"Flood Of Off-Lease Vehicles" Set To Wreak Havoc On New Car Sales [zero hedge]
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
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Source: zero hedge
The percentage of new car 'sales' moving off dealer lots via leases has nearly tripled since late 2009 when they hit a low of just over 10%. Over the past 6 years, new leases, as a percent of overall car sales, has soared courtesy of, among other things, low interest rates, stable/rising used car prices and a nation of rental-crazed citizens for whom monthly payment is the only metric used to evaluate a "good deal"...even though leasing a new vehicle is pretty much the worst 'deal' you can possibly find for a rapidly depreciating brand new asset like a car...but we digress.Of course, what goes up must eventually come down. And all those leases signed on millions of brand new cars over the past several years are about to come off lease and flood the market with cheap, low-mileage used inventory. As Reuters noted, the flood of used vehicles is already starting to impact used car dealers:Recently, though, a computer search for available used vehicles within 150 miles of Reel revealed
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News
- Efabless Announces the Release of the OpenLane 2 Development Platform, Transforming Custom Silicon Design Flows [Yahoo! Finance]Yahoo! Finance
- OPENLANE to Announce First Quarter 2024 EarningsPR Newswire
- Klaviyo Appoints Carmel Galvin as Chief People Officer [Yahoo! Finance]Yahoo! Finance
- OPENLANE, Inc. (NYSE: KAR) was upgraded by analysts at Bank of America Co. from an "underperform" rating to a "neutral" rating. They now have a $20.00 price target on the stock, up previously from $16.00.MarketBeat
- OPENLANE (KAR) Just Flashed Golden Cross Signal: Do You Buy? [Yahoo! Finance]Yahoo! Finance
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