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John Hammer has been named president of the ADESA unit of KAR Auction Services, effective Feb. 26. He replaces Stephane St-Hilaire, who resigned.
KAR Auction Services' stock price rose Wednesday after the company reported solid third-quarter results.
KAR Auction Services has acquired all of the TradeRev technology that allows dealers to electronically buy used vehicles before they reach physical auctions.
KAR Auction Services' second-quarter net profile fell 7.4 percent on a debt-restructuring charge, even as revenue grew.
ADESA parent KAR's first-quarter net income and revenue both rose 14 percent, driven in large part by a surge in income at its auctions. Acquisitions also pushed the results up.
Cox Automotive and KAR Auction Services own the two largest U.S. auction groups. But they've taken quite different approaches to growing and diversifying.
The glut of off-lease vehicles returning to market is causing the nation's two largest auction groups to double down on the concept of velocity -- albeit in slightly different ways.
ADESA parent company KAR Auction Services reported a 5.8 percent decline in fourth quarter net income on higher service costs and selling and administrative expenses.
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