From a technical perspective, OPENLANE, Inc. (KAR) is looking like an interesting pick, as it just reached a key level of support. KAR's 50-day simple moving average crossed above its 200-day simple moving average, which is known as a "golden cross" in the trading world.Considered an important signifier for a bullish breakout, a golden cross is a technical chart pattern that's formed when a stock's short-term moving average breaks above a longer-term moving average; the most common crossover involves the 50 ...

OPENLANE (KAR) came out with quarterly earnings of $0.26 per share, beating the Zacks Consensus Estimate of $0.21 per share. This compares to earnings of $0.18 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 23.81%. A quarter ago, it was expected that this used and salvaged vehicle auctioneer would post earnings of $0.20 per share when it actually produced earnings of $0.19, delivering a surprise of -5%.Over the last four quar ...

Financial Performance - Consolidated income from continuing operations for Q3 2024 was $28.4 million, with Marketplace contributing $4.8 million and Finance $23.6 million[2]. - Adjusted EBITDA for Q3 2024 reached $74.5 million, with Marketplace at $35.8 million and Finance at $38.7 million[2]. - For the nine months ended September 30, 2024, consolidated income from continuing operations was $57.6 million, with Marketplace at $(24.2) million and Finance at $81.8 million[5]. - The company reported a net income of $28.4 million for Q3 2024, with a total EBITDA of $100.2 million[9]. - For the nine months ended September 30, 2023, the consolidated income from continuing operations was $(168.4) million, with Marketplace at $(259.8) million and Finance at $91.4 million[7]. - The company incurred $250.8 million in goodwill and other intangibles impairment for the nine months ended September 30, 2023[7]. - The company expects continued growth in Adjusted EBITDA, with a total of $220.7 million for the nine months ended September 30, 2024[5]. Revenue and Profitability - Revenue for the three months ended September 30, 2024, was $448.4 million, an increase of 8% compared to $416.3 million for the same period in 2023[12]. - Total revenues for the nine months ended September 30, 2024, reached $1,296.5 million, reflecting a 3% increase from $1,253.8 million in the prior year[19]. - Gross profit for the three months ended September 30, 2024, was $196.4 million, slightly down from $200.3 million in the same period of 2023[12]. - Operating profit for the three months ended September 30, 2024, was $73.2 million, compared to $66.5 million for the same period in 2023[12]. - Gross profit for the nine months increased by $3.4 million, or 1%, to $347.2 million, with gross profit margin at 34.4% of revenue[44]. Expenses and Costs - Total addbacks for Adjusted EBITDA in Q3 2024 amounted to $(25.7) million, primarily due to securitization interest deductions of $(27.9) million[2]. - Non-cash stock-based compensation for Q3 2024 was $4.1 million, contributing to the overall Adjusted EBITDA[2]. - Selling, general and administrative expenses decreased by $7.1 million, or 7%, to $87.7 million, mainly due to lower information technology costs and professional fees[38]. - Selling, general and administrative expenses decreased by $0.9 million, or 7%, to $11.7 million for the three months ended September 30, 2024[54]. Tax and Valuation - The effective tax rate for the three months ended September 30, 2024, was 31.6%, down from 50.0% in the same period of 2023[16]. - The company recorded a valuation allowance against the U.S. net deferred tax asset of $42.9 million as of September 30, 2024[17]. Segment Performance - Total Marketplace revenue increased by $37.7 million, or 12%, to $354.3 million for the three months ended September 30, 2024, compared to $316.6 million for the same period in 2023[31]. - For the nine months ended September 30, 2024, total Marketplace revenue increased by $51.6 million, or 5%, to $1,008.6 million[39]. - For the three months ended September 30, 2024, finance segment revenue decreased by $5.6 million, or 6%, to $94.1 million compared to $99.7 million for the same period in 2023[51]. - For the nine months ended September 30, 2024, finance segment revenue decreased by $8.9 million, or 3%, to $287.9 million compared to $296.8 million for the same period in 2023[56]. Credit and Loss Provisions - The provision for credit losses increased to 2.1% of average managed receivables for the three months ended September 30, 2024, up from 2.0% for the same period in 2023[52]. - The provision for credit losses increased to 2.2% of average managed receivables for the nine months ended September 30, 2024, up from 2.0% for the same period in 2023[57]. Cash Flow - Cash provided by operating activities for the nine months ended September 30, 2024, was $260.1 million, compared to $216.2 million for the same period in 2023[63]. - Cash used by financing activities for the nine months ended September 30, 2024, was $264.3 million, compared to $312.1 million for the same period in 2023[66].

CARMEL, Ind., Nov. 6, 2024 /PRNewswire/ -- OPENLANE, Inc. (NYSE: KAR), today reported its third quarter financial results for the period ended September 30, 2024."OPENLANE delivered strong third quarter results while advancing a differentiated pipeline of innovation and expanding our investments in people, technology and the customer experience," said Peter Kelly, CEO of OPENLANE. "I'm particularly pleased with the performance of our marketplace business, which grew volumes, gross profit and adjusted EBITDA ...

CARMEL, Ind., Oct. 16, 2024 /PRNewswire/ -- OPENLANE, Inc. (NYSE: KAR), a leading operator of digital marketplaces for wholesale used vehicles, will release its third quarter 2024 financial results after the market closes on Wednesday, Nov. 6, 2024. OPENLANE will also host an earnings conference call and webcast following the release on Wednesday, Nov. 6, 2024, at 5:00 p.m. ET. The call will be hosted by OPENLANE Chief Executive Officer Peter Kelly and Chief Financial Officer Brad Lakhia. The conference cal ...

New Code Boost IQ Exploits Data Moat to Empower US Dealers with Smarter, Faster Purchase Decisions CARMEL, Ind., Aug. 15, 2024 /PRNewswire/ -- OPENLANE, Inc. (NYSE: KAR), a leading operator of digital marketplaces for wholesale used vehicles, announces the launch of Code Boost IQ, a first-of-its-kind vehicle inspection enhancement that enables faster, better informed decision-making for dealers. Industry-standard "OnBoard Diagnostics II" (OBD2) scans detect thousands of alphanumeric diagnostic codes that in ...

OPENLANE (KAR) came out with quarterly earnings of $0.19 per share, missing the Zacks Consensus Estimate of $0.20 per share. This compares to earnings of $0.25 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -5%. A quarter ago, it was expected that this used and salvaged vehicle auctioneer would post earnings of $0.21 per share when it actually produced earnings of $0.19, delivering a surprise of -9.52%. Over the last four qu ...

CARMEL, Ind., Aug. 7, 2024 /PRNewswire/ -- OPENLANE, Inc. (NYSE: KAR), today reported its second quarter financial results for the period ended June 30, 2024. "OPENLANE's second quarter and year-to-date results clearly demonstrate the power of our differentiated platform and the strong scalability characteristics of our company," said Peter Kelly, CEO of OPENLANE. "During the quarter, we grew marketplace and finance volumes, increased revenue and delivered strong adjusted EBITDA and operating cash flows. I ...

New Automated Absolute Sale Empowers Dealers to "Set and Forget", Capture Optimal Buyer Demand in Real Time CARMEL, Ind., Aug. 6, 2024 /PRNewswire/ -- OPENLANE, Inc. (NYSE: KAR), a leading operator of digital marketplaces for wholesale used vehicles, announces the launch of Automated Absolute Sale, a new tool that empowers US sellers to set a price threshold at the time of listing that, when achieved, immediately moves the vehicle into Absolute Sale mode. The feature increases convenience and velocity for s ...

The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on August 7. On the other hand, if they miss, the stock may move lower. Estimate Revisions Trend The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings relea ...