Adesa auto auction parent posts $49M loss-WEB ONLY

Carmel-based KAR Holdings Inc., the parent of Adesa Auction Services, today posted a fourth-quarter loss of $49.3 million on $396.2 million in revenue for the period ending Dec. 31.

KAR’s loss widened from $34.3 million, and revenue declined 0.6 percent, from the same period a year ago.

For the year, the auto auction company reported a loss of $216.2 million on $1.7 billion in revenue, an 11.5-percent increase in revenue from 2007.

The revenue increase resulted partly from more used vehicles sold at auction, as high unemployment rates and a slumping economy continue to take their toll on new-vehicle sales.