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KAR Global’s profit drops in the pandemic year

Photo courtesy of KAR Global

CARMEL, Ind. (Inside INdiana Business) — Carmel-based KAR Auction Services Inc. (NYSE: KAR) is reporting fourth quarter and full-year financial results which reflect “significant” COVID-19 impact.

The company reported full-year net income of $500,000 compared to $92.4 million the previous year. KAR also reported a fourth quarter loss of $17.1 million, compared to net income of $15.3 million during the same period a year ago.

The company says it had to modify its business practices because of COVID-19-related orders and directives from the states where KAR does business.

The company says auction locations have resumed offering ancillary and related services, where possible, but KAR says the potential impact that “COVID-19 could have on our business remains uncertain.”

Click here to view the full earnings report.