KAR Auction Services announces secondary offering

CARMEL, Ind. (AP) — KAR Auction Services Inc. said Monday that there will be a secondary offering of 13 million shares of its common stock.

The Carmel, Ind., company said that its shareholder KAR Holdings II LLC will offer the stock, and that KAR Auction Services won't receive any proceeds from the offering.

The underwriters will have the option to buy up to an additional 1.95 million shares.

KAR is the holding company of ADESA Inc., Insurance Auto Auctions Inc. and Automotive Finance Corp. ADESA is a wholesale used vehicle auctions provider, while Insurance Auto Auctions is a salvage vehicle auction company. Automotive Finance offers financing to independent and franchise used vehicle dealers.

KAR Auction shares finished at $21.53 on Friday.