KAR Auction Services Charts Portray Positive Picture The provider of car auction services looks like it is worth buying on a dip. Stocks quotes in this article: KAR
Hallett said his company began transitioning to digital auctions years ago. In 2019, nearly 60% of KAR s business was digital, he said. With the pandemic, KAR made the remaining two to three years worth of transition in about three weeks, he said.
KAR s digital auction platform is more efficient and safer than the in-person model, Hallett said, and sellers have access to more buyers than ever before. The digital transition, along with the company s acquisition of Backlot Cars for $425 million, puts KAR in a strong position for 2021, he said.
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