization		0	11.2
Total operating expenses		0	213.7
Operating profit (loss)		0	6.3
Interest expense		0	0.1
Other (income) expense, net		0	(6.1)
Income (loss) from discontinued operations before income taxes		0	12.3
Income taxes		0	4.2
Income from discontinued operations		$ 0	$ 8.1

Stock and Stock-Based Compens_3

Stock and Stock-Based Compensation Plan Summary (Details) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) installment $ / shares shares	Mar. 31, 2022 USD ($)
Stock and Stock-Based Compensation Plans
Stock-based compensation expense (in dollars)	$ 3.6	$ 5
PRSUs
Stock and Stock-Based Compensation Plans
Stock-based compensation expense (in dollars)	(0.1)	1.9
RSUs
Stock and Stock-Based Compensation Plans
Stock-based compensation expense (in dollars)	2.8	1.4
Service options
Stock and Stock-Based Compensation Plans
Stock-based compensation expense (in dollars)	0.2	0.2
Market Options
Stock and Stock-Based Compensation Plans
Stock-based compensation expense (in dollars)	$ 0.7	$ 1.5
KAR Auction Services, Inc. 2009 Omnibus Stock and Incentive Plan \| PRSUs
Stock and Stock-Based Compensation Plans
PRSUs and/or RSUs grants \| shares	0.5
KAR Auction Services, Inc. 2009 Omnibus Stock and Incentive Plan \| RSUs
Stock and Stock-Based Compensation Plans
PRSUs and/or RSUs grants \| shares	0.6
Number of equal annual installments \| installment	3
PRSUs and/or RSUs grant date fair value \| $ / shares	$ 14.14
KAR Auction Services, Inc. 2009 Omnibus Stock and Incentive Plan \| PRSUs - Adjusted EBITDA
Stock and Stock-Based Compensation Plans
PRSUs and/or RSUs grant date fair value \| $ / shares	$ 14.14
Award vesting period	3 years
KAR Auction Services, Inc. 2009 Omnibus Stock and Incentive Plan \| PRSUs - TSR PRSUs
Stock and Stock-Based Compensation Plans
PRSUs and/or RSUs grant date fair value \| $ / shares	$ 21.24
Award vesting period	3 years

Share Repurchase Plan (Details)

Share Repurchase Plan (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
	Apr. 27, 2022	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Oct. 30, 2019
Additional disclosures
Common stock, par value (in dollars per share)		$ 0.01		$ 0.01
October 2019 Share Repurchase Program
Additional disclosures
Stock repurchase program, authorized amount	$ 200				$ 300
Stock repurchase program expiration date	Dec. 31, 2023
Stock Repurchase Program, Remaining Authorized Repurchase Amount		$ 126.9
Stock repurchased and retired during period (in shares)		0	0

Net Income (Loss) from Contin_3

Net Income (Loss) from Continuing Operations Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Income (loss) from continuing operations	$ 12.7	$ (8.4)
Series A Preferred Stock dividends	(11.1)	(10.7)
Income from continuing operations attributable to participating securities	(0.4)	0
Income (loss) from continuing operations attributable to common stockholders	$ 1.2	$ (19.1)
Shares outstanding
Weighted average common shares outstanding	109.3	121.4
Effect of dilutive stock options and restricted stock awards	0.6	0
Weighted average common shares outstanding and potential common shares	109.9	121.4
Income (loss) from continuing operations per share - basic
Basic (in dollars per share)	$ 0.01	$ (0.16)
Income (loss) from continuing operations per share - diluted
Diluted (in dollars per share)	$ 0.01	$ (0.16)
Shares attributable to service options excluded from the calculation of diluted net income per share	0.5
Securities excluded from calculation of earnings per share amount due to performance conditions not yet satisfied	1.6
Stock options outstanding (in shares)	4.7	5.7

Finance Receivables and Oblig_3

Finance Receivables and Obligations Collateralized by Finance Receivables (Details) $ in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Mar. 31, 2023 CAD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CAD ($)
Finance Receivables and Obligations Collateralized by Finance Receivables
Cost capitalized in connection with US/Canada RPA	$ 0.5	$ 0
Principal amount of receivables	2,406.4			$ 2,416.6
Principal amount of receivables delinquent	19.6			17.5
Net credit losses	12.5	1.4
Finance Receivables Pledged as Security	2,373.6			2,396.6
Obligations collateralized by finance receivables, gross	1,656.5			1,697
Obligations collateralized by finance receivables	1,638.2			1,677.6
Changes in the allowance for credit losses
Balance at beginning of period	21.5	23
Provision for credit losses	12	1.4
Recoveries	1.6	1.9
Less charge-offs	(14.1)	(3.3)
Balance at end of period	21	23
Floorplan receivables
Finance Receivables and Obligations Collateralized by Finance Receivables
Principal amount of receivables	2,402.8			2,409.9
Principal amount of receivables delinquent	19.6			17.5
Net credit losses	12.5	1.4
Other Loans
Finance Receivables and Obligations Collateralized by Finance Receivables
Principal amount of receivables	3.6			6.7
Principal amount of receivables delinquent	0			0
Net credit losses	0	$ 0
AFC
Finance Receivables and Obligations Collateralized by Finance Receivables
Unamortized securitization issuance costs	$ (18.3)			$ (19.4)
AFC \| Minimum
Finance Receivables and Obligations Collateralized by Finance Receivables
Period to define financing receivables as past due (in days)	31 days
AFC Funding Corporation
Finance Receivables and Obligations Collateralized by Finance Receivables
Committed liquidity	$ 2,000
AFC Funding Corporation \| Minimum
Finance Receivables and Obligations Collateralized by Finance Receivables
Cash reserve as security for obligations of collateralized financing receivables (as a percent)	1%
Cash reserve as security for obligations of collateralized financing receivables - circumstance two (as a percent)	3%
AFCI
Finance Receivables and Obligations Collateralized by Finance Receivables
Committed liquidity			$ 300		$ 225
Cost capitalized in connection with US/Canada RPA	$ 0.5
AFCI \| Minimum
Finance Receivables and Obligations Collateralized by Finance Receivables
Cash reserve as security for obligations of collateralized financing receivables (as a percent)	1%
Cash reserve as security for obligations of collateralized financing receivables - circumstance two (as a percent)	3%

Long-Term Debt Summary (Details

Long-Term Debt Summary (Details) - USD ($) $ in Millions	3 Months Ended
Long-Term Debt Summary (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Sep. 19, 2019	May 31, 2017
Long-Term Debt
Total debt	$ 435.8	$ 498.7
Unamortized debt issuance costs/discounts	(4)	(4.7)
Current portion of long-term debt	(225.8)	(288.7)
Long-term debt	206	205.3
Term Loan B-6
Long-Term Debt
Total debt	$ 0	0
Term Loan B-6 \| Adjusted LIBOR
Long-Term Debt
Variable rate basis	Adjusted LIBOR
Interest rate basis (as a percent)	2.25%
Revolving credit facility \| Adjusted LIBOR
Long-Term Debt
Variable rate basis	Adjusted LIBOR
Interest rate basis (as a percent)	1.75%
Senior Notes [Member]
Long-Term Debt
Senior notes stated interest rate	5.125%			5.125%
Total debt	$ 350	350
Current portion of long-term debt	(140)
Credit Agreement \| Term Loan B-6
Long-Term Debt
Total debt			$ 950
Credit Agreement \| Revolving credit facility
Long-Term Debt
Total debt	65	145
European Line of Credit \| Foreign line of credit
Long-Term Debt
Total debt	$ 20.8	$ 3.7
European Line of Credit \| Foreign line of credit \| Euribor rate
Long-Term Debt
Variable rate basis	Euribor
Interest rate basis (as a percent)	1.25%

Credit Facilities (Details)

Credit Facilities (Details) € in Millions, $ in Millions		3 Months Ended		12 Months Ended
Credit Facilities (Details) € in Millions, $ in Millions	Sep. 19, 2019 USD ($)	Mar. 31, 2023 USD ($) item	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	Mar. 31, 2023 EUR (€)
Long-Term Debt
Long-term debt		$ 435.8		$ 498.7
Payments on long-term debt		$ 0	$ (2.4)
Percentage of equity interests of certain of the company's and the Subsidiary Guarantors' domestic subsidiaries pledged under the Credit Facility		100%
Percentage of equity interests of certain of the company's and the Subsidiary Guarantors' first-tier foreign subsidiaries pledged under the Credit Facility		65%
Estimated fair value of long-term debt		$ 430.6
Term Loan B-6
Long-Term Debt
Long-term debt		0		0
Letters of credit
Long-Term Debt
Maximum borrowing capacity		50
Outstanding letters of credit		19		19
Swing line loans
Long-Term Debt
Maximum borrowing capacity		60
Senior Notes [Member]
Long-Term Debt
Long-term debt		350		350
Loss on extinguishment of debt				9.5
Credit Agreement \| Term Loan B-6
Long-Term Debt
Long-term debt	$ 950
Payments on long-term debt				(926.2)
Loss on extinguishment of debt				7.7
Term of debt instrument	7 years
Credit Agreement \| Revolving credit facility
Long-Term Debt
Long-term debt		$ 65		145
Maximum borrowing capacity	$ 325
Frequency of commitment fee payment		quarterly
Amount borrowed		$ 65		145
Term of debt instrument	5 years
European Line of Credit \| Foreign line of credit
Long-Term Debt
Long-term debt		20.8		$ 3.7
Maximum borrowing capacity		$ 32.5			€ 30
Maximum
Long-Term Debt
Credit facility consolidated senior secured net leverage ratio \| item		3.5
Maximum \| Credit Agreement \| Revolving credit facility
Long-Term Debt
Commitment fee on the unused amount of the Revolving Credit Facility (as a percent)		0.35%
Minimum \| Credit Agreement \| Revolving credit facility
Long-Term Debt
Commitment fee on the unused amount of the Revolving Credit Facility (as a percent)		0.25%

Senior Notes (Details)

Senior Notes (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
Senior Notes (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Aug. 17, 2022	May 31, 2017
Long-Term Debt
Current maturities of long-term debt	$ 225.8	$ 288.7
Senior Notes [Member]
Long-Term Debt
Senior notes face amount					$ 950
Senior notes stated interest rate	5.125%				5.125%
Senior notes redemption price percentage	101.281%
Face amount of senior notes repurchased			$ 600	$ 600
Loss on extinguishment of debt		$ 9.5
Current maturities of long-term debt	$ 140

Derivatives (Details)

Derivatives (Details) $ in Millions		3 Months Ended
Derivatives (Details) $ in Millions	Jan. 23, 2020 USD ($) agreement	Mar. 31, 2023 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)
Fair value of the entity's interest rate derivatives included in the consolidated balance sheet
Fixed Interest Rate		3.69%
Unrealized gain on interest rate derivatives, net of tax		$ 0		$ 9.1
January 2020 interest rate swap
Fair value of the entity's interest rate derivatives included in the consolidated balance sheet
Derivative Number of Instruments Entered \| agreement	3
Aggregate notional amount	$ 500
Term of interest rate swaps	5 years
Derivative, weighted average fixed interest rate	1.44%
Tax impact from unrealized gain (loss) on interest rate derivatives				3
Unrealized Gain in "Interest expense"				$ 8.7
Realized gain in "Interest expense"			$ 16.7

Other (Income) Expense, Net (De

Other (Income) Expense, Net (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Other Nonoperating Income (Expense) [Abstract]
Change in realized and unrealized (gains) losses on investment securities, net	$ 0.1	$ 3
Foreign currency (gains) losses	0.1	1.2
Investment and note receivable impairment	11	0
Other	(4.1)	(3)
Other (income) expense, net	7.1	1.2
Realized (gains) losses on investments	0	0
Unrealized (gain) loss on investment securities	0.1	$ 3
Fair value of investment securities	0.3
Investments recorded at cost	24.9
Other than Temporary Impairment	3.7
Note Receivable Impairment	$ 7.3

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	3 Months Ended
Commitments and Contingencies (Details) $ in Millions	Mar. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Significant Change In Legal And Regulatory Proceedings	$ 0

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Foreign currency translation loss	$ (47.1)	$ (49.5)
Accumulated other comprehensive loss	$ (47.1)	$ (49.5)

Segment Information (Details)

Segment Information (Details) $ in Millions	3 Months Ended
Segment Information (Details) $ in Millions	Mar. 31, 2023 USD ($) segment	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Segment Reporting [Abstract]
Number of operating segments \| segment	2
Number of reportable segments \| segment	2
Segment Information
Operating revenues	$ 420.6	$ 369.4
Operating expenses
Cost of services (exclusive of depreciation and amortization)	224.2	210.8
Selling, general and administrative	108	118.9
Depreciation and amortization	23	26
Total operating expenses	355.2	355.7
Operating profit (loss)	65.4	13.7
Interest expense	38.3	25.6
Other (income) expense, net	7.1	1.2
Intercompany expense (income)	0	0
Income (loss) from continuing operations before income taxes	20	(13.1)
Income taxes	7.3	(4.7)
Income (loss) from continuing operations	12.7	(8.4)
Total assets	5,147.9		$ 5,119.8
Operating Segments \| Marketplace
Segment Information
Operating revenues	321	285.2
Operating expenses
Cost of services (exclusive of depreciation and amortization)	207.8	195.8
Selling, general and administrative	95.6	108.4
Depreciation and amortization	21.2	23.9
Total operating expenses	324.6	328.1
Operating profit (loss)	(3.6)	(42.9)
Interest expense	8	13.3
Other (income) expense, net	7	(1.8)
Intercompany expense (income)	6.4	0.1
Income (loss) from continuing operations before income taxes	(25)	(54.5)
Income taxes	(3.9)	(15.1)
Income (loss) from continuing operations	(21.1)	(39.4)
Total assets	2,376.5	2,630.3
Operating Segments \| Finance
Segment Information
Operating revenues	99.6	84.2
Operating expenses
Cost of services (exclusive of depreciation and amortization)	16.4	15
Selling, general and administrative	12.4	10.5
Depreciation and amortization	1.8	2.1
Total operating expenses	30.6	27.6
Operating profit (loss)	69	56.6
Interest expense	30.3	12.3
Other (income) expense, net	0.1	3
Intercompany expense (income)	(6.4)	(0.1)
Income (loss) from continuing operations before income taxes	45	41.4
Income taxes	11.2	10.4
Income (loss) from continuing operations	33.8	31
Total assets	2,771.4	3,103.5
Operating Segments \| Continuing Operations
Operating expenses
Total assets	$ 5,147.9	$ 5,733.8

Segment Information (Details 2)

Segment Information (Details 2) - USD ($) $ in Millions	3 Months Ended
Segment Information (Details 2) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
Geographic Information
Operating revenues	$ 420.6	$ 369.4
U.S.
Geographic Information
Operating revenues	$ 272.2	$ 231.1
Foreign
Geographic Information
Percent of foreign revenue from Canada	60%	64%
Operating revenues	$ 148.4	$ 138.3

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Millions	May 02, 2023	Mar. 31, 2023	Dec. 31, 2022
Subsequent Event
Carrying amount for certain other definite-lived tradenames		$ 228.1	$ 231.3
Subsequent Event [Member] \| Tradenames
Subsequent Event
Carrying amount for certain other definite-lived tradenames	$ 1.3
Subsequent Event [Member] \| ADESA Trade Name
Subsequent Event
Indefinite-lived ADESA tradename	$ 122.8