CARMEL, Ind., March 26, 2020 /PRNewswire/ -- KAR Auction
Services Inc. d/b/a KAR Global (NYSE: KAR) will host a business
update conference call on Friday, March 27,
2020 at 11-11:30 a.m. EDT.
"The coronavirus pandemic continues to impact our company,
industry and markets around the globe," said Jim Hallett, chairman and CEO of KAR Global.
"Wholesale dealer demand has decreased significantly over the past
several weeks, and both the timeline and pace of market recovery
remain unpredictable. We look forward to sharing the proactive
steps we are taking to continue serving our customers, successfully
navigate the uncertainty ahead, and position our company to quickly
resume full operations as restrictions permit and demand
returns."
The company is taking a number of proactive steps, including the
following to be discussed on the call:
- KAR Global has taken cautionary measures to ensure the
continued health, safety and wellbeing of its employees, customers
and communities;
- KAR's executive leadership team will reduce or forgo their
salaries during the period our operations are disrupted by the
coronavirus pandemic;
- The company's Board of Directors will forgo their cash
compensation during the second quarter of 2020;
- KAR is reducing operational costs and preparing to scale staff
levels to current demand; and
- The company is reducing capital expenditures for the remainder
of 2020.
"We believe our balance sheet, including our cash position, is
strong, and we are well positioned to sustain our business and
navigate the uncertainty for the foreseeable future," continued
Hallett.
The call will be hosted by Mr. Hallett and KAR Global Executive
Vice President and Chief Financial Officer, Eric Loughmiller. The conference call may be
accessed by calling 1-844-778-4145 and entering participant
passcode 6425608.
A replay of the call will be available for two weeks via
telephone starting approximately 60 minutes after the completion of
the call. The replay may be accessed by calling
1-855-859-2056 and entering pass code 6425608. The archive of
the webcast will also be available following the call and will
be available at the investor relations section of
www.karglobal.com for a limited time.
KAR
Contacts
|
|
Media
Inquiries:
|
Analyst
Inquiries:
|
Gene Rodriguez
Miller
|
Mike
Eliason
|
(317)
343-5243
|
(317)
249-4559
|
gene.rodriguez@karglobal.com
|
mike.eliason@karglobal.com
|
About KAR
KAR Auction Services Inc. (NYSE: KAR), known
as KAR Global, provides sellers and buyers across the global
wholesale used vehicle industry with innovative, technology-driven
remarketing solutions. KAR Global's unique end-to-end platform
supports whole car, financing, logistics and other ancillary and
related services, including the sale of nearly 3.8 million units
valued at approximately $40 billion
through our auctions. Our integrated physical, online and mobile
marketplaces reduce risk, improve transparency and streamline
transactions for customers in more than 80 countries. Headquartered
in Carmel, Indiana, KAR Global has
approximately 15,000 employees across the
United States, Canada,
Mexico, U.K. and Europe. For more information, go to
www.KARglobal.com. For the latest KAR Global news, follow us on
Twitter @KARspeaks.
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SOURCE KAR Global