Wednesday, KAR Auction Services Inc. (NYSE:KAR) was reiterated as Buy and its price target was raised to 20 from 15 at SunTrust, noting that its Top-line and profitability activity levels are rebounding faster than expected.
HeffX-LTN’s overall technical outlook for KAR is Bullish with a Very Bullish bias, as it broke out of the I-cloud Wednesday and finished at 15.91, +0.25 on the day.
There is Strong Support at 14.54 and Key resistance at 22.29, a clear break above that mark augurs a run to 32.00 on the expansion and cost cutting at home.
KAR Auction Services, Inc., with its subsidiaries, used vehicle auctions and related vehicle remarketing services for the automotive industry in the United States, Europe, Canada, Mexico, and the United Kingdom. The company operates through 2 segments, ADESA Auctions and AFC. The ADESA Auctions segment offers whole car auctions and related services to the vehicle remarketing industry through online auctions and auction facilities.
It provides value-added services, such as auction related, transportation, reconditioning, inspection, title and repossession administration and remarketing, vehicle research, and analytical services, as well as data as a service.
This segment sells its products and services through vehicle manufacturers, fleet companies, rental car companies, finance companies, and others.
As of 31 December 2019, this segment had a network of 74 whole car auction facilities in North America.
The AFC segment offers floorplan financing, a short-term inventory-secured financing to independent used vehicle dealers, and sells vehicle service contracts.
It also provides wheel repair and hail catastrophe response services.
The company serves vehicle manufacturers, vehicle rental companies, financial institutions, commercial fleets and fleet management companies, and dealer customers.
The company was formerly known as KAR Holdings, Inc. and changed its name to KAR Auction Services, Inc. in November 2009. KAR Auction Services, Inc. was founded in Y 2006 and is HQ’d in Carmel, Indiana.
Have a healthy day, Keep the Faith!