Digital used-vehicle marketer OPENLANE reports Q3 profit of $28M

CARMEL, Ind. (AP) — A digital marketplace for used vehicles, OPENLANE Inc. (KAR) on Wednesday reported third-quarter profit of $28.4 million.

On a per-share basis, the Carmel, Indiana-based company said it had profit of 12 cents. Earnings, adjusted for one-time gains and costs, came to 26 cents per share.

The results beat Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 21 cents per share.

The used and salvaged vehicle auctioneer posted revenue of $448.4 million in the period, also surpassing Street forecasts. Three analysts surveyed by Zacks expected $438.7 million.

This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on KAR at https://www.zacks.com/ap/KAR