Kar Auction Services (KAR) Withdraws FY21 Guidance and Introduces Long-Term Targets
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KAR Global to Host Financial Update Conference Call Monday, September 20th and Analyst Day Event on Tuesday, September 21st
September 20, 2021 4:15 PM EDTCARMEL, Ind., Sept. 20, 2021 /PRNewswire/ -- KAR Auction Services, Inc. d/b/a KAR Global (NYSE: KAR), a leading global wholesale used vehicle digital marketplace operator, today announced that as a result of the continued disruption caused by the chip shortage and the corresponding lack of visibility into used vehicle volumes in its marketplaces, the company is withdrawing its previously provided financial outlook for fiscal 2021. The company expects $95 million to $100 million of Adjusted EBITDA for the third quarter 2021 and expects approximately 2.6 million vehicles sold in 2021. Due to the market uncertainty, the... More
