How KAR's Upcoming IAA Spinoff Benefits Shareholders [Seeking Alpha]
KAR Auction Services, Inc (KAR)
Last kar auction services, inc earnings: 2/18 05:00 pm
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US:NYSE Investor Relations:
karauctionservices.com/investor-relations
Company Research
Source: Seeking Alpha
Summary Late last month, KAR Auction Services ( KAR ) announced that it would spin off its salvage auction business Insurance Auto Auctions (IAA) as a separate, publicly-traded company. The news sent KAR shares up 9 percent to a high of $56.64 on March 9, but the stock price has since come down to $54.20 as of March 29’s close. Although the full details of the transaction have not been released, the separation of IAA will likely prove beneficial for shareholders due to several factors. In the first place, the spinoff makes a lot of sense just based on the lack of overlap between IAA and KAR’s other business lines. The separation will also allow investors to better analyze the two firms. But perhaps most crucially, the IAA platform is a terrific business with fantastic economics, which means that the upcoming transaction could potentially unlock a lot of value. IAA and major rival Copart, Inc. ( CPRT ) each control roughly 40 percent of the U.S. salvage vehicle market. With
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KAR
Earnings
- 2/20/24 - Beat
KAR
Sec Filings
- 4/10/24 - Form 3
- 4/1/24 - Form 4
- 3/13/24 - Form 4
- KAR's page on the SEC website