KAR Auction Services 8K Bond and Loan Conference | KAR 26 Mar 10

Barclay’s 2010 High Yield

Bond and Loan Conference

March 25, 2010

KAR Auction Services

Exhibit 99.1

Forward-Looking Statements

This

presentation includes forward-looking statements as that term is

defined

the

Private

Securities

Litigation

Reform

Act

1995.

Such

forward

looking

statements

are

subject

certain

risks,

trends,

and

uncertainties that could cause actual results to differ materially from

those projected, expressed or implied by such forward-looking

statements. Many of these risk factors are outside of the company’s

control,

and

such,

they

involve

risks

which

are

not

currently

known

to the company that could cause actual results to differ materially

from

forecasted

results.

Factors

that

could

cause

contribute

such differences include those matters disclosed in the company’s

Securities and Exchange Commission filings. The forward-looking

statements in this document are made as of the date hereof and the

company does not undertake to update its forward-looking

statements.

Non-GAAP Financial Measures

EBITDA, Adjusted EBITDA and percentages or calculations using

these measures, as presented herein, are supplemental measures of

the

company's

performance

that

are

not

required

by,

presented

accordance with, generally accepted accounting principles in the

United States, or GAAP. They are not measurements of the

company's financial performance under GAAP and should not be

considered as substitutes for net income (loss) or any other

performance measures derived in accordance with GAAP or as

substitutes for

cash flow from operating activities as measures of the

company's liquidity. See Appendix for additional information and a

reconciliation of these non-GAAP measures to GAAP net income

(loss).

2009 Revenue: $1,730mm

2009 Adj. EBITDA: $426mm¹

~3.3mm Vehicles Sold in 2009

Top 2 whole car auction position

22% market share

62 North American locations

88 loan origination offices

2009 Revenue: $553mm

2009 Adj. EBITDA: $147mm

Top 2 salvage vehicle auction

position

35% market share

153 North American locations

Leading Provider of Vehicle

Auction Services in North America

Includes corporate charges of $56mm

Includes AFC revenue of $88mm and adjusted EBITDA of $49mm

2009 Revenue²: $1,177mm

2009 Adj. EBITDA²: $335mm

Leading provider of vehicle auction & related services in North America

Highly concentrated industries with significant barriers to entry

Comprehensive integrated services offering across entire vehicle

remarketing spectrum

Longstanding and diverse customer and buyer base

Track record of increasing market share and revenue per vehicle

Differentiated physical and internet presence in whole car and salvage

auction markets

Strong

margins

low

capital

intensity

generate

significant

cash

flow

Investment Highlights

Brian Clingen

Chairman

Jim Hallett

CEO, KAR Auction Services

Tom Caruso

President & CEO, ADESA

Tom O’Brien

President & CEO, IAAI

Don Gottwald

President & CEO, AFC

John Nordin

EVP & CIO

Eric Loughmiller

EVP & CFO

Becca Polak

EVP, General Counsel & Secretary

Benjamin Skuy

EVP, International/Strategic Initiatives

David Vignes

EVP, Enterprise Optimization

Installed new management

team

Track record of organic and

acquisitive market share

expansion

Improved gross margin and

reduced corporate

overhead

Successful integration of

ADESA Impact into IAAI

Upgraded IT systems and

launched numerous

internet growth initiatives

Deleveraged balance sheet

Key Achievements

Years in

Name

Position

Industry

Strong Management Team with

Track Record of Driving Value

Vehicle Remarketing Life Cycle

New Vehicle Registrations

10-15 Million units

Removed from

Operation

12 Million units

Vehicles in

Operation

270 Million

units

Salvage Auctions

3 -

Million units

Dealer Trades

11 Million units

Wholesalers & Virtual Auctions

7 Million units

Consumer

-to-Consumer

12 Million units

KAR’s Core

Markets

Used Vehicle

(Whole Car

)

Auctions

9 Million units

Used Vehicle

Transactions in

North America

~40 Million

units

Source: Used vehicle (whole car) value per National Auto Auction Association. New vehicle registrations, vehicles in operation and vehicles removed from operation per

R.L. Polk & Co. Used vehicle transactions and consumer to consumer transactions per CNW Marketing for the U.S. and DesRosiers Automotive Consultants for Canada.

All other numbers based on company estimates. Estimates based on 2008 data; actual numbers may differ.

Value-Added

Ancillary Services

Seller

Whole Car Consignors

Dealers

OEMs and their Captive

Finance Arms

Commercial Fleet Customers

Financial Institutions

Rental Car Companies

Salvage Vehicle Consignors

Insurance Companies

Charities

Whole Car Providers

Whole Car Buyers

Salvage Buyers

Buyer

Auction Fee

Franchised Dealers

Independent Dealers

Wholesale Dealers

Dismantlers

Rebuilders & Resellers

Recyclers

Vehicle Flow –

Whole Car and

Salvage Markets

Auction Fee

9.1

9.5

9.4

9.7

10.0

9.5

9.3

9.2

0.0

2.0

4.0

6.0

8.0

10.0

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

North America Whole Car Auction Volume Stability (mm)

Stable Whole Car Auction Industry

Source: National Auto Auction Association and KAR Auction Services, Inc. estimates

14.3%

13.9%

13.5%

8.5%

10.6%

11.3%

12.0%

13.3%

13.0%

12.9%

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

2.9

2.8

2.4

2.3

2.2

2.1

2.4

2.5

2.6

2.7

2.9

3.0

2.9

0.0

0.5

1.0

1.5

2.0

2.5

3.0

Driven by Growth in Miles Driven…

(mm)

..And Increasing Proportion of “Total Loss”

Insurance Claims

Consistently Growing U.S.

Salvage Industry

Source: US DOT Federal Highway Administration, CCC Information Services.

Whole Car Market Share

Salvage Market Share

Manheim

Other

ADESA

Leader in Whole Car and

Salvage Auction Markets

other

competitor

holds

than

whole

car

market

10%

salvage market share

Copart

IAAI

Other

Source: Market share based on company estimates of vehicles sold as of 2009 year end. Manheim market share includes sales outside of North America.

Successful sales focus in whole car

business

•

Institutional

•

Dealer

•

e-Business

Providing best venue for all remarketers

•

Co-located facilities

•

e-Business

Selected strategic acquisitions,

greenfields and relocations

•

21 sites acquired

•

9 greenfield developments

•

3 relocations

18%

22%

10%

15%

20%

25%

2006

2009

33%

35%

16%

24%

32%

40%

2006

2009

Track Record of Market Share

Expansion

Source: Market share numbers are based on the number of vehicles sold by the Company in 2006 and 2009 and Company estimates of the number of

vehicles sold by competitors during the same periods. Actual numbers may differ.

Salvage Market Share

Whole Car Market Share

Drivers of Growth

Differentiated Physical and Internet

Presence in Whole Car and Salvage

Only

company

with

significant

presence

both

internet

and

physical

and

whole car and salvage markets

KAR’s unique presence in whole car and salvage markets affords customers

channel optimization opportunities

Internet, physical and hybrid model optimizes results for customers

The

majority

IAAI

salvage

vehicles

receive

internet

bids,

but

less

than

half

salvage vehicles are sold online

Unique presence maximizes proceeds to customer at auction

Large, established and diverse network

of buyers and sellers

Local market knowledge and

relationships

Significant IT and related infrastructure

investment

Coast to coast North American presence

Expansive tracts of land with significant

investment in facilities and land

improvements

Regulatory requirements, including

licensing, zoning and use permits

Significant Barriers to Entry

KAR’s 215 Auction Locations

The

Company

does

business

with

every

major

supplier

whole

car

and

salvage

vehicles

Average relationship of over ten years with top ten vehicle suppliers

Largest customer less than 4% of 2009 consolidated revenue

Over 150,000 registered whole car and salvage buyers from over 100 countries

Vehicle

Manufacturers &

Finance Companies

Banks

Rental

Car Companies

Established Relationships with

Vehicle Providers & Buyers

Insurance

Companies

Other Salvage

Providers

Recovery

administration

(PAR)

Towing /

Transportation

Inspections and

Condition Reports

(AutoVin)

Marshalling

e-Business

Secured storage

Inspections

Body

Mechanical

Detailing

Glass, Keys, PDR

(Dent Demon)

Titling

e-Business

Floorplan financing

(AFC)

Post-Sale

Inspections

Reporting

Collection and funds

transfer

Transportation

Lot Audits (AutoVin)

e-Business

Comprehensive Services

Offering

Maximizes Revenue

Over $500mm of non-auction fee services revenue in 2009

Before Auction Site

At Auction Site

After Auction

Provides competitive advantage by facilitating sales at whole car

auctions

Compliments KAR’s comprehensive service offerings

Enables the company to establish relationships with new vehicle buyers

Profitable, high margin business

•

Short duration loans

•

Fee driven business (2/3 of net revenue derived from fees)

•

Adj. EBITDA margin of 67.5% in fourth quarter 2009

Utilize in house subsidiaries to perform lot checks, repossess vehicles

and issue condition reports

•

Retain title to vehicle

New management team, updated credit process and focused pricing

strategy implemented in early 2009

AFC Business a Key Competitive

Advantage with Good Returns

Whole Car Adj. EBITDA Margin

Key Drivers of Improvement

Salvage Adj. EBITDA Margin

Implementation of best practices at

whole car (PRIDE)

Integration of ADESA’s and IAAI’s

salvage operations

Co-location of selected whole car and

salvage sites

Leverage AFC’s services at ADESA and

IAAI

Continuous operational improvements

and restructuring / cost reduction

programs

Economies

scale

–

operating

leverage

as volumes increase

Volume and fee increases and

operational efficiency gains at acquired

facilities

e-Business expansion / volume gains

Free cash flow conversion defined as (Adj. EBITDA -

Capex )/ Adj. EBITDA

24.5%

26.3%

84.8%

81.5%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

2007

2009

70.0%

80.0%

90.0%

100.0%

Strong Margins and Efficient

Business Model

23.6%

26.5%

85.9%

69.5%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

2007

2009

60.0%

70.0%

80.0%

90.0%

100.0%

Revenue

Free Cash Flow Conversion¹

Continue market share gains at ADESA

Continue margin expansion through operating efficiencies and growth

in volume and revenue per vehicle

Increase

facility

utilization

through

new

services

and

specialty

vehicle

sales

Bolt-on acquisitions and select greenfields and relocations

International opportunities, leveraging technology platform

Pursue disciplined growth at AFC

Future Growth Strategy

Top line growth since 2007 driven by:

•

Stable industry volumes

•

Track record of organic and acquisition market share growth

•

Increasing revenue per unit

High margin and low capital intensity business model generates significant

free cash flow

•

History of high and growing margins

•

Modest working capital requirements

•

Capex <5% of 2009 sales

•

Near to medium term objective is continued debt reduction

Ample liquidity

•

Low cost debt, unfunded revolver and strong cash position

•

Current AFC financing structure in place through April 2012

Financial Highlights

2009 Consolidated Financial Highlights

$1,771

$1,730

$1,000

$1,250

$1,500

$1,750

$2,000

2008

2009

Revenue

Gross Profit

$426

$394

$100

$200

$300

$400

$500

2008

2009

Adjusted EBITDA

$718

$732

$200

$400

$600

$800

$1,000

2008

2009

42.3%

40.6%

ADESA

AFC

IAAI

Financial Highlights

Quarterly Revenue

(US$ in millions)

$140.6

$135.5

$121.7

$142.1

$148.5

$135.4

$124.3

$138.0

$139.0

Q4' 07

Q1' 08

Q2' 08

Q3' 08

Q4' 08

Q1' 09

Q2' 09

Q3' 09

Q4' 09

$27.4

$23.8

$31.3

$34.9

$28.8

$22.8

$11.2

$16.2

$20.6

Q4' 07

Q1' 08

Q2' 08

Q3' 08

Q4' 08

Q1' 09

Q2' 09

Q3' 09

Q4' 09

Consolidated

$417.9

$430.1

$398.4

$462.1

$468.5

$444.6

$396.2

$442.5

$439.1

Q4' 07

Q1' 08

Q2' 08

Q3' 08

Q4' 08

Q1' 09

Q2' 09

Q3' 09

Q4' 09

Q4'07

Q1' 08

Q2' 08

Q3' 08

Q4' 08

Q1' 09

Q2' 09

Q3' 09

Q4' 09

Auction Fees

Ancillary Services

$285.1

$291.2

$286.4

$260.7

$288.3

$279.5

$270.8

$245.4

$249.9

ADESA

AFC

$55.6

$77.8

$51.7

$67.4

$76.3

$72.7

$48.7

$73.6

$79.3

Q4' 07

Q1' 08

Q2' 08

Q3' 08

Q4' 08

Q1' 09

Q2' 09

Q3' 09

Q4' 09

IAAI

Financial Highlights

Quarterly Adj. EBITDA

(US$ in millions)

$38.4

$36.3

$28.3

$36.7

$42.6

$31.9

$22.0

$32.6

$39.3

Q4' 07

Q1' 08

Q2' 08

Q3' 08

Q4' 08

Q1' 09

Q2' 09

Q3' 09

Q4' 09

$18.5

$14.4

$20.5

$21.6

$16.7

$10.7

$1.4

$5.6

$10.7

Q4' 07

Q1' 08

Q2' 08

Q3' 08

Q4' 08

Q1' 09

Q2' 09

Q3' 09

Q4' 09

Consolidated

$99.7

$114.0

$87.7

$112.7

$121.4

$101.9

$57.5

$97.1

$115.1

Q4' 07

Q1' 08

Q2' 08

Q3' 08

Q4' 08

Q1' 09

Q2' 09

Q3' 09

Q4' 09

Includes corporate charges

21.1%

23.6%

26.2%

25.4%

18.7%

25.5%

28.4%

28.7%

22.2%

Margin

23.3%

25.8%

28.7%

23.6%

17.7%

23.6%

28.3%

26.8%

27.3%

22.0%

24.4%

25.9%

22.9%

14.5%

21.9%

26.2%

26.5%

23.9%

65.5%

61.9%

58.0%

46.9%

12.5%

34.6%

51.9%

60.5%

67.5%

Margin

Significant Cash Flow Generation

(US$ in millions)

$185

$95

$50

$100

$150

$200

$250

2008

2009

% of Revenues

5.4%

10.7%

Operating Cash Flow Less Capital Expenditures

$1,947.0

Net Debt

12/31/09

Maturity

Available Cash

$325.9

Term Loan Facilities

1,247.9

2013

Floating Rate Notes

150.0

2014

Fixed Rate Notes (8.75%)

450.0

2014

Senior Sub. Notes (10%)

425.0

2015

Total Consolidated Debt

$2,272.9

Net Debt /Adjusted EBITDA

4.57X

December 31, 2009 Capital Structure

(US$ in millions)

Focused Commitment to Deleveraging

Targeted Growth Outlook

Industry Volume Growth

Revenue / Vehicle Growth

Market Share Expansion

Continued Operating Efficiencies

Operating Leverage

Debt Paydown / Re-investment

Earnings Growth

Selective Acquisitions

Appendix

Non-GAAP Financial Measures

EBITDA is defined as net income (loss), plus interest expense net of interest income, income

tax provision (benefit), depreciation and amortization. Adjusted EBITDA is calculated by

adjusting EBITDA for the items of income and expense and expected incremental revenue

and cost savings as described in the company's senior secured credit agreement.

Management believes that the inclusion of supplementary adjustments to EBITDA applied in

presenting Adjusted EBITDA is appropriate to provide additional information to investors

about

one

the

principal

internal

measures

performance

used

them.

Management

uses the Adjusted EBITDA measure to evaluate the company’s performance and to evaluate

results relative to incentive compensation targets. Adjusted EBITDA is also used by our

creditors in assessing debt covenant compliance and management believes its inclusion is

appropriate

provide

additional

information

investors

about

certain

covenants

required

pursuant to our senior secured credit facility and the notes.

EBITDA

and

Adjusted

EBITDA

have

limitations

analytical

tools,

and

should

not

considered in isolation, or as a substitute for analysis of the results as reported under GAAP.

These measures may not be comparable to similarly titled measures reported by other

companies.

2007 Adjusted EBITDA Reconciliation

Year Ended December 31, 2007

(Dollars in millions)

ADESA

IAAI

AFC

Corporate

Consolidated

Net Income (Loss)

$37.0

$2.2

$25.9

$(103.4)

$(38.3)

Add Back: ADESA 2007 Net Income

39.4

–

16.2

(28.7)

26.9

Add Back: ADESA 2007 Discontinued Ops

0.1

–

0.1

Add back: IAAI 2007 Net Loss

–

(0.4)

–

(0.4)

Income (Loss) from Continuing Operations

$76.5

$1.8

$42.1

$(132.1)

$(11.7)

Add Back:

Income Taxes

$30.0

$2.4

$17.2

$(59.6)

$(10.0)

ADESA 2007 Income Taxes

22.2

–

10.5

(7.8)

24.9

IAAI 2007 Income Taxes

–

1.5

–

1.5

Interest Expense, Net of Interest Income

(0.4)

(0.3)

–

156.7

156.0

ADESA 2007 Interest Expense, Net of Interest Income

(0.1)

–

6.4

6.3

IAAI 2007 Interest Expense, Net of Interest Income

–

9.9

–

9.9

Depreciation and Amortization

64.6

40.0

17.8

4.2

126.6

ADESA 2007 Depreciation and Amortization

14.7

–

0.9

0.3

15.9

IAAI 2007 Depreciation and Amortization

–

7.9

–

7.9

Intercompany

20.2

22.2

1.1

(43.5)

–

ADESA 2007 Intercompany

(4.6)

11.1

2.2

(8.7)

–

EBITDA

$223.1

$96.5

$91.8

$(84.1)

$327.3

Adjustments

13.4

17.3

5.5

32.0

68.2

Adjusted EBITDA

$236.5

$113.8

$97.3

$(52.1)

$395.5

Revenue

ADESA -

January 1 -

April 19, 2007

$287.8

$37.6

$45.9

$–

$371.3

IAAI -

January 1 -

April 19, 2007

–

114.8

–

114.8

KAR -

April 20 -

December 31, 2007

677.7

330.1

95.0

–

1,102.8

Total Revenue

$965.5

$482.5

$140.9

–

$1,588.9

Adjusted EBITDA Margin %

24.5%

23.6%

69.1%

24.9%

2007 Q4 Adjusted EBITDA Reconciliation

Three Months Ended December 31, 2007

(Dollars in millions)

ADESA

IAAI

AFC

Corporate

Consolidated

Net Income (Loss)

$(12.0)

$(11.2)

$6.8

$(17.9)

$(34.3)

Add back:

Income Taxes

(1.0)

(5.5)

5.3

(15.3)

(16.5)

Interest Expense, Net of Interest Income

(0.1)

–

56.2

56.0

Depreciation and Amortization

33.6

17.0

6.1

3.1

59.8

Intercompany

25.1

22.0

0.3

(47.4)

–

EBITDA

$45.6

$22.2

$18.5

$(21.3)

$65.0

Adjustments

6.1

2.0

8.5

22.7

Adjusted EBITDA

$51.7

$28.3

$20.5

$(12.8)

$87.7

Revenue

$245.4

$121.7

$31.3

$–

$398.4

Adjusted EBITDA Margin %

21.1%

23.3%

65.5%

22.0%

2008 Quarterly Adjusted EBITDA Reconciliations

Three Months Ended March 31, 2008

(Dollars in millions)

ADESA

IAAI

AFC

Corporate

Consolidated

Net Income (Loss)

$16.8

$6.2

$8.5

$(34.7)

$(3.2)

Add back:

Income Taxes

11.8

4.3

5.2

(25.0)

(3.7)

Interest Expense, Net of Interest Income

–

(0.2)

–

57.0

56.8

Depreciation and Amortization

23.7

15.6

6.6

1.4

47.3

Intercompany

9.5

7.7

0.4

(17.6)

–

EBITDA

$61.8

$33.6

$20.7

$(18.9)

$97.2

Adjustments

5.6

3.1

0.9

5.9

15.5

Adjusted EBITDA

$67.4

$36.7

$21.6

$(13.0)

$112.7

Revenue

$285.1

$142.1

$34.9

$–

$462.1

Adjusted EBITDA Margin %

23.6%

25.8%

61.9%

24.4%

Three Months Ended June 30, 2008

(Dollars in millions)

ADESA

IAAI

AFC

Corporate

Consolidated

Net Income (Loss)

$22.6

$7.8

$5.8

$(30.0)

$6.2

Add back:

Income Taxes

13.0

5.4

3.7

(17.3)

4.8

Interest Expense, Net of Interest Income

(0.1)

–

51.3

51.2

Depreciation and Amortization

22.4

15.6

6.4

0.6

45.0

Intercompany

9.9

10.6

0.3

(20.8)

–

EBITDA

$67.8

$39.4

$16.2

$(16.2)

$107.2

Adjustments

8.5

3.2

0.5

2.0

14.2

Adjusted EBITDA

$76.3

$42.6

$16.7

$(14.2)

$121.4

Revenue

$291.2

$148.5

$28.8

$–

$468.5

Adjusted EBITDA Margin %

26.2%

28.7%

58.0%

25.9%

Three Months Ended September 30, 2008

(Dollars in millions)

ADESA

IAAI

AFC

Corporate

Consolidated

Net Income (Loss)

$14.7

$1.4

$(161.2)

$(24.8)

$(169.9)

Add back:

Income Taxes

12.3

0.2

0.9

(18.6)

(5.2)

Interest Expense, Net of Interest Income

–

0.2

–

51.7

51.9

Depreciation and Amortization

23.0

15.4

6.2

0.4

45.0

Intercompany

11.1

10.0

(0.5)

(20.6)

–

EBITDA

$61.1

$27.2

$(154.6)

$(11.9)

$(78.2)

Adjustments

11.6

4.7

165.3

(1.5)

180.1

Adjusted EBITDA

$72.7

$31.9

$10.7

$(13.4)

$101.9

Revenue

$286.4

$135.4

$22.8

$–

$444.6

Adjusted EBITDA Margin %

25.4%

23.6%

46.9%

22.9%

Three Months Ended December 31, 2008

(Dollars in millions)

ADESA

IAAI

AFC

Corporate

Consolidated

Net Income (Loss)

$(1.6)

$(6.2)

$(4.4)

$(37.1)

$(49.3)

Add back:

Income Taxes

(3.4)

(3.6)

0.4

(20.7)

(27.3)

Interest Expense, Net of Interest Income

0.1

0.2

–

53.2

53.5

Depreciation and Amortization

24.1

15.0

6.1

0.3

45.5

Intercompany

13.9

10.1

(0.9)

(23.1)

–

EBITDA

$33.1

$15.5

$1.2

$(27.4)

$22.4

Adjustments

15.6

6.5

0.2

12.8

35.1

Adjusted EBITDA

$48.7

$22.0

$1.4

$(14.6)

$57.5

Revenue

$260.7

$124.3

$11.2

$–

$396.2

Adjusted EBITDA Margin %

18.7%

17.7%

12.5%

14.5%

2009 Quarterly Adjusted EBITDA Reconciliations

Three Months Ended March 31, 2009

(Dollars in millions)

ADESA

IAAI

AFC

Corporate

Consolidated

Net Income (Loss)

$20.7

$3.1

$0.6

$(27.9)

$(3.5)

Add back:

Income Taxes

13.8

2.3

0.4

(19.5)

(3.0)

Interest Expense, Net of Interest Income

–

0.3

–

46.1

46.4

Depreciation and Amortization

24.3

15.1

6.2

0.4

46.0

Intercompany

8.3

10.3

(1.8)

(16.8)

–

EBITDA

$67.1

$31.1

$5.4

$(17.7)

$85.9

Adjustments

6.5

1.5

0.2

3.0

11.2

Adjusted EBITDA

$73.6

$32.6

$5.6

$(14.7)

$97.1

Revenue

$288.3

$138.0

$16.2

$–

$442.5

Adjusted EBITDA Margin %

25.5%

23.6%

34.6%

21.9%

Three Months Ended June 30, 2009

(Dollars in millions)

ADESA

IAAI

AFC

Corporate

Consolidated

Net Income (Loss)

$26.8

$7.5

$3.6

$(25.1)

$12.8

Add back:

Income Taxes

17.2

5.1

1.6

(14.3)

9.6

Interest Expense, Net of Interest Income

0.2

0.3

–

46.3

46.8

Depreciation and Amortization

21.5

14.5

6.1

0.2

42.3

Intercompany

9.7

10.6

(2.0)

(18.3)

–

EBITDA

$75.4

$38.0

$9.3

$(11.2)

$111.5

Adjustments

3.9

1.3

1.4

(3.0)

3.6

Adjusted EBITDA

$79.3

$39.3

$10.7

$(14.2)

$115.1

Revenue

$279.5

$139.0

$20.6

$–

$439.1

Adjusted EBITDA Margin %

28.4%

28.3%

51.9%

26.2%

Three Months Ended September 30, 2009

(Dollars in millions)

ADESA

IAAI

AFC

Corporate

Consolidated

Net Income (Loss)

$29.7

$1.4

$5.9

$(28.4)

$8.6

Add back:

Income Taxes

12.7

1.0

3.7

(13.0)

4.4

Interest Expense, Net of Interest Income

0.2

0.4

–

38.7

39.3

Depreciation and Amortization

21.0

14.3

6.1

0.2

41.6

Intercompany

9.1

10.9

(1.6)

(18.4)

–

EBITDA

$72.7

$28.0

$14.1

$(20.9)

$93.9

Adjustments

5.1

8.3

0.3

6.4

20.1

Adjusted EBITDA

$77.8

$36.3

$14.4

$(14.5)

$114.0

Revenue

$270.8

$135.5

$23.8

$–

$430.1

Adjusted EBITDA Margin %

28.7%

26.8%

60.5%

26.5%

Three Months Ended December 31, 2009

(Dollars in millions)

ADESA

IAAI

AFC

Corporate

Consolidated

Net Income (Loss)

$17.2

$13.8

$9.0

$(34.7)

$5.3

Add back:

Income Taxes

12.3

7.8

2.7

(22.7)

0.1

Interest Expense, Net of Interest Income

0.1

0.4

–

39.2

39.7

Depreciation and Amortization

21.6

14.4

6.3

0.2

42.5

Intercompany

1.8

4.4

(1.4)

(4.8)

–

EBITDA

$53.0

$40.8

$16.6

$(22.8)

$87.6

Adjustments

2.6

(2.4)

1.9

10.0

12.1

Adjusted EBITDA

$55.6

$38.4

$18.5

$(12.8)

$99.7

Revenue

$249.9

$140.6

$27.4

$–

$417.9

Adjusted EBITDA Margin %

22.2%

27.3%

67.5%

23.9%

2009 Adjusted EBITDA Reconciliation

Year Ended December 31, 2009

(Dollars in millions)

ADESA

IAAI

AFC

Corporate

Consolidated

Net Income (Loss)

$94.4

$25.8

$19.1

$(116.1)

$23.2

Add back:

Income Taxes

56.0

16.2

8.4

(69.5)

11.1

Interest Expense, Net of Interest Income

0.5

1.4

–

170.3

172.2

Depreciation and Amortization

88.4

58.3

24.7

1.0

172.4

Intercompany

28.9

36.2

(6.8)

(58.3)

–

EBITDA

$268.2

$137.9

$45.4

$(72.6)

$378.9

Adjustments

18.1

8.7

3.8

16.4

47.0

Adjusted EBITDA

$286.3

$146.6

$49.2

$(56.2)

$425.9

Revenue

$1,088.5

$553.1

$88.0

$–

$1,729.6

Adjusted EBITDA Margin %

26.3%

26.5%

55.9%

24.6%

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