Carmel-based KAR Auction Services Inc. (NYSE: KAR) is reporting third quarter net income of $52.3 million, up from $47.5 million during the same period the previous year. The company says revenue increased 13 percent year-over-year.
KAR says revenue was negatively impacted by $15 million in the third quarter thanks to fluctuations in the Canadian exchange rate. It says adjusted net income was negatively impacted by $3 million.
The company has announced a number or recent acquisitions. In May, a KAR subsidiary wrapped up the acquisition of a vehicle inspection business in Georgia. At the time, ADESA said the addition of DataScan Field Services would expand its reach in the United States and Canada. In March, ADESA announced the purchase of Pittsburgh Auto Auction in Pennsylvania, saying the acquisition complemented its buyer base in the eastern region.