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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowCarmel-based KAR Auction Services Inc. on Tuesday reported higher profit and revenue in the second-quarter compared with the same time last year.
The company earned $28.6 million, or 21 cents per share, compared with $12.8 million, or 12 cents per share, in the year-ago period.
Total revenue increased 7 percent, to $470 million.
Earnings before interest, taxes, depreciation and amortization amounted to $131 million, up 14 percent from $115.1 million in the second quarter of 2009.
For the first six months of the year, KAR earned $36.7 million, or 27 cents per share, compared with $9.3 million, or 9 cents per share, in the first six months of 2009.
Revenue in the first six months grew 5 percent, to $928.4 million.
KAR is the holding company for Adesa Auction Services, the nation’s second-largest used-vehicle auction chain. It provided no explanation for the increase in profit and revenue.
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