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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowThe parent company of the Adesa auto auction firm more than quadrupled its first-quarter profit on revenue that increased 5 percent.
KAR Auction Services Inc. reported financial results Tuesday for the quarter ended March 31. The company pulled in revenue of $482.7 million, up from $458.4 million in the same period last year.
Profit was $39.8 million, or 29 cents per share, compared with $8.1 million, or 6 cents per share, in the first quarter of 2010, when the company took a $25.3 million charge on the extinguishment of debt.
KAR is the holding company for Adesa Auction Services, the nation’s second-largest used-vehicle auction chain.
Adesa brought in $268.3 million during the quarter, down slightly from the $273.6 reported last year.
Sister company Insurance Auto Auctions Inc., a salvage auto auction firm, posted revenue of $175.9 million, up $17.1 million. Revenue at KAR's Automotive Finance Corp. improved to $38.5 million, compared to $26 million in the prior-year period.
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