KAR Auction Services, Inc. (NYSE:KAR) Files An 8-K Regulation FD DisclosureItem 7.01
Regulation FD Disclosure.
On February 27, 2018, KAR Auction Services, Inc., a Delaware corporation (the “Company”), issued a press release announcing its plan to pursue the spin off of its salvage vehicle auction business into an independent, publicly-traded company, a copy of which is attached hereto as Exhibit 99.1 and is incorporated into this Item 7.01 by reference. A copy of the Company’s investor presentation regarding the proposed transaction is attached hereto as Exhibit 99.2 and is incorporated into this Item 7.01 by reference.
The information set forth in this Item 7.01 and the related information in Exhibits 99.1 and 99.2 attached hereto are being furnished to, and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section and shall not be incorporated by reference in any filing with, the Securities and Exchange Commission under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference therein.
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Item 7.01 |
Financial Statements and Exhibits. |
(d) Exhibits.
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99.1 |
Press Release of KAR Auction Services, Inc., dated February 27, 2018 |
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99.2 |
KAR Auction Services, Inc., Investor Presentation, dated February 28, 2018 |
KAR Auction Services, Inc. ExhibitEX-99.1 2 exhibit991-karxiaapressrel.htm EXHIBIT 99.1 – KAR-IAA PRESS RELEASE Exhibit EXHIBIT 99.1PRESS RELEASEFOR IMMEDIATE RELEASE KAR Pursues Separation of IAA Salvage Auction Business Unit Tax-Free Spin-Off Aimed at Unlocking Shareholder Value•Proposed separation will create two independent,…To view the full exhibit click here
About KAR Auction Services, Inc. (NYSE:KAR)
KAR Auction Services, Inc. is a provider of whole car auction services in North America, and salvage auction services in North America and the United Kingdom. The Company operates through three segments: ADESA, Inc. (ADESA Auctions), Insurance Auto Auctions, Inc. (IAA) and Automotive Finance Corporation (AFC). The ADESA segment is a provider of whole car auctions and related services to the vehicle remarketing industry in North America. The Company operates as IAA in the United States and Impact Auto Auctions in Canada. The AFC segment is a provider of floorplan financing to independent used vehicle dealers. It facilitates a marketplace by providing auction services for sellers of used, or whole car, vehicles and salvage vehicles through its approximately 240 physical auction locations, and multiple Internet venues. The Company facilitates the sale of over 4.4 million used and salvage vehicles.
