KAR Auction Services (KAR) 10-Q/A 22 Mar 23 2022 Q3 Quarterly report (amended) Financial data

Document and Entity Information

Document and Entity Information Cover - $ / shares	9 Months Ended
	Sep. 30, 2022	Oct. 31, 2022	Dec. 31, 2021
Cover [Abstract]
Document type	10-Q/A
Document quarterly report	true
Document period end date	Sep. 30, 2022
Document transition report	false
Commission file number	001-34568
Entity registrant name	KAR Auction Services, Inc.
Entity incorporation state	DE
Entity tax identification number	20-8744739
Entity address, address line one	11299 N. Illinois Street
Entity address, city	Carmel
Entity address, state	IN
Entity address, postal zip code	46032
City area code	800
Local phone number	923-3725
Title of 12(b) security	Common Stock, par value $0.01 per share
Trading symbol	KAR
Security exchange name	NYSE
Entity current reporting status	Yes
Entity interactive data current	Yes
Entity filer category	Large Accelerated Filer
Entity small business	false
Entity emerging growth company	false
Entity shell company	false
Entity common stock, shares outstanding		108,907,844
Common stock, par value (in dollars per share)	$ 0.01		$ 0.01
Entity central index key	0001395942
Current fiscal year end date	--12-31
Document fiscal year focus	2022
Document fiscal period focus	Q3
Amendment flag	true
Amendment Description	KAR Auction Services, Inc. (“we,” “us,” “our,” “KAR” and “the Company”) is filing this Amendment No. 1 to the Quarterly Report on Form 10-Q/A (“Form 10-Q/A”), to amend and restate the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2022, as originally filed with the Securities and Exchange Commission (“SEC”) on November 2, 2022 (the “Original Form 10-Q”).

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Operating revenues
Auction fees	$ 88.9	$ 89.6	$ 289.5	$ 298.4
Service revenue	159.2	128.2	444	415.5
Purchased vehicle sales	45.8	53.7	137.9	169
Finance-related revenue	99.1	75.6	275.2	210
Total operating revenues	393	347.1	1,146.6	1,092.9
Operating expenses
Cost of services (exclusive of depreciation and amortization)	209.6	185.7	632.3	598.3
Selling, general and administrative	109.1	104.8	352.1	318.5
Depreciation and amortization	24.3	27.4	76.2	81.7
Total operating expenses	343	317.9	1,060.6	998.5
Operating profit	50	29.2	86	94.4
Interest expense	32.3	31.9	83.8	93.7
Other (income) expense, net	1.2	13.9	6.4	(20.5)
Loss on extinguishment of debt	9.3	0	17	0
Income (loss) from continuing operations before income taxes	7.2	(16.6)	(21.2)	21.2
Income taxes	6.7	10.3	(7.9)	37.2
Income (Loss) from Continuing Operations	0.5	(26.9)	(13.3)	(16)
Income (loss) from discontinued operations, net of income taxes	(6.3)	25.9	217.4	77.4
Net income (loss)	$ (5.8)	$ (1)	$ 204.1	$ 61.4
Income (loss) from continuing operations per share - basic
Income (loss) from continuing operations	$ (0.09)	$ (0.31)	$ (0.30)	$ (0.30)
Income (loss) from discontinued operations	(0.06)	0.21	1.41	0.50
Net income (loss)	(0.15)	(0.10)	1.11	0.20
Income (loss) from continuing operations per share - diluted
Income (loss) from continuing operations	(0.09)	(0.31)	(0.30)	(0.30)
Income (loss) from discontinued operations	(0.06)	0.21	1.41	0.50
Net income (loss)	$ (0.15)	$ (0.10)	$ 1.11	$ 0.20

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Net income (loss)	$ (5.8)	$ (1)	$ 204.1	$ 61.4
Other comprehensive income (loss), net of tax
Foreign currency translation loss	(31)	(13.4)	(45.3)	(4.7)
Unrealized gain on interest rate derivatives, net of tax	0	2	5.7	9
Total other comprehensive income (loss), net of tax	(31)	(11.4)	(39.6)	4.3
Comprehensive income (loss)	$ (36.8)	$ (12.4)	$ 164.5	$ 65.7

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 148.7	$ 177.6
Restricted cash	28.9	25.8
Trade receivables, net of allowances of $14.2 and $9.5	419.9	381.3
Finance receivables, net of allowances of $21.5 and $23.0	2,533.6	2,506
Other current assets	71.8	87.9
Current assets of discontinued operations	0	213.2
Total current assets	3,202.9	3,391.8
Other assets
Goodwill	1,452.3	1,598
Customer relationships, net of accumulated amortization of $409.2 and $401.5	141.1	159.1
Other intangible assets, net of accumulated amortization of $390.5 and $350.0	231.3	243.3
Operating lease right-of-use assets	85.9	94.7
Property and equipment, net of accumulated depreciation of $205.2 and $201.6	131.3	143.5
Other assets	56.5	53.7
Non-current assets of discontinued operations	0	1,766.6
Total other assets	2,098.4	4,058.9
Total assets	5,301.3	7,450.7
Current liabilities
Accounts payable	645.6	785.3
Accrued employee benefits and compensation expenses	27.4	32.3
Accrued interest	10.1	6.1
Other accrued expenses	86.9	107.4
Income taxes payable	59	7.9
Obligations collateralized by finance receivables	1,707.8	1,692.3
Current maturities of long-term debt	283.6	16.3
Current liabilities of discontinued operations	0	361.7
Total current liabilities	2,820.4	3,009.3
Non-current liabilities
Long-term debt	194.7	1,849.7
Deferred income tax liabilities	50.6	138.4
Operating lease liabilities	80.7	88.1
Other liabilities	8	30
Non-current liabilities of discontinued operations	0	231.3
Total non-current liabilities	334	2,337.5
Commitments and contingencies (Note 9)
Temporary equity
Series A convertible preferred stock	612.5	590.9
Stockholders' equity
Common stock, $0.01 par value: Authorized shares: 400,000,000; Issued and outstanding shares: September 30, 2022: 112,816,976 December 31, 2021: 121,163,050	1.1	1.2
Additional paid-in capital	800.7	910.8
Retained earnings	796.9	625.7
Accumulated other comprehensive loss	(64.3)	(24.7)
Total stockholders' equity	1,534.4	1,513
Total liabilities, temporary equity and stockholders' equity	5,301.3	7,450.7
Other Balance Sheet Items
Trade receivables allowances	14.2	9.5
Finance receivables allowances	21.5	23
Customer relationships, accumulated amortization	409.2	401.5
Other Intangible Assets Accumulated Amortization	390.5	350
Property, Plant and Equipment Accumulated Depreciation	$ 205.2	$ 201.6
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, Shares Authorized	400,000,000	400,000,000
Common Stock, Shares, Issued	112,816,976	121,163,050
Common Stock, Shares, Outstanding	112,816,976	121,163,050

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Millions	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss
Beginning balance at Dec. 31, 2020	$ 1,615.8	$ 1.3	$ 1,046.5	$ 600.7	$ (32.7)
Beginning balance (in shares) at Dec. 31, 2020		129,700,000
Increase (Decrease) in Stockholders' Equity
Net income (loss)	61.4			61.4
Other comprehensive income (loss)	4.3				4.3
Issuance of common stock under stock plans	1.2		1.2
Issuance of common stock under stock plans (in shares)		400,000
Surrender of RSUs for taxes	(2.2)		(2.2)
Surrender of RSUs for taxes (in shares)		(100,000)
Stock-based compensation expense	13.9		13.9
Repurchase and retirement of common stock	(180.9)	$ (0.1)	(180.8)
Repurchase and retirement of common stock (in shares)		(10,800,000)
Dividends earned under stock plans	(0.2)		0.2	(0.4)
Dividends on preferred stock	(30.6)			(30.6)
Ending balance at Sep. 30, 2021	1,482.7	$ 1.2	878.8	631.1	(28.4)
Ending balance (in shares) at Sep. 30, 2021		119,200,000
Beginning balance at Jun. 30, 2021	1,501.3	$ 1.2	874.6	642.5	(17)
Beginning balance (in shares) at Jun. 30, 2021		119,200,000
Increase (Decrease) in Stockholders' Equity
Net income (loss)	(1)			(1)
Other comprehensive income (loss)	(11.4)				(11.4)
Issuance of common stock under stock plans	0.2		0.2
Stock-based compensation expense	4		4
Dividends on preferred stock	(10.4)			(10.4)
Ending balance at Sep. 30, 2021	1,482.7	$ 1.2	878.8	631.1	(28.4)
Ending balance (in shares) at Sep. 30, 2021		119,200,000
Beginning balance at Dec. 31, 2021	$ 1,513	$ 1.2	910.8	625.7	(24.7)
Beginning balance (in shares) at Dec. 31, 2021	121,163,050	121,200,000
Increase (Decrease) in Stockholders' Equity
Net income (loss)	$ 204.1			204.1
Other comprehensive income (loss)	(39.6)				(39.6)
Issuance of common stock under stock plans	1.1		1.1
Issuance of common stock under stock plans (in shares)		500,000
Surrender of RSUs for taxes	(2.5)		(2.5)
Surrender of RSUs for taxes (in shares)		(200,000)
Stock-based compensation expense	23.3		23.3
Repurchase and retirement of common stock	(132.2)	$ (0.1)	(132.1)
Repurchase and retirement of common stock (in shares)		(8,700,000)
Dividends earned under stock plans	(0.1)		0.1	(0.2)
Dividends on preferred stock	(32.7)			(32.7)
Ending balance at Sep. 30, 2022	$ 1,534.4	$ 1.1	800.7	796.9	(64.3)
Ending balance (in shares) at Sep. 30, 2022	112,816,976	112,800,000
Beginning balance at Jun. 30, 2022	$ 1,628.9	$ 1.2	847.2	813.8	(33.3)
Beginning balance (in shares) at Jun. 30, 2022		116,100,000
Increase (Decrease) in Stockholders' Equity
Net income (loss)	(5.8)			(5.8)
Other comprehensive income (loss)	(31)				(31)
Issuance of common stock under stock plans	0.2		0.2
Stock-based compensation expense	3.3		3.3
Repurchase and retirement of common stock	(50.1)	$ (0.1)	(50)
Repurchase and retirement of common stock (in shares)		(3,300,000)
Dividends on preferred stock	(11.1)			(11.1)
Ending balance at Sep. 30, 2022	$ 1,534.4	$ 1.1	$ 800.7	$ 796.9	$ (64.3)
Ending balance (in shares) at Sep. 30, 2022	112,816,976	112,800,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Operating activities
Net income	$ 204.1	$ 61.4
Net income from discontinued operations	(217.4)	(77.4)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	76.2	81.7
Provision for credit losses	9.7	6.5
Deferred income taxes	(4.3)	5.3
Amortization of debt issuance costs	8.5	9.1
Stock-based compensation	22.6	12.1
Contingent consideration adjustment	0	20.1
Net change in unrealized (gain) loss on investment securities	6.5	(10.7)
Loss on extinguishment of debt	17	0
Other non-cash, net	0.3	1.7
Changes in operating assets and liabilities, net of acquisitions:
Trade receivables and other assets	(24.1)	(180.5)
Accounts payable and accrued expenses	(149.1)	283.8
Payments of contingent consideration in excess of acquisition-date fair value	(26.1)	0
Net cash provided by (used by) operating activities – continuing operations	(76.1)	213.1
Net cash used by operating activities – discontinued operations	(388.5)	139.7
Investing activities
Net increase in finance receivables held for investment	(34.9)	(281.4)
Acquisition of businesses (net of cash acquired)	(0.4)	(79.8)
Purchases of property, equipment and computer software	(45.8)	(47.6)
Investments in securities	(6.6)	(22)
Proceeds from sale of investments	0.3	32.7
Proceeds from the sale of business	0	2.1
Net cash used by investing activities - continuing operations	(87.4)	(396)
Net cash provided by investing activities – discontinued operations	2,070.4	(19)
Financing activities
Net decrease in book overdrafts	(5.8)	(2.7)
Net increase (decrease) in borrowings from lines of credit	126.8	(5.2)
Net increase in obligations collateralized by finance receivables	36.6	119.6
Payments for debt issuance costs/amendments	(11.6)	0
Payments on long-term debt	(928.6)	(7.1)
Payment for early extinguishment of debt	(606.1)	0
Payments on finance leases	(3.1)	(4.4)
Payments of contingent consideration and deferred acquisition costs	(3.5)	(21.3)
Issuance of common stock under stock plans	1.1	1.2
Tax withholding payments for vested RSUs	(2.5)	(2.2)
Repurchase and retirement of common stock	(132.2)	(180.9)
Dividends paid on Series A Preferred Stock	(11.1)	0
Net cash used by financing activities - continuing operations	(1,540)	(103)
Net cash provided by financing activities - discontinued operations	10.8	40.2
Net change in cash balances of discontinued operations	12.4	2.7
Effect of exchange rate changes on cash	(27.4)	(3)
Net decrease in cash, cash equivalents and restricted cash	(25.8)	(125.3)
Cash, cash equivalents and restricted cash at beginning of period	203.4	784.3
Cash paid for interest, net of proceeds from interest rate derivatives	71	71.6
Cash paid for taxes, net of refunds	325.2	22.1
Cash, cash equivalents and restricted cash at end of period	$ 177.6	$ 659

Basis of Presentation and Natur

Basis of Presentation and Nature of Operations	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Nature of Operations	Basis of Presentation and Nature of Operations Defined Terms Unless otherwise indicated or unless the context otherwise requires, the following terms used herein shall have the following meanings: • "we," "us," "our," "KAR" and "the Company" refer, collectively, to KAR Auction Services, Inc. and all of its subsidiaries; • "ADESA" or "ADESA Auctions" refer, collectively, to ADESA, Inc., a wholly-owned subsidiary of KAR Auction Services, and ADESA, Inc.'s subsidiaries, including Openlane, Inc. (together with Openlane, Inc.'s subsidiaries, "Openlane"), BacklotCars, Inc. ("BacklotCars"), CARWAVE LLC ("CARWAVE"), Nth Gen Software Inc. ("TradeRev"), ADESA Remarketing Limited and ADESA Europe; • "AFC" refers, collectively, to Automotive Finance Corporation, a wholly-owned subsidiary of ADESA, and Automotive Finance Corporation's subsidiaries and other related entities, including PWI Holdings, Inc. (which was sold on December 1, 2020); • "Credit Agreement" refers to the Amended and Restated Credit Agreement, dated March 11, 2014 (as amended, amended and restated, modified or supplemented from time to time), among KAR Auction Services, Inc., as the borrower, the several banks and other financial institutions or entities from time to time parties thereto and JPMorgan Chase Bank N.A., as administrative agent; • "Credit Facility" refers to the $950 million, senior secured term loan B-6 facility due September 19, 2026 ("Term Loan B-6") and the $325 million, senior secured revolving credit facility due September 19, 2024 (the "Revolving Credit Facility"), the terms of which are set forth in the Credit Agreement; • "IAA" refers, collectively, to Insurance Auto Auctions, Inc., formerly a wholly-owned subsidiary of KAR Auction Services, and Insurance Auto Auctions, Inc.'s subsidiaries and other related entities; • "KAR Auction Services" refers to KAR Auction Services, Inc. and not to its subsidiaries; • "Senior notes" refers to the 5.125% senior notes due 2025 ($350 million aggregate principal was outstanding at September 30, 2022); and • "Series A Preferred Stock" refers to the Series A Convertible Preferred Stock, par value $0.01 per share (634,305 and 612,676 shares of Series A Preferred Stock were outstanding at September 30, 2022 and December 31, 2021, respectively). Business and Nature of Operations KAR is a leading provider of wholesale vehicle auctions and related vehicle remarketing services for the automotive industry. As of September 30, 2022, the Marketplace segment (formerly referenced as ADESA Auctions) serves a domestic and international customer base through digital marketplaces and 14 vehicle logistics center locations across Canada. Our digital marketplaces include BacklotCars, an app and web-based dealer-to-dealer wholesale vehicle platform utilized in the United States, CARWAVE, an online dealer-to-dealer marketplace in the United States, TradeRev, an online automotive remarketing platform in Canada where dealers can launch and participate in real-time vehicle auctions at any time, ADESA Remarketing Limited, an online whole car vehicle remarketing business in the United Kingdom and ADESA Europe, an online wholesale vehicle auction marketplace in Continental Europe. Our auctions facilitate the sale of used vehicles through on-premise and off-premise marketplaces. Our online service offerings include customized private label solutions powered with software developed by Openlane, that allow our commercial consignors (automobile manufacturers, captive finance companies and other institutions) to offer vehicles via the Internet prior to arrival at on-premise marketplaces. Remarketing services include a variety of activities designed to facilitate the transfer of used vehicles between sellers and buyers throughout the vehicle life cycle. We facilitate the exchange of these vehicles through an auction marketplace, which aligns sellers and buyers. As an agent for customers, the Company generally does not take title to or ownership of vehicles sold at the auctions. Generally, fees are earned from the seller and buyer on each successful auction transaction in addition to fees earned for ancillary services. We also provide services such as inbound and outbound transportation logistics, reconditioning, vehicle inspection and certification, titling, administrative and collateral recovery services. We are able to serve the diverse and multi-faceted needs of our customers through the wide range of services offered. AFC is a leading provider of floorplan financing to independent used vehicle dealers and this financing is provided through approximately 100 locations throughout the United States and Canada as of September 30, 2022. Floorplan financing supports independent used vehicle dealers in North America who purchase vehicles at ADESA, BacklotCars, CARWAVE, TradeRev, and other used vehicle and salvage auctions. In addition, AFC provides financing for dealer inventory purchased directly from wholesalers, other dealers and directly from consumers, as well as providing liquidity for customer trade-ins which encompasses settling lien holder payoffs. AFC also provides title services for their customers. Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. GAAP for annual financial statements. Operating results for interim periods are not necessarily indicative of results that may be expected for the year as a whole. In the opinion of management, the consolidated financial statements reflect all adjustments, generally consisting of normal recurring accruals, necessary for a fair statement of our results of operations, cash flows and financial position for the periods presented. These consolidated financial statements and condensed notes to consolidated financial statements are unaudited and should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the Securities and Exchange Commission on February 23, 2022. The 2021 year-end consolidated balance sheet data included in this Form 10-Q was derived from the audited financial statements referenced above and does not include all disclosures required by U.S. GAAP for annual financial statements. Reclassifications Beginning in 2022, the Company has classified the ADESA U.S. physical auctions (vehicle logistics centers) as discontinued operations. Certain amounts reported in the consolidated financial statements and related notes prior to March 2022 have been reclassified to discontinued operations to reflect the sale of the Company’s ADESA U.S. physical auction business. The assets and liabilities of the ADESA U.S. physical auctions have been reclassified to "Current assets of discontinued operations," "Non-current assets of discontinued operations," "Current liabilities of discontinued operations" and "Non-current liabilities of discontinued operations" in the consolidated balance sheets for all periods presented. Likewise, certain amounts reported for segment results in the consolidated financial statements prior to March 2022 have been reclassified to conform to the discontinued operations presentation. See Note 2 for a further discussion. In addition, KAR provided transportation services of $20.6 million and $56.7 million to the ADESA U.S. physical auctions for the three and nine months ended September 30, 2022, respectively, and $18.0 million and $63.7 million for the three and nine months ended September 30, 2021, respectively. The revenue and cost of services for these transportation services provided to the ADESA U.S. physical auctions was previously eliminated in consolidation, but this revenue and the related costs are now included in the Company's consolidated statements of income. AFC also had accounts payable to customers of the ADESA U.S. physical auctions related to auction proceeds financed. Previously, these accounts were eliminated in consolidation, but are now included in "Current assets of discontinued operations" on the consolidated balance sheet and were $33.5 million at December 31, 2021. Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates based in part on assumptions about current, and for some estimates, future economic and market conditions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the period. Although the current estimates contemplate current conditions and expected future changes, as appropriate, it is reasonably possible that future conditions could differ from these estimates, which could materially affect our results of operations and financial position. Among other effects, such changes could result in future impairments of goodwill, intangible assets and long-lived assets, incremental losses on finance receivables, additional allowances on accounts receivable and deferred tax assets and changes in litigation and other loss contingencies. New Accounting Standards In August 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, which simplifies the accounting for convertible debt instruments and convertible preferred stock by reducing the number of accounting models and the number of embedded conversion features that could be recognized separately from the primary contract. The update also requires the application of the if-converted method to calculate the impact of convertible instruments on diluted earnings per share. The new guidance is effective for annual periods beginning after December 15, 2021, including interim periods within those fiscal years. This update can be adopted on either a fully retrospective or a modified retrospective basis. The adoption of ASU 2020-06 did not have a material impact on the consolidated financial statements.

Restatement of Previously Issue

Restatement of Previously Issued Consolidated Financial Statements	9 Months Ended
	Sep. 30, 2022
Accounting Changes and Error Corrections [Abstract]
Restatement of Previously Issued Consolidated Financial Statements	Restatement of Previously Issued Consolidated Financial Statements The Company has determined that there were errors in the original Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2022 related to the cash flow presentation of accrued taxes and other transaction-related accruals in connection with the sale of the ADESA U.S. physical auction business that closed in May 2022. Specifically, the Company determined that the cash flows associated with these accruals were incorrectly classified within “Net cash provided by operating activities – continuing operations” rather than “Net cash used by operating activities – discontinued operations” in its consolidated statements of cash flows for the nine months ended September 30, 2022. In addition, in the nine months ended September 30, 2022 all payments of contingent consideration were previously included as cash flows from financing activities. The portion of the payment in excess of the acquisition-date fair value should have been reflected as a cash flow from operating activities. We also corrected the presentation of the net change in cash balances of discontinued operations. The Company is correcting these misclassifications by restating its consolidated statement of cash flows through the amendment of its Quarterly Report on Form 10-Q. The following table summarizes the impact of these adjustments for the period presented: Nine Months Ended September 30, 2022 As Reported Adjustments As Restated Trade receivables and other assets $ (23.2) $ (0.9) $ (24.1) Accounts payable and accrued expenses (86.5) (62.6) (149.1) Payments of contingent consideration in excess of acquisition-date fair value — (26.1) (26.1) Net cash provided by (used by) operating activities – continuing operations 13.5 (89.6) (76.1) Net cash used by operating activities – discontinued operations (435.6) 47.1 (388.5) Net cash provided by investing activities – discontinued operations 2,066.4 4.0 2,070.4 Payments of contingent consideration (29.6) 26.1 (3.5) Net cash used by financing activities – continuing operations (1,566.1) 26.1 (1,540.0) Net change in cash balances of discontinued operations — 12.4 12.4

Sale of ADESA U.S. Physical Auc

Sale of ADESA U.S. Physical Auction Business and Discontinued Operations	9 Months Ended
	Sep. 30, 2022
Discontinued Operations and Disposal Groups [Abstract]
Sale of ADESA U.S. Physical Auction Business and Discontinued Operations	Sale of ADESA U.S. Physical Auction Business and Discontinued Operations In February 2022, the Company announced that it had entered into a definitive agreement with Carvana Group, LLC ("Carvana") and Carvana Co., pursuant to which Carvana would acquire the ADESA U.S. physical auction business from KAR (the "Transaction"). The Transaction was completed in May 2022 for approximately $2.2 billion in cash and included all auction sales, operations and staff at ADESA’s U.S. vehicle logistic centers and use of the ADESA.com marketplace in the U.S. The net proceeds received in connection with the Transaction are included in "Net cash provided by investing activities - discontinued operations" in the consolidated statement of cash flow. In connection with the Transaction, the Company and Carvana entered into various agreements to provide a framework for their relationship after the Transaction, including a transition services agreement for a transitional period and a commercial agreement for a term of 7 years that provides for platform and other fees for services rendered. In addition, KAR will continue to own the ADESA tradename and the ADESA U.S. physical auctions will continue to utilize the tradename, which has an indefinite life. From the completion of the Transaction through September 30, 2022, KAR has received a net cash inflow from the commercial agreement and transition services agreement of approximately $33.5 million. The financial results of the ADESA U.S. physical auction business have been accounted for as discontinued operations for all periods presented. The business was formerly included in the Company’s Marketplace reportable segment (formerly referenced as ADESA Auctions). The "Goodwill" shown in the balance sheet below was allocated to the ADESA U.S. physical auctions based on relative fair value. Discontinued operations included transaction costs of approximately $37.1 million for the nine months ended September 30, 2022, in connection with the Transaction. These costs consisted of consulting and professional fees associated with the Transaction. As shown below, the Transaction resulted in a pretax gain on disposal of approximately $521.8 million. The change in the pretax gain on disposal for the three months ended September 30, 2022 occurred as a result of a net working capital adjustment and additional transaction costs. The following table presents the results of operations for the ADESA U.S. physical auction business that have been reclassified to discontinued operations for all periods presented (in millions) : Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Operating revenues $ — $ 206.2 $ 305.9 $ 673.1 Operating expenses Cost of services (exclusive of depreciation and amortization) — 144.2 224.9 438.3 Selling, general and administrative — 32.1 68.8 113.2 Depreciation and amortization — 17.3 11.2 55.3 Total operating expenses — 193.6 304.9 606.8 Operating profit (loss) — 12.6 1.0 66.3 Interest expense — 0.3 0.1 0.6 Other (income) expense, net — (2.1) (8.4) (6.0) Income (loss) from discontinued operations before gain on disposal and income taxes — 14.4 9.3 71.7 Pretax gain on disposal of discontinued operations (11.9) — 521.8 — Income taxes (5.6) (11.5) 313.7 (5.7) Income from discontinued operations $ (6.3) $ 25.9 $ 217.4 $ 77.4 In preparing our 2022 annual consolidated financial statements, we identified an error in the December 31, 2021 comparative balance sheet that had been recasted and presented in the Original Form 10-Q to reflect the classification of the ADESA U.S. physical auctions as discontinued operations. In the December 31, 2021 balance sheet included in that filing, liabilities of discontinued operations were overstated by $82.5 million with a corresponding understatement of deferred income tax liabilities. The error was determined to be immaterial and has been corrected in the consolidated December 31, 2021 balance sheet presented herein. We also corrected an immaterial error in the accompanying consolidated statement of cash flows for the nine months ended September 30, 2021 to present the net change in cash balances of discontinued operations of $2.7 million as a separate line item rather than within net cash provided by operating activities – discontinued operations. There was no impact to the consolidated statements of income, statements of comprehensive income and statements of stockholders’ equity for the three and nine months ended September 30, 2021. The following table summarizes the major classes of assets and liabilities of the ADESA U.S. physical auction business that have been classified as discontinued operations for the period presented (in millions) : December 31, 2021 Assets Cash and cash equivalents $ 12.4 Trade receivables, net of allowances 179.3 Inventory 15.7 Other current assets 5.8 Current assets of discontinued operations 213.2 Goodwill 980.5 Customer relationships, net of accumulated amortization 84.2 Other intangible assets, net of accumulated amortization 32.6 Operating lease right-of-use assets 231.0 Property and equipment, net of accumulated depreciation 435.7 Other assets 2.6 Non-current assets of discontinued operations 1,766.6 Total assets of discontinued operations $ 1,979.8 Liabilities Accounts payable $ 271.7 Accrued employee benefits and compensation expenses 27.2 Other accrued expenses 35.3 Current portion of operating lease liabilities 27.5 Current liabilities of discontinued operations 361.7 Operating lease liabilities 229.0 Other liabilities 2.3 Non-current liabilities of discontinued operations 231.3 Total liabilities of discontinued operations $ 593.0

Stock and Stock-Based Compensat

Stock and Stock-Based Compensation Plans	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock and Stock-Based Compensation Plans	Stock and Stock-Based Compensation Plans The KAR Auction Services, Inc. Amended and Restated 2009 Omnibus Stock and Incentive Plan ("Omnibus Plan") is intended to provide equity and/or cash-based awards to our executive officers and key employees. Our stock-based compensation expense includes expense associated with KAR Auction Services service-based options ("service options"), market-based options ("market options"), performance-based restricted stock units ("PRSUs") and service-based restricted stock units ("RSUs"). We have determined that the KAR Auction Services service options, market options, PRSUs and RSUs should be classified as equity awards. The following table summarizes our stock-based compensation expense by type of award (in millions) : Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 PRSUs $ 1.3 $ 0.6 $ 15.1 $ 3.4 RSUs 0.9 1.2 3.4 3.8 Service options 0.2 0.2 0.6 0.8 Market options 0.9 1.4 3.5 4.1 Total stock-based compensation expense $ 3.3 $ 3.4 $ 22.6 $ 12.1 PRSUs and RSUs In the first nine months of 2022, we granted a target amount of approximately 0.5 million PRSUs to certain executive officers of the Company. The PRSUs granted in 2022 were set to vest if and to the extent that the Company's three-year cumulative operating adjusted net income per share attains certain specified goals. Following the Transaction, in September 2022 the performance targets and the related award agreements for the 2022 PRSUs were amended to modify the performance metric from operating adjusted net income per share to Adjusted EBITDA. The modification of the 2022 PRSUs affected 13 participants and there was no incremental compensation cost resulting from the modification. In addition, in the first nine months of 2022, approximately 0.3 million RSUs were granted to certain management members of the Company. The RSUs are contingent upon continued employment and generally vest in three equal annual installments. The weighted average grant date fair value of the PRSUs and the RSUs was $18.46 per share and $18.39 per share, respectively, which was determined using the closing price of the Company's common stock on the dates of grant. Share Repurchase Program In October 2019, the board of directors authorized a repurchase of up to $300 million of the Company's outstanding common stock, par value $0.01 per share, through October 30, 2021. In October 2021, the board of directors authorized an extension of the Company’s share repurchase program through December 31, 2022. On April 27, 2022, the board of directors authorized an increase in the size of the Company’s $300 million share repurchase program by an additional $200 million and an extension of the share repurchase program through December 31, 2023. At September 30, 2022, approximately $176.9 million of the Company's outstanding common stock remained available for repurchase under the 2019 share repurchase program. Repurchases may be made in the open market or through privately negotiated transactions, in accordance with applicable securities laws and regulations, including pursuant to repurchase plans designed to comply with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. The timing and amount of any repurchases is subject to market and other conditions. This program does not oblige the Company to repurchase any dollar amount or any number of shares under the authorization, and the program may be suspended, discontinued or modified at any time, for any reason and without notice. For the three and nine months ended September 30, 2022, we repurchased and retired 3,309,527 shares and 8,740,316 shares of common stock, respectively, in the open market at a weighted average price of $15.11 per share and $15.11 per share, respectively. For the nine months ended September 30, 2021, we repurchased and retired 10,847,800 shares of common stock in the open market at a weighted average price of $16.66 per share. No shares of common stock were repurchased during the three months ended September 30, 2021.

Net Income (Loss) from Continui

Net Income (Loss) from Continuing Operations Per Share	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Net Income (Loss) from Continuing Operations Per Share	Income (Loss) from Continuing Operations Per Share The following table sets forth the computation of income (loss) from continuing operations per share (in millions except per share amounts) : Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Income (loss) from continuing operations $ 0.5 $ (26.9) $ (13.3) $ (16.0) Series A Preferred Stock dividends (11.1) (10.4) (32.7) (30.6) Loss from continuing operations attributable to participating securities — — 10.6 9.9 Income (loss) from continuing operations attributable to common stockholders $ (10.6) $ (37.3) $ (35.4) $ (36.7) Weighted average common shares outstanding 114.6 119.3 118.5 123.7 Effect of dilutive stock options and restricted stock awards — — — — Weighted average common shares outstanding and potential common shares 114.6 119.3 118.5 123.7 Income (loss) from continuing operations per share Basic $ (0.09) $ (0.31) $ (0.30) $ (0.30) Diluted $ (0.09) $ (0.31) $ (0.30) $ (0.30) The Company includes participating securities (Series A Preferred Stock) in the computation of income from continuing operations per share pursuant to the two-class method. The two-class method of calculating income from continuing operations per share is an allocation method that calculates earnings per share for common stock and participating securities. Under the two-class method, total dividends provided to the holders of the Series A Preferred Stock and undistributed earnings allocated to participating securities are subtracted from income from continuing operations in determining income attributable to common stockholders.

Finance Receivables and Obligat

Finance Receivables and Obligations Collateralized by Finance Receivables	9 Months Ended
	Sep. 30, 2022
Financing Receivable, after Allowance for Credit Loss, Current [Abstract]
Finance Receivables and Obligations Collateralized by Finance Receivables	Finance Receivables and Obligations Collateralized by Finance Receivables AFC sells the majority of its U.S. dollar denominated finance receivables on a revolving basis and without recourse to a wholly-owned, bankruptcy remote, consolidated, special purpose subsidiary ("AFC Funding Corporation"), established for the purpose of purchasing AFC's finance receivables. A securitization agreement allows for the revolving sale by AFC Funding Corporation to a group of bank purchasers of undivided interests in certain finance receivables subject to committed liquidity. AFC Funding Corporation had committed liquidity of $2.0 billion for U.S. finance receivables at September 30, 2022. In September 2022, AFC and AFC Funding Corporation entered into the Tenth Amended and Restated Receivables Purchase Agreement (the "Receivables Purchase Agreement"). The Receivables Purchase Agreement increased AFC Funding's U.S. committed liquidity from $1.70 billion to $2.0 billion and extended the facility's maturity date from January 31, 2024 to January 31, 2026. In addition, the discount rate is now based on the SOFR reference rate, provisions designed to provide additional lending and operational flexibility were modified or added and provisions providing for a mechanism for determining an alternative rate of interest were modified. We capitalized approximately $10.5 million of costs in connection with the Receivables Purchase Agreement. We also have an agreement for the securitization of Automotive Finance Canada Inc.'s ("AFCI") receivables. AFCI's committed facility is provided through a third-party conduit (separate from the U.S. facility) and was C$225 million at September 30, 2022. In September 2022, AFCI entered into the Sixth Amended and Restated Receivables Purchase Agreement (the "Canadian Receivables Purchase Agreement"). The Canadian Receivables Purchase Agreement extended the facility's maturity date from January 31, 2024 to January 31, 2026. In addition, provisions designed to provide additional lending and operational flexibility were modified or added. We capitalized approximately $1.1 million of costs in connection with the Canadian Receivables Purchase Agreement. The receivables sold pursuant to both the U.S. and Canadian securitization agreements are accounted for as secured borrowings. The following tables present quantitative information about delinquencies, credit loss charge-offs less recoveries ("net credit losses") and components of securitized financial assets and other related assets managed. For purposes of this illustration, delinquent receivables are defined as receivables 31 days or more past due. September 30, 2022 Net Credit Losses Net Credit Losses Total Amount of: (in millions) Receivables Receivables Floorplan receivables $ 2,548.4 $ 11.1 $ 1.2 $ 4.0 Other loans 6.7 — — — Total receivables managed $ 2,555.1 $ 11.1 $ 1.2 $ 4.0 December 31, 2021 Net Credit Losses (Recoveries) Net Credit Losses Total Amount of: (in millions) Receivables Receivables Floorplan receivables $ 2,519.7 $ 7.3 $ (2.2) $ 2.4 Other loans 9.3 — — — Total receivables managed $ 2,529.0 $ 7.3 $ (2.2) $ 2.4 The following is a summary of the changes in the allowance for credit losses related to finance receivables ( in millions ): September 30, September 30, Allowance for Credit Losses Balance at December 31 $ 23.0 $ 22.0 Provision for credit losses 2.8 4.4 Recoveries 7.2 10.3 Less charge-offs (11.2) (12.7) Other (0.3) — Balance at end of period $ 21.5 $ 24.0 As of September 30, 2022 and December 31, 2021, $2,529.1 million and $2,482.2 million, respectively, of finance receivables and a cash reserve of 1 or 3 percent of the obligations collateralized by finance receivables served as security for the obligations collateralized by finance receivables. The amount of the cash reserve depends on circumstances which are set forth in the securitization agreements. Obligations collateralized by finance receivables consisted of the following (in millions) : September 30, December 31, Obligations collateralized by finance receivables, gross $ 1,728.7 $ 1,707.4 Unamortized securitization issuance costs (20.9) (15.1) Obligations collateralized by finance receivables $ 1,707.8 $ 1,692.3 Proceeds from the revolving sale of receivables to the bank facilities are used to fund new loans to customers. AFC, AFC Funding Corporation and AFCI must maintain certain financial covenants including, among others, limits on the amount of debt AFC and AFCI can incur, minimum levels of tangible net worth, and other covenants tied to the performance of the finance receivables portfolio. The securitization agreements also incorporate the financial covenants of our Credit Facility. At September 30, 2022, we were in compliance with the covenants in the securitization agreements.

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2022
Long-Term Debt, Unclassified [Abstract]
Long-Term Debt	Long-Term Debt Long-term debt consisted of the following (in millions) : Interest Rate* Maturity September 30, December 31, Term Loan B-6 Adjusted LIBOR + 2.25% September 19, 2026 $ — $ 928.6 Revolving Credit Facility Adjusted LIBOR + 1.75% September 19, 2024 116.0 — Senior notes 5.125% June 1, 2025 350.0 950.0 European lines of credit Euribor + 1.25% Repayable upon demand 17.6 6.8 Total debt 483.6 1,885.4 Unamortized debt issuance costs/discounts (5.3) (19.4) Current portion of long-term debt (283.6) (16.3) Long-term debt $ 194.7 $ 1,849.7 *The interest rates presented in the table above represent the rates in place at September 30, 2022. Credit Facilities On September 19, 2019, we entered into the seven-year, $950 million Term Loan B-6 and the $325 million, five-year Revolving Credit Facility. In May 2022, the Company prepaid the $926.2 million outstanding balance on Term Loan B-6 with proceeds from the Transaction. As a result of the prepayment, we incurred a non-cash loss on the extinguishment of debt of $7.7 million in the second quarter of 2022. The loss was primarily a result of the write-off of unamortized debt issuance costs/discounts associated with Term Loan B-6. The Revolving Credit Facility is available for letters of credit, working capital, permitted acquisitions and general corporate purposes. The Revolving Credit Facility also includes a $50 million sub-limit for issuance of letters of credit and a $60 million sub-limit for swingline loans. The Company also pay s a commitment fee between 25 to 35 basis points, payable quarterly, on the average daily unused amount of the Revolving Credit Facility based on the Company’s Consolidated Senior Secured Net Leverage Ratio, from time to time. The obligations of the Company under the Credit Facilities are guaranteed by certain of our domestic subsidiaries (the "Subsidiary Guarantors") and are secured by substantially all of the assets of the Company and the Subsidiary Guarantors, including but not limited to: (a) pledges of and first priority security interests in 100% of the equity interests of certain of the Company's and the Subsidiary Guarantors' domestic subsidiaries and 65% of the equity interests of certain of the Company's and the Subsidiary Guarantors' first tier foreign subsidiaries and (b) first priority security interests in substantially all other tangible and intangible assets of the Company and each Subsidiary Guarantor, subject to certain exceptions. The Credit Agreement contains affirmative and negative covenants that we believe are usual and customary for a senior secured credit agreement. The negative covenants include, among other things, limitations on asset sales, mergers and acquisitions, indebtedness, liens, dividends, investments and transactions with our affiliates. The Credit Agreement also requires us to maintain a Consolidated Senior Secured Net Leverage Ratio (as defined in the Credit Agreement), not to exceed 3.5 as of the last day of each fiscal quarter, if there are revolving loans outstanding. We were in compliance with the applicable covenants in the Credit Agreement at September 30, 2022. As of September 30, 2022, $116.0 million was drawn on the Revolving Credit Facility and there were no borrowings outstanding on the Revolving Credit Facility at December 31, 2021. We had related outstanding letters of credit in the aggregate amount of $19.0 million and $27.6 million at September 30, 2022 and December 31, 2021, respectively, which reduce the amount available for borrowings under the Revolving Credit Facility. Senior Notes On May 31, 2017, we issued $950 million of 5.125% senior notes due June 1, 2025. The Company pays interest on the senior notes semi-annually in arrears on June 1 and December 1 of each year. In August 2022, we conducted a cash tender offer to purchase up to $600 million principal amount of the senior notes. The tender offer was oversubscribed and as such, $600 million of the senior notes were accepted for prepayment and were prepaid in August 2022 with proceeds from the Transaction. We incurred a loss on the extinguishment of the senior notes of $9.3 million in the third quarter of 2022 primarily representative of the early repayment premium and the write-off of unamortized debt issuance costs associated with the portion of the senior notes repaid. The Company expects to use the remaining proceeds from the Transaction after the repayment of Term Loan B-6 to redeem or repay a portion of the senior notes within 365 days of the close of the Transaction. The terms of the senior notes specify that excess proceeds must be reinvested or used to pay down a portion of the senior notes. Therefore, at September 30, 2022, $150.0 million of the remaining senior notes are classified as current debt. European Lines of Credit ADESA Europe has lines of credit aggregating $29.4 million (€30 million). The lines of credit had an aggregate $17.6 million and $6.8 million of borrowings outstanding at September 30, 2022 and December 31, 2021, respectively. The lines of credit are secured by certain inventory and receivables at ADESA Europe subsidiaries. Fair Value of Debt As of September 30, 2022, the estimated fair value of our long-term debt amounted to $470.5 million. The estimates of fair value were based on broker-dealer quotes (Level 2 inputs) for our debt as of September 30, 2022. The estimates presented on long-term financial instruments are not necessarily indicative of the amounts that would be realized in a current market exchange.

Derivatives

Derivatives	9 Months Ended
	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives In January 2020, we entered into three pay-fixed interest rate swaps with an aggregate notional amount of $500 million to swap variable rate interest payments under our term loan for fixed interest payments bearing a weighted average interest rate of 1.44%, for a total interest rate of 3.69%. The interest rate swaps had a five-year term, each maturing on January 23, 2025. We originally designated the interest rate swaps as cash flow hedges. The changes in the fair value of the interest rate swaps that are included in the assessment of hedge effectiveness are recorded as a component of "Accumulated other comprehensive income." For the nine months ended September 30, 2022, the Company recorded an unrealized gain on the interest rate swaps of $5.7 million, net of tax of $1.8 million in "Accumulated other comprehensive income." For the three and nine months ended September 30, 2021, the Company recorded an unrealized gain on the interest rate swaps of $2.0 million, net of tax of $0.6 million, and $9.0 million, net of tax of $2.9 million, respectively, in "Accumulated other comprehensive income." The earnings impact of the interest rate derivatives designated as cash flow hedges is recorded upon the recognition of the interest related to the hedged debt. In February 2022, we discontinued hedge accounting as we concluded that the forecasted interest rate payments were no longer probable of occurring in consideration of the Transaction and expected repayment of Term Loan B-6. As a result, the increase in the fair value of the swaps from the time of hedge accounting discontinuance to March 31, 2022 was recognized as an $8.7 million unrealized gain in "Interest expense" in the consolidated statement of income for the three months ended March 31, 2022. In connection with the repayment of Term Loan B-6 in May 2022, we entered into swap termination agreements. We received $16.7 million to settle and terminate the swaps, which was recognized as a realized gain in "Interest expense" in the consolidated statement of income for the three months ended June 30, 2022. When derivatives are used, we are exposed to credit loss in the event of non-performance by the counterparties; however, non-performance is not anticipated and was considered immaterial to the fair value estimates. ASC 815, Derivatives and Hedging , requires companies to recognize all derivative instruments as either assets or liabilities at fair value in the balance sheet. The fair values of the interest rate derivatives are based on quoted market prices for similar instruments from commercial banks (based on significant observable inputs - Level 2 inputs). The following table presents the fair value of our interest rate derivatives included in the consolidated balance sheets for the periods presented ( in millions ): Asset/Liability Derivatives September 30, 2022 December 31, 2021 Derivatives Designated as Hedging Instruments Balance Sheet Location Fair Value Balance Sheet Location Fair Value 2020 Interest rate swaps Other assets N/A Other liabilities $ 7.5 Derivatives Not Designated as Hedging Instruments 2020 Interest rate swaps Other assets N/A Other liabilities N/A

Other (Income) Expense, Net

Other (Income) Expense, Net	9 Months Ended
	Sep. 30, 2022
Other Nonoperating Income (Expense) [Abstract]
Other (Income) Expense, Net	Other (Income) Expense, Net Other (income) expense, net consisted of the following ( in millions ): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Change in realized and unrealized (gains) losses on investment securities, net $ 0.3 $ 10.9 $ 6.5 $ (37.9) Contingent consideration valuation — 4.4 — 20.1 Foreign currency (gains) losses 4.1 0.1 8.6 2.7 Other (3.2) (1.5) (8.7) (5.4) Other (income) expense, net $ 1.2 $ 13.9 $ 6.4 $ (20.5) Fair Value Measurement of Investments The Company invests in certain early-stage automotive companies and funds that relate to the automotive industry. We believe these investments have resulted in the expansion of relationships in the vehicle remarketing industry. There were no realized gains on these investments for the three and nine months ended September 30, 2022. Realized gains on these investments were $10.0 million and $27.2 million for the three and nine months ended September 30, 2021, respectively. The Company had unrealized losses of $0.3 million and $6.5 million for the three and nine months ended September 30, 2022, respectively. The Company had unrealized losses of $20.9 million for the three months ended September 30, 2021, and unrealized gains of $10.7 million for the nine months ended September 30, 2021. ASC 820, Fair Value Measurement , defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A small portion of finance receivables for one entity were converted to investment securities during the first quarter of 2021. This entity became publicly traded during the first quarter of 2021 and now has a readily determinable fair value. As of September 30, 2022, the fair value of investment securities are based on quoted market prices for identical assets (Level 1 of the fair value hierarchy) and approximated $1.0 million. The net unrealized loss on these investment securities was $6.5 million for the nine months ended September 30, 2022. The remaining investments held of $28.6 million do not have readily determinable fair values and the Company has elected to apply the measurement alternative to these investments and present them at cost. Investments are reported in "Other assets" in the accompanying consolidated balance sheets. Realized and unrealized gains and losses are reported in "Other (income) expense, net" in the consolidated statements of income.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Commitments and ContingenciesWe are involved in litigation and disputes arising in the ordinary course of business, such as actions related to injuries; property damage; handling, storage or disposal of vehicles; environmental laws and regulations; and other litigation incidental to the business such as employment matters and dealer disputes. Management considers the likelihood of loss or the incurrence of a liability, as well as the ability to reasonably estimate the amount of loss, in determining loss contingencies. We accrue an estimated loss contingency when it is probable that a liability has been incurred and the amount of loss (or range of possible losses) can be reasonably estimated. Management regularly evaluates current information available to determine whether accrual amounts should be adjusted. Accruals for contingencies including litigation and environmental matters are included in "Other accrued expenses" at undiscounted amounts and exclude claims for recoveries from insurance or other third parties. These accruals are adjusted periodically as assessment and remediation efforts progress, or as additional technical or legal information becomes available. If the amount of an actual loss is greater than the amount accrued, this could have an adverse impact on our operating results in that period. Such matters are generally not, in the opinion of management, likely to have a material adverse effect on our financial condition, results of operations or cash flows. Legal fees are expensed as incurred. There has been no significant change in the legal and regulatory proceedings which were disclosed in our Annual Report on Form 10-K for the year ended December 31, 2021.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	9 Months Ended
	Sep. 30, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss Accumulated other comprehensive loss consisted of the following ( in millions ): September 30, December 31, Foreign currency translation loss $ (64.3) $ (19.0) Unrealized gain (loss) on interest rate derivatives, net of tax — (5.7) Accumulated other comprehensive loss $ (64.3) $ (24.7)

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Segment Information	Segment Information ASC 280, Segment Reporting , requires reporting of segment information that is consistent with the manner in which the chief operating decision maker operates and views the Company. Our operations are grouped into two operating segments: Marketplace (formerly referenced as ADESA Auctions) and Finance (formerly referenced as AFC), which also serve as our reportable business segments. These reportable business segments offer different services and have fundamental differences in their operations. Beginning in the first quarter of 2022, results of the ADESA U.S. physical auctions are now reported as discontinued operations (see Note 2). Segment results for prior periods have been reclassified to conform with the new presentation. Financial information regarding our reportable segments is set forth below as of and for the three months ended September 30, 2022 (in millions) : Marketplace Finance Consolidated Operating revenues $ 293.9 $ 99.1 $ 393.0 Operating expenses Cost of services (exclusive of depreciation and amortization) 193.4 16.2 209.6 Selling, general and administrative 96.9 12.2 109.1 Depreciation and amortization 22.4 1.9 24.3 Total operating expenses 312.7 30.3 343.0 Operating profit (loss) (18.8) 68.8 50.0 Interest expense 10.0 22.3 32.3 Other (income) expense, net 0.9 0.3 1.2 Loss on extinguishment of debt 9.3 — 9.3 Intercompany expense (income) 2.4 (2.4) — Income (loss) from continuing operations before income taxes (41.4) 48.6 7.2 Income taxes (5.6) 12.3 6.7 Income (loss) from continuing operations $ (35.8) $ 36.3 $ 0.5 Total assets $ 2,381.8 $ 2,919.5 $ 5,301.3 Financial information regarding our reportable segments is set forth below as of and for the three months ended September 30, 2021 (in millions) : Marketplace Finance Consolidated Operating revenues $ 271.5 $ 75.6 $ 347.1 Operating expenses Cost of services (exclusive of depreciation and amortization) 171.9 13.8 185.7 Selling, general and administrative 96.3 8.5 104.8 Depreciation and amortization 25.2 2.2 27.4 Total operating expenses 293.4 24.5 317.9 Operating profit (loss) (21.9) 51.1 29.2 Interest expense 21.6 10.3 31.9 Other (income) expense, net 3.0 10.9 13.9 Intercompany expense (income) — — — Income (loss) from continuing operations before income taxes (46.5) 29.9 (16.6) Income taxes 3.4 6.9 10.3 Income (loss) from continuing operations $ (49.9) $ 23.0 $ (26.9) Total assets $ 2,603.4 $ 2,565.6 $ 5,169.0 Financial information regarding our reportable segments is set forth below for the nine months ended September 30, 2022 (in millions) : Marketplace Finance Consolidated Operating revenues $ 871.4 $ 275.2 $ 1,146.6 Operating expenses Cost of services (exclusive of depreciation and amortization) 584.9 47.4 632.3 Selling, general and administrative 315.8 36.3 352.1 Depreciation and amortization 70.1 6.1 76.2 Total operating expenses 970.8 89.8 1,060.6 Operating profit (loss) (99.4) 185.4 86.0 Interest expense 33.0 50.8 83.8 Other (income) expense, net (0.1) 6.5 6.4 Loss on extinguishment of debt 17.0 — 17.0 Intercompany expense (income) 3.1 (3.1) — Income (loss) from continuing operations before income taxes (152.4) 131.2 (21.2) Income taxes (40.9) 33.0 (7.9) Income (loss) from continuing operations $ (111.5) $ 98.2 $ (13.3) Financial information regarding our reportable segments is set forth below for the nine months ended September 30, 2021 (in millions) : Marketplace Finance Consolidated Operating revenues $ 882.9 $ 210.0 $ 1,092.9 Operating expenses Cost of services (exclusive of depreciation and amortization) 557.3 41.0 598.3 Selling, general and administrative 292.4 26.1 318.5 Depreciation and amortization 74.6 7.1 81.7 Total operating expenses 924.3 74.2 998.5 Operating profit (loss) (41.4) 135.8 94.4 Interest expense 64.7 29.0 93.7 Other (income) expense, net 1.0 (21.5) (20.5) Intercompany expense (income) 0.2 (0.2) — Income (loss) from continuing operations before income taxes (107.3) 128.5 21.2 Income taxes 5.1 32.1 37.2 Income (loss) from continuing operations $ (112.4) $ 96.4 $ (16.0) Geographic Information Our foreign operations include Canada, Mexico, Continental Europe and the U.K. Approximately 60% and 63% of our foreign operating revenues were from Canada for the three and nine months ended September 30, 2022, respectively, and approximately 56% and 55% of our foreign operating revenues were from Canada for the three and nine months ended September 30, 2021, respectively. Most of the remaining foreign operating revenues were generated from Continental Europe. Information regarding the geographic areas of our operations is set forth below (in millions) : Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Operating revenues U.S. $ 264.3 $ 199.6 $ 744.1 $ 638.4 Foreign 128.7 147.5 402.5 454.5 $ 393.0 $ 347.1 $ 1,146.6 $ 1,092.9

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2022
Subsequent Events [Abstract]
Subsequent Event	Subsequent EventIn October 2022, we repurchased and retired 3,909,406 shares of common stock in the open market at a weighted average price of $12.79 per share, aggregating $50 million, pursuant to the 2019 share repurchase program described in Note 3.

Basis of Presentation and Nat_2

Basis of Presentation and Nature of Operations Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. GAAP for annual financial statements. Operating results for interim periods are not necessarily indicative of results that may be expected for the year as a whole. In the opinion of management, the consolidated financial statements reflect all adjustments, generally consisting of normal recurring accruals, necessary for a fair statement of our results of operations, cash flows and financial position for the periods presented. These consolidated financial statements and condensed notes to consolidated financial statements are unaudited and should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the Securities and Exchange Commission on February 23, 2022. The 2021 year-end consolidated balance sheet data included in this Form 10-Q was derived from the audited financial statements referenced above and does not include all disclosures required by U.S. GAAP for annual financial statements.
Reclassifications	Reclassifications Beginning in 2022, the Company has classified the ADESA U.S. physical auctions (vehicle logistics centers) as discontinued operations. Certain amounts reported in the consolidated financial statements and related notes prior to March 2022 have been reclassified to discontinued operations to reflect the sale of the Company’s ADESA U.S. physical auction business. The assets and liabilities of the ADESA U.S. physical auctions have been reclassified to "Current assets of discontinued operations," "Non-current assets of discontinued operations," "Current liabilities of discontinued operations" and "Non-current liabilities of discontinued operations" in the consolidated balance sheets for all periods presented. Likewise, certain amounts reported for segment results in the consolidated financial statements prior to March 2022 have been reclassified to conform to the discontinued operations presentation. See Note 2 for a further discussion. In addition, KAR provided transportation services of $20.6 million and $56.7 million to the ADESA U.S. physical auctions for the three and nine months ended September 30, 2022, respectively, and $18.0 million and $63.7 million for the three and nine months ended September 30, 2021, respectively. The revenue and cost of services for these transportation services provided to the ADESA U.S. physical auctions was previously eliminated in consolidation, but this revenue and the related costs are now included in the Company's consolidated statements of income. AFC also had accounts payable to customers of the ADESA U.S. physical auctions related to auction proceeds financed. Previously, these accounts were eliminated in consolidation, but are now included in "Current assets of discontinued operations" on the consolidated balance sheet and were $33.5 million at December 31, 2021.
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates based in part on assumptions about current, and for some estimates, future economic and market conditions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the period. Although the current estimates contemplate current conditions and expected future changes, as appropriate, it is reasonably possible that future conditions could differ from these estimates, which could materially affect our results of operations and financial position. Among other effects, such changes could result in future impairments of goodwill, intangible assets and long-lived assets, incremental losses on finance receivables, additional allowances on accounts receivable and deferred tax assets and changes in litigation and other loss contingencies.
New Accounting Standards	New Accounting Standards In August 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, which simplifies the accounting for convertible debt instruments and convertible preferred stock by reducing the number of accounting models and the number of embedded conversion features that could be recognized separately from the primary contract. The update also requires the application of the if-converted method to calculate the impact of convertible instruments on diluted earnings per share. The new guidance is effective for annual periods beginning after December 15, 2021, including interim periods within those fiscal years. This update can be adopted on either a fully retrospective or a modified retrospective basis. The adoption of ASU 2020-06 did not have a material impact on the consolidated financial statements.

Restatement of Previously Iss_2

Restatement of Previously Issued Consolidated Financial Statements (Tables)	9 Months Ended
	Sep. 30, 2022
Accounting Changes and Error Corrections [Abstract]
Schedule of Error Corrections and Prior Period Adjustments	The following table summarizes the impact of these adjustments for the period presented: Nine Months Ended September 30, 2022 As Reported Adjustments As Restated Trade receivables and other assets $ (23.2) $ (0.9) $ (24.1) Accounts payable and accrued expenses (86.5) (62.6) (149.1) Payments of contingent consideration in excess of acquisition-date fair value — (26.1) (26.1) Net cash provided by (used by) operating activities – continuing operations 13.5 (89.6) (76.1) Net cash used by operating activities – discontinued operations (435.6) 47.1 (388.5) Net cash provided by investing activities – discontinued operations 2,066.4 4.0 2,070.4 Payments of contingent consideration (29.6) 26.1 (3.5) Net cash used by financing activities – continuing operations (1,566.1) 26.1 (1,540.0) Net change in cash balances of discontinued operations — 12.4 12.4

Sale of ADESA U.S. Physical A_2

Sale of ADESA U.S. Physical Auction Business and Discontinued Operations (Tables)	9 Months Ended
	Sep. 30, 2022
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	The following table presents the results of operations for the ADESA U.S. physical auction business that have been reclassified to discontinued operations for all periods presented (in millions) : Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Operating revenues $ — $ 206.2 $ 305.9 $ 673.1 Operating expenses Cost of services (exclusive of depreciation and amortization) — 144.2 224.9 438.3 Selling, general and administrative — 32.1 68.8 113.2 Depreciation and amortization — 17.3 11.2 55.3 Total operating expenses — 193.6 304.9 606.8 Operating profit (loss) — 12.6 1.0 66.3 Interest expense — 0.3 0.1 0.6 Other (income) expense, net — (2.1) (8.4) (6.0) Income (loss) from discontinued operations before gain on disposal and income taxes — 14.4 9.3 71.7 Pretax gain on disposal of discontinued operations (11.9) — 521.8 — Income taxes (5.6) (11.5) 313.7 (5.7) Income from discontinued operations $ (6.3) $ 25.9 $ 217.4 $ 77.4 In preparing our 2022 annual consolidated financial statements, we identified an error in the December 31, 2021 comparative balance sheet that had been recasted and presented in the Original Form 10-Q to reflect the classification of the ADESA U.S. physical auctions as discontinued operations. In the December 31, 2021 balance sheet included in that filing, liabilities of discontinued operations were overstated by $82.5 million with a corresponding understatement of deferred income tax liabilities. The error was determined to be immaterial and has been corrected in the consolidated December 31, 2021 balance sheet presented herein. We also corrected an immaterial error in the accompanying consolidated statement of cash flows for the nine months ended September 30, 2021 to present the net change in cash balances of discontinued operations of $2.7 million as a separate line item rather than within net cash provided by operating activities – discontinued operations. There was no impact to the consolidated statements of income, statements of comprehensive income and statements of stockholders’ equity for the three and nine months ended September 30, 2021. The following table summarizes the major classes of assets and liabilities of the ADESA U.S. physical auction business that have been classified as discontinued operations for the period presented (in millions) : December 31, 2021 Assets Cash and cash equivalents $ 12.4 Trade receivables, net of allowances 179.3 Inventory 15.7 Other current assets 5.8 Current assets of discontinued operations 213.2 Goodwill 980.5 Customer relationships, net of accumulated amortization 84.2 Other intangible assets, net of accumulated amortization 32.6 Operating lease right-of-use assets 231.0 Property and equipment, net of accumulated depreciation 435.7 Other assets 2.6 Non-current assets of discontinued operations 1,766.6 Total assets of discontinued operations $ 1,979.8 Liabilities Accounts payable $ 271.7 Accrued employee benefits and compensation expenses 27.2 Other accrued expenses 35.3 Current portion of operating lease liabilities 27.5 Current liabilities of discontinued operations 361.7 Operating lease liabilities 229.0 Other liabilities 2.3 Non-current liabilities of discontinued operations 231.3 Total liabilities of discontinued operations $ 593.0

Stock and Stock-Based Compens_2

Stock and Stock-Based Compensation Plans (Tables)	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Summary of stock-based compensation expense by type of award	The following table summarizes our stock-based compensation expense by type of award (in millions) : Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 PRSUs $ 1.3 $ 0.6 $ 15.1 $ 3.4 RSUs 0.9 1.2 3.4 3.8 Service options 0.2 0.2 0.6 0.8 Market options 0.9 1.4 3.5 4.1 Total stock-based compensation expense $ 3.3 $ 3.4 $ 22.6 $ 12.1

Net Income (Loss) from Contin_2

Net Income (Loss) from Continuing Operations Per Share (Tables)	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Schedule of computation of net income (loss) from continuing operations per share	The following table sets forth the computation of income (loss) from continuing operations per share (in millions except per share amounts) : Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Income (loss) from continuing operations $ 0.5 $ (26.9) $ (13.3) $ (16.0) Series A Preferred Stock dividends (11.1) (10.4) (32.7) (30.6) Loss from continuing operations attributable to participating securities — — 10.6 9.9 Income (loss) from continuing operations attributable to common stockholders $ (10.6) $ (37.3) $ (35.4) $ (36.7) Weighted average common shares outstanding 114.6 119.3 118.5 123.7 Effect of dilutive stock options and restricted stock awards — — — — Weighted average common shares outstanding and potential common shares 114.6 119.3 118.5 123.7 Income (loss) from continuing operations per share Basic $ (0.09) $ (0.31) $ (0.30) $ (0.30) Diluted $ (0.09) $ (0.31) $ (0.30) $ (0.30)

Finance Receivables and Oblig_2

Finance Receivables and Obligations Collateralized by Finance Receivables (Tables)	9 Months Ended
	Sep. 30, 2022
Financing Receivable, after Allowance for Credit Loss, Current [Abstract]
Schedule of quantitative information about delinquencies, credit losses less recoveries ("net credit losses") and components of securitized financial assets and other related assets managed	The following tables present quantitative information about delinquencies, credit loss charge-offs less recoveries ("net credit losses") and components of securitized financial assets and other related assets managed. For purposes of this illustration, delinquent receivables are defined as receivables 31 days or more past due. September 30, 2022 Net Credit Losses Net Credit Losses Total Amount of: (in millions) Receivables Receivables Floorplan receivables $ 2,548.4 $ 11.1 $ 1.2 $ 4.0 Other loans 6.7 — — — Total receivables managed $ 2,555.1 $ 11.1 $ 1.2 $ 4.0 December 31, 2021 Net Credit Losses (Recoveries) Net Credit Losses Total Amount of: (in millions) Receivables Receivables Floorplan receivables $ 2,519.7 $ 7.3 $ (2.2) $ 2.4 Other loans 9.3 — — — Total receivables managed $ 2,529.0 $ 7.3 $ (2.2) $ 2.4
Summary of the changes in the allowance for credit losses and doubtful accounts	The following is a summary of the changes in the allowance for credit losses related to finance receivables ( in millions ): September 30, September 30, Allowance for Credit Losses Balance at December 31 $ 23.0 $ 22.0 Provision for credit losses 2.8 4.4 Recoveries 7.2 10.3 Less charge-offs (11.2) (12.7) Other (0.3) — Balance at end of period $ 21.5 $ 24.0
Schedule of obligations collateralized by finance receivables	Obligations collateralized by finance receivables consisted of the following (in millions) : September 30, December 31, Obligations collateralized by finance receivables, gross $ 1,728.7 $ 1,707.4 Unamortized securitization issuance costs (20.9) (15.1) Obligations collateralized by finance receivables $ 1,707.8 $ 1,692.3

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2022
Long-Term Debt, Unclassified [Abstract]
Schedule of long-term debt	Long-term debt consisted of the following (in millions) : Interest Rate* Maturity September 30, December 31, Term Loan B-6 Adjusted LIBOR + 2.25% September 19, 2026 $ — $ 928.6 Revolving Credit Facility Adjusted LIBOR + 1.75% September 19, 2024 116.0 — Senior notes 5.125% June 1, 2025 350.0 950.0 European lines of credit Euribor + 1.25% Repayable upon demand 17.6 6.8 Total debt 483.6 1,885.4 Unamortized debt issuance costs/discounts (5.3) (19.4) Current portion of long-term debt (283.6) (16.3) Long-term debt $ 194.7 $ 1,849.7

Derivatives (Tables)

Derivatives (Tables)	9 Months Ended
	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of the fair value of the entity's interest rate derivatives included in the consolidated balance sheet	The following table presents the fair value of our interest rate derivatives included in the consolidated balance sheets for the periods presented ( in millions ): Asset/Liability Derivatives September 30, 2022 December 31, 2021 Derivatives Designated as Hedging Instruments Balance Sheet Location Fair Value Balance Sheet Location Fair Value 2020 Interest rate swaps Other assets N/A Other liabilities $ 7.5 Derivatives Not Designated as Hedging Instruments 2020 Interest rate swaps Other assets N/A Other liabilities N/A

Other (Income) Expense, Net (Ta

Other (Income) Expense, Net (Tables)	9 Months Ended
	Sep. 30, 2022
Other Nonoperating Income (Expense) [Abstract]
Schedule of Other (Income) Expense, Net	Other (income) expense, net consisted of the following ( in millions ): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Change in realized and unrealized (gains) losses on investment securities, net $ 0.3 $ 10.9 $ 6.5 $ (37.9) Contingent consideration valuation — 4.4 — 20.1 Foreign currency (gains) losses 4.1 0.1 8.6 2.7 Other (3.2) (1.5) (8.7) (5.4) Other (income) expense, net $ 1.2 $ 13.9 $ 6.4 $ (20.5)

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	9 Months Ended
	Sep. 30, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of accumulated other comprehensive loss	Accumulated other comprehensive loss consisted of the following ( in millions ): September 30, December 31, Foreign currency translation loss $ (64.3) $ (19.0) Unrealized gain (loss) on interest rate derivatives, net of tax — (5.7) Accumulated other comprehensive loss $ (64.3) $ (24.7)

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Schedule of financial information regarding the entity's reportable segments	Financial information regarding our reportable segments is set forth below as of and for the three months ended September 30, 2022 (in millions) : Marketplace Finance Consolidated Operating revenues $ 293.9 $ 99.1 $ 393.0 Operating expenses Cost of services (exclusive of depreciation and amortization) 193.4 16.2 209.6 Selling, general and administrative 96.9 12.2 109.1 Depreciation and amortization 22.4 1.9 24.3 Total operating expenses 312.7 30.3 343.0 Operating profit (loss) (18.8) 68.8 50.0 Interest expense 10.0 22.3 32.3 Other (income) expense, net 0.9 0.3 1.2 Loss on extinguishment of debt 9.3 — 9.3 Intercompany expense (income) 2.4 (2.4) — Income (loss) from continuing operations before income taxes (41.4) 48.6 7.2 Income taxes (5.6) 12.3 6.7 Income (loss) from continuing operations $ (35.8) $ 36.3 $ 0.5 Total assets $ 2,381.8 $ 2,919.5 $ 5,301.3 Financial information regarding our reportable segments is set forth below as of and for the three months ended September 30, 2021 (in millions) : Marketplace Finance Consolidated Operating revenues $ 271.5 $ 75.6 $ 347.1 Operating expenses Cost of services (exclusive of depreciation and amortization) 171.9 13.8 185.7 Selling, general and administrative 96.3 8.5 104.8 Depreciation and amortization 25.2 2.2 27.4 Total operating expenses 293.4 24.5 317.9 Operating profit (loss) (21.9) 51.1 29.2 Interest expense 21.6 10.3 31.9 Other (income) expense, net 3.0 10.9 13.9 Intercompany expense (income) — — — Income (loss) from continuing operations before income taxes (46.5) 29.9 (16.6) Income taxes 3.4 6.9 10.3 Income (loss) from continuing operations $ (49.9) $ 23.0 $ (26.9) Total assets $ 2,603.4 $ 2,565.6 $ 5,169.0 Financial information regarding our reportable segments is set forth below for the nine months ended September 30, 2022 (in millions) : Marketplace Finance Consolidated Operating revenues $ 871.4 $ 275.2 $ 1,146.6 Operating expenses Cost of services (exclusive of depreciation and amortization) 584.9 47.4 632.3 Selling, general and administrative 315.8 36.3 352.1 Depreciation and amortization 70.1 6.1 76.2 Total operating expenses 970.8 89.8 1,060.6 Operating profit (loss) (99.4) 185.4 86.0 Interest expense 33.0 50.8 83.8 Other (income) expense, net (0.1) 6.5 6.4 Loss on extinguishment of debt 17.0 — 17.0 Intercompany expense (income) 3.1 (3.1) — Income (loss) from continuing operations before income taxes (152.4) 131.2 (21.2) Income taxes (40.9) 33.0 (7.9) Income (loss) from continuing operations $ (111.5) $ 98.2 $ (13.3) Financial information regarding our reportable segments is set forth below for the nine months ended September 30, 2021 (in millions) : Marketplace Finance Consolidated Operating revenues $ 882.9 $ 210.0 $ 1,092.9 Operating expenses Cost of services (exclusive of depreciation and amortization) 557.3 41.0 598.3 Selling, general and administrative 292.4 26.1 318.5 Depreciation and amortization 74.6 7.1 81.7 Total operating expenses 924.3 74.2 998.5 Operating profit (loss) (41.4) 135.8 94.4 Interest expense 64.7 29.0 93.7 Other (income) expense, net 1.0 (21.5) (20.5) Intercompany expense (income) 0.2 (0.2) — Income (loss) from continuing operations before income taxes (107.3) 128.5 21.2 Income taxes 5.1 32.1 37.2 Income (loss) from continuing operations $ (112.4) $ 96.4 $ (16.0)
Schedule of information regarding the geographic areas of entity's operations	Information regarding the geographic areas of our operations is set forth below (in millions) : Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Operating revenues U.S. $ 264.3 $ 199.6 $ 744.1 $ 638.4 Foreign 128.7 147.5 402.5 454.5 $ 393.0 $ 347.1 $ 1,146.6 $ 1,092.9

Basis of Presentation and Nat_3

Basis of Presentation and Nature of Operations (Details) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($) network location $ / shares shares	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) network location $ / shares shares	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) shares	Sep. 19, 2019 USD ($)	May 31, 2017
Basis of Presentation and Nature of Operations [Abstract]
Long-term debt	$ 483.6		$ 483.6		$ 1,885.4
Number of sites for whole car auctions | network	14		14
Service Revenue - KAR to ADESA U.S. Physical Auctions	$ 20.6	$ 18	$ 56.7	$ 63.7
Cost of Service - KAR to ADESA U.S. Physical Auctions	$ 20.6	$ 18	$ 56.7	$ 63.7
Accounts Payable - AFC to ADESA U.S. Physical Auctions' Customers					$ 33.5
AFC
Basis of Presentation and Nature of Operations [Abstract]
Number of Locations for Floorplan Financing | location	100		100
Series A Preferred Stock [Member]
Basis of Presentation and Nature of Operations [Abstract]
Series A Preferred Stock par value per share | $ / shares	$ 0.01		$ 0.01
Series A Preferred Stock shares outstanding | shares	634,305		634,305		612,676
Term Loan B-6
Basis of Presentation and Nature of Operations [Abstract]
Long-term debt	$ 0		$ 0		$ 928.6
Senior Notes [Member]
Basis of Presentation and Nature of Operations [Abstract]
Long-term debt	$ 350		$ 350		950
Senior notes stated interest rate	5.125%		5.125%				5.125%
Credit Agreement | Term Loan B-6
Basis of Presentation and Nature of Operations [Abstract]
Long-term debt						$ 950
Credit Agreement | Senior secured revolving credit facility
Basis of Presentation and Nature of Operations [Abstract]
Long-term debt	$ 116		$ 116		$ 0
Maximum borrowing capacity						$ 325

Restatement of Previously Iss_3

Restatement of Previously Issued Consolidated Financial Statements (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Trade receivables and other assets	$ (24.1)	$ (180.5)
Accounts payable and accrued expenses	(149.1)	283.8
Payments of contingent consideration in excess of acquisition-date fair value	(26.1)	0
Net cash provided by (used by) operating activities – continuing operations	(76.1)	213.1
Net cash used by operating activities – discontinued operations	(388.5)	139.7
Net cash provided by investing activities – discontinued operations	2,070.4	(19)
Payments of contingent consideration	(3.5)	(21.3)
Net cash used by financing activities – continuing operations	(1,540)	(103)
Net change in cash balances of discontinued operations	12.4	$ 2.7
Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Trade receivables and other assets	(23.2)
Accounts payable and accrued expenses	(86.5)
Payments of contingent consideration in excess of acquisition-date fair value	0
Net cash provided by (used by) operating activities – continuing operations	13.5
Net cash used by operating activities – discontinued operations	(435.6)
Net cash provided by investing activities – discontinued operations	2,066.4
Payments of contingent consideration	(29.6)
Net cash used by financing activities – continuing operations	(1,566.1)
Net change in cash balances of discontinued operations	0
Revision of Prior Period, Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Trade receivables and other assets	(0.9)
Accounts payable and accrued expenses	(62.6)
Payments of contingent consideration in excess of acquisition-date fair value	(26.1)
Net cash provided by (used by) operating activities – continuing operations	(89.6)
Net cash used by operating activities – discontinued operations	47.1
Net cash provided by investing activities – discontinued operations	4
Payments of contingent consideration	26.1
Net cash used by financing activities – continuing operations	26.1
Net change in cash balances of discontinued operations	$ 12.4

Sale of ADESA U.S. Physical A_3

Sale of ADESA U.S. Physical Auction Business and Discontinued Operations (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
	May 09, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Discontinued Operations
Proceeds from divestiture of business	$ 2,200
Term of commercial agreement	7 years
Net cash inflow from the commercial agreement and transition services				$ 33.5
Professional Fees Associated With Discontinued Operations				37.1
Pretax gain on disposal of discontinued operations		$ (11.9)	$ 0	521.8	$ 0
Deferred income tax liabilities		50.6		50.6		$ 138.4
Deferred income tax liabilities of discontinued operations						82.5
Net change in cash balances of discontinued operations				12.4	2.7
Discontinued Operations - Results of Operations
Operating revenues		0	206.2	305.9	673.1
Cost of services (exclusive of depreciation and amortization)		0	144.2	224.9	438.3
Selling, general and administrative		0	32.1	68.8	113.2
Depreciation and amortization		0	17.3	11.2	55.3
Total operating expenses		0	193.6	304.9	606.8
Operating profit (loss)		0	12.6	1	66.3
Interest expense		0	0.3	0.1	0.6
Other (income) expense, net		0	(2.1)	(8.4)	(6)
Income (loss) from discontinued operations before gain on disposal and income taxes		0	14.4	9.3	71.7
Pretax gain on disposal of discontinued operations		(11.9)	0	521.8	0
Income taxes		(5.6)	(11.5)	313.7	(5.7)
Income from discontinued operations		(6.3)	$ 25.9	217.4	$ 77.4
Discontinued Operations - Major Classes of Assets and Liabilities
Cash and cash equivalents						12.4
Trade receivables, net of allowances						179.3
Inventory						15.7
Other current assets						5.8
Current assets of discontinued operations		0		0		213.2
Goodwill						980.5
Customer relationships, net of accumulated amortization						84.2
Other intangible assets, net of accumulated amortization						32.6
Operating lease right-of-use assets						231
Property and equipment, net of accumulated depreciation						435.7
Other assets						2.6
Non-current assets of discontinued operations		0		0		1,766.6
Total assets of discontinued operations						1,979.8
Accounts payable						271.7
Accrued employee benefits and compensation expenses						27.2
Other accrued expenses						35.3
Current portion of operating lease liabilities						27.5
Current liabilities of discontinued operations		0		0		361.7
Operating lease liabilities						229
Other liabilities						2.3
Non-current liabilities of discontinued operations		$ 0		$ 0		231.3
Total liabilities of discontinued operations						593
Continuing Operations
Discontinued Operations
Deferred income tax liabilities						$ 82.5

Stock and Stock-Based Compens_3

Stock and Stock-Based Compensation Plan Summary (Details) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) employee installment $ / shares shares	Sep. 30, 2021 USD ($)
Stock and Stock-Based Compensation Plans
Stock-based compensation expense (in dollars)	$ 3.3	$ 3.4	$ 22.6	$ 12.1
PRSUs
Stock and Stock-Based Compensation Plans
Stock-based compensation expense (in dollars)	1.3	0.6	15.1	3.4
RSUs
Stock and Stock-Based Compensation Plans
Stock-based compensation expense (in dollars)	0.9	1.2	3.4	3.8
Service options
Stock and Stock-Based Compensation Plans
Stock-based compensation expense (in dollars)	0.2	0.2	0.6	0.8
Market options
Stock and Stock-Based Compensation Plans
Stock-based compensation expense (in dollars)	$ 0.9	$ 1.4	$ 3.5	$ 4.1
KAR Auction Services, Inc. 2009 Omnibus Stock and Incentive Plan | RSUs
Stock and Stock-Based Compensation Plans
PRSUs and/or RSUs grants | shares			0.3
Number of equal annual installments | installment			3
PRSUs and/or RSUs grant date fair value | $ / shares			$ 18.39
KAR Auction Services, Inc. 2009 Omnibus Stock and Incentive Plan | PRSUs - Adjusted EBITDA
Stock and Stock-Based Compensation Plans
PRSUs and/or RSUs grants | shares			0.5
Number of participants affected by modification | employee			13
Incremental cost from modification			$ 0
PRSUs and/or RSUs grant date fair value | $ / shares			$ 18.46
Award vesting period			3 years

Share Repurchase Plan (Details)

Share Repurchase Plan (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended		9 Months Ended
	Apr. 27, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Oct. 30, 2019
Additional disclosures
Common stock, par value (in dollars per share)		$ 0.01		$ 0.01		$ 0.01
October 2019 Share Repurchase Program
Additional disclosures
Stock repurchase program, authorized amount	$ 200						$ 300
Stock repurchase program expiration date	Dec. 31, 2023
Stock repurchase program, remaining authorized repurchase amount		$ 176.9		$ 176.9
Stock repurchased and retired during period (in shares)		3,309,527	0	8,740,316	10,847,800
Stock repurchased and retired weighted average price per share		$ 15.11		$ 15.11	$ 16.66

Net Income (Loss) from Contin_3

Net Income (Loss) from Continuing Operations Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Income (loss) from continuing operations	$ 0.5	$ (26.9)	$ (13.3)	$ (16)
Series A Preferred Stock dividends	(11.1)	(10.4)	(32.7)	(30.6)
Loss from continuing operations attributable to participating securities	0	0	10.6	9.9
Income (loss) from continuing operations attributable to common stockholders	$ (10.6)	$ (37.3)	$ (35.4)	$ (36.7)
Shares outstanding
Weighted average common shares outstanding	114.6	119.3	118.5	123.7
Effect of dilutive stock options and restricted stock awards	0	0	0	0
Weighted average common shares outstanding and potential common shares	114.6	119.3	118.5	123.7
Income (loss) from continuing operations per share - basic
Basic (in dollars per share)	$ (0.09)	$ (0.31)	$ (0.30)	$ (0.30)
Income (loss) from continuing operations per share - diluted
Diluted (in dollars per share)	$ (0.09)	$ (0.31)	$ (0.30)	$ (0.30)
Stock options outstanding (in shares)	5	5.4	5	5.4

Finance Receivables and Oblig_3

Finance Receivables and Obligations Collateralized by Finance Receivables (Details) $ in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 CAD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Finance Receivables and Obligations Collateralized by Finance Receivables
Costs capitalized in connection with US/Canada RPA			$ 11.6	$ 0
Principal amount of receivables	$ 2,555.1		2,555.1				$ 2,529
Principal amount of receivables delinquent	11.1		11.1				7.3
Net credit losses	1.2	$ 2.2	4	2.4
Finance receivables pledged as security	2,529.1		2,529.1				2,482.2
Obligations collateralized by finance receivables, gross	1,728.7		1,728.7				1,707.4
Obligations collateralized by finance receivables	1,707.8		1,707.8				1,692.3
Changes in the Allowance for Credit Losses
Balance at beginning of period			23	22
Provision for credit losses			2.8	4.4
Recoveries			7.2	10.3
Less charge-offs			(11.2)	(12.7)
Other			(0.3)	0
Balance at end of period	21.5	24	21.5	24
Floorplan receivables
Finance Receivables and Obligations Collateralized by Finance Receivables
Principal amount of receivables	2,548.4		2,548.4				2,519.7
Principal amount of receivables delinquent	11.1		11.1				7.3
Net credit losses	1.2	2.2	4	2.4
Other Loans
Finance Receivables and Obligations Collateralized by Finance Receivables
Principal amount of receivables	6.7		6.7				9.3
Principal amount of receivables delinquent	0		0				0
Net credit losses	0	$ 0	0	$ 0
AFC
Finance Receivables and Obligations Collateralized by Finance Receivables
Unamortized securitization issuance costs	(20.9)		$ (20.9)				$ (15.1)
AFC | Minimum
Finance Receivables and Obligations Collateralized by Finance Receivables
Period to define financing receivables as past due (in days)			31 days
AFC Funding Corporation
Finance Receivables and Obligations Collateralized by Finance Receivables
Committed liquidity	$ 2,000		$ 2,000			$ 1,700
Costs capitalized in connection with US/Canada RPA			$ 10.5
AFC Funding Corporation | Minimum
Finance Receivables and Obligations Collateralized by Finance Receivables
Cash reserve as security for obligations of collateralized financing receivables (as a percent)			1%
Cash reserve as security for obligations of collateralized financing receivables - circumstance two (as a percent)			3%
AFCI
Finance Receivables and Obligations Collateralized by Finance Receivables
Committed liquidity					$ 225
Costs capitalized in connection with US/Canada RPA			$ 1.1
AFCI | Minimum
Finance Receivables and Obligations Collateralized by Finance Receivables
Cash reserve as security for obligations of collateralized financing receivables (as a percent)			1%
Cash reserve as security for obligations of collateralized financing receivables - circumstance two (as a percent)			3%

Long-Term Debt Summary (Details

Long-Term Debt Summary (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021	Sep. 19, 2019	May 31, 2017
Long-Term Debt
Total debt	$ 483.6	$ 1,885.4
Unamortized debt issuance costs/discounts	(5.3)	(19.4)
Current portion of long-term debt	(283.6)	(16.3)
Long-term debt	194.7	1,849.7
Term Loan B-6
Long-Term Debt
Total debt	$ 0	928.6
Term Loan B-6 | Adjusted LIBOR
Long-Term Debt
Variable rate basis	Adjusted LIBOR
Interest rate basis (as a percent)	2.25%
Revolving Credit Facility | Adjusted LIBOR
Long-Term Debt
Variable rate basis	Adjusted LIBOR
Interest rate basis (as a percent)	1.75%
Senior Notes [Member]
Long-Term Debt
Senior notes stated interest rate	5.125%			5.125%
Total debt	$ 350	950
Current portion of long-term debt	(150)
Credit Agreement | Term Loan B-6
Long-Term Debt
Total debt			$ 950
Credit Agreement | Revolving Credit Facility
Long-Term Debt
Total debt	116	0
European lines of credit | Foreign line of credit
Long-Term Debt
Total debt	$ 17.6	$ 6.8
European lines of credit | Foreign line of credit | Euribor rate
Long-Term Debt
Variable rate basis	Euribor
Interest rate basis (as a percent)	1.25%

Credit Facilities (Details)

Credit Facilities (Details) € in Millions, $ in Millions		3 Months Ended		9 Months Ended
	Sep. 19, 2019 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) item	Sep. 30, 2021 USD ($)	Sep. 30, 2022 EUR (€)	Dec. 31, 2021 USD ($)
Long-Term Debt
Long-term debt		$ 483.6		$ 483.6			$ 1,885.4
Unamortized debt issuance costs/discounts		5.3		5.3			19.4
Payments on long-term debt				928.6	$ 7.1
Loss on extinguishment of debt		9.3	$ 0	$ 17	$ 0
Percentage of equity interests of certain of the company's and the Subsidiary Guarantors' domestic subsidiaries pledged under the Credit Facility				100%
Percentage of equity interests of certain of the company's and the Subsidiary Guarantors' first-tier foreign subsidiaries pledged under the Credit Facility				65%
Estimated fair value of long-term debt		470.5		$ 470.5
Term Loan B-6
Long-Term Debt
Long-term debt		0		0			928.6
Letters of credit
Long-Term Debt
Maximum borrowing capacity		50		50
Outstanding letters of credit		19		19			27.6
Swing line loans
Long-Term Debt
Maximum borrowing capacity		60		60
Senior Notes [Member]
Long-Term Debt
Long-term debt		350		350			950
Loss on extinguishment of debt		9.3
Credit Agreement | Term Loan B-6
Long-Term Debt
Long-term debt	$ 950
Payments on long-term debt				926.2
Loss on extinguishment of debt				7.7
Term of debt instrument	7 years
Credit Agreement | Revolving Credit Facility
Long-Term Debt
Long-term debt		116		$ 116			0
Maximum borrowing capacity	$ 325
Frequency of commitment fee payment				quarterly
Amount borrowed		116		$ 116			0
Term of debt instrument	5 years
European lines of credit | Foreign line of credit
Long-Term Debt
Long-term debt		17.6		17.6			$ 6.8
Maximum borrowing capacity		$ 29.4		$ 29.4		€ 30
Maximum
Long-Term Debt
Credit facility consolidated senior secured net leverage ratio | item				3.5
Maximum | Credit Agreement | Revolving Credit Facility
Long-Term Debt
Commitment fee on the unused amount of the Revolving Credit Facility (as a percent)				0.35%
Minimum | Credit Agreement | Revolving Credit Facility
Long-Term Debt
Commitment fee on the unused amount of the Revolving Credit Facility (as a percent)				0.25%

Senior Notes (Details)

Senior Notes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Aug. 17, 2022	Dec. 31, 2021	May 31, 2017
Long-Term Debt
Loss on extinguishment of debt	$ 9.3	$ 0	$ 17	$ 0
Current maturities of long-term debt	$ 283.6		$ 283.6			$ 16.3
Senior Notes [Member]
Long-Term Debt
Senior notes face amount							$ 950
Senior notes stated interest rate	5.125%		5.125%				5.125%
Face amount of senior notes repurchased	$ 600		$ 600		$ 600
Loss on extinguishment of debt	9.3
Current maturities of long-term debt	$ 150		$ 150

Derivatives (Details)

Derivatives (Details) $ in Millions		3 Months Ended				9 Months Ended
	Jan. 23, 2020 USD ($) agreement	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Fair value of the entity's interest rate derivatives included in the consolidated balance sheet
Fixed Interest Rate	3.69%
Unrealized gain on interest rate derivatives, net of tax		$ 0			$ 2	$ 5.7	$ 9
January 2020 interest rate swap
Fair value of the entity's interest rate derivatives included in the consolidated balance sheet
Number of derivative agreements entered | agreement	3
Aggregate notional amount	$ 500
Swap derivative weighted average interest rate	1.44%
Term of interest rate swaps	5 years
Tax impact from unrealized gain (loss) on interest rate derivatives					$ 0.6	$ 1.8	$ 2.9
Unrealized Gain in "Interest expense"				$ 8.7
Realized gain in "Interest expense"			$ 16.7
Other Liabilities [Member] | Designated as Hedging Instrument [Member] | January 2020 interest rate swap
Fair value of the entity's interest rate derivatives included in the consolidated balance sheet
Derivative Liability, Fair Value								$ 7.5

Other (Income) Expense, Net (De

Other (Income) Expense, Net (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Other Nonoperating Income (Expense) [Abstract]
Change in realized and unrealized (gains) losses on investment securities, net	$ 0.3	$ 10.9	$ 6.5	$ (37.9)
Contingent consideration valuation	0	4.4	0	20.1
Foreign currency (gains) losses	4.1	0.1	8.6	2.7
Other	(3.2)	(1.5)	(8.7)	(5.4)
Other (income) expense, net	1.2	13.9	6.4	(20.5)
Realized (gains) losses on investments	0	(10)	0	(27.2)
Unrealized (gain) loss on investment securities	0.3	$ 20.9	6.5	$ (10.7)
Fair value of investment securities	1		1
Investments recorded at cost	$ 28.6		$ 28.6

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Significant Change In Legal And Regulatory Proceedings	$ 0

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Foreign currency translation loss	$ (64.3)	$ (19)
Unrealized gain (loss) on interest rate derivatives, net of tax	0	(5.7)
Accumulated other comprehensive loss	$ (64.3)	$ (24.7)

Segment Information (Details)

Segment Information (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) segment	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Segment Reporting [Abstract]
Number of operating segments | segment			2
Number of reportable segments | segment			2
Segment Information
Operating revenues	$ 393	$ 347.1	$ 1,146.6	$ 1,092.9
Operating expenses
Cost of services (exclusive of depreciation and amortization)	209.6	185.7	632.3	598.3
Selling, general and administrative	109.1	104.8	352.1	318.5
Depreciation and amortization	24.3	27.4	76.2	81.7
Total operating expenses	343	317.9	1,060.6	998.5
Operating profit (loss)	50	29.2	86	94.4
Interest expense	32.3	31.9	83.8	93.7
Other (income) expense, net	1.2	13.9	6.4	(20.5)
Loss on extinguishment of debt	9.3	0	17	0
Intercompany expense (income)	0	0	0	0
Income (loss) from continuing operations before income taxes	7.2	(16.6)	(21.2)	21.2
Income taxes	6.7	10.3	(7.9)	37.2
Income (loss) from continuing operations	0.5	(26.9)	(13.3)	(16)
Total assets	5,301.3		5,301.3		$ 7,450.7
Operating Segments | Marketplace
Segment Information
Operating revenues	293.9	271.5	871.4	882.9
Operating expenses
Cost of services (exclusive of depreciation and amortization)	193.4	171.9	584.9	557.3
Selling, general and administrative	96.9	96.3	315.8	292.4
Depreciation and amortization	22.4	25.2	70.1	74.6
Total operating expenses	312.7	293.4	970.8	924.3
Operating profit (loss)	(18.8)	(21.9)	(99.4)	(41.4)
Interest expense	10	21.6	33	64.7
Other (income) expense, net	0.9	3	(0.1)	1
Loss on extinguishment of debt	9.3		17
Intercompany expense (income)	2.4	0	3.1	0.2
Income (loss) from continuing operations before income taxes	(41.4)	(46.5)	(152.4)	(107.3)
Income taxes	(5.6)	3.4	(40.9)	5.1
Income (loss) from continuing operations	(35.8)	(49.9)	(111.5)	(112.4)
Total assets	2,381.8	2,603.4	2,381.8	2,603.4
Operating Segments | Finance
Segment Information
Operating revenues	99.1	75.6	275.2	210
Operating expenses
Cost of services (exclusive of depreciation and amortization)	16.2	13.8	47.4	41
Selling, general and administrative	12.2	8.5	36.3	26.1
Depreciation and amortization	1.9	2.2	6.1	7.1
Total operating expenses	30.3	24.5	89.8	74.2
Operating profit (loss)	68.8	51.1	185.4	135.8
Interest expense	22.3	10.3	50.8	29
Other (income) expense, net	0.3	10.9	6.5	(21.5)
Loss on extinguishment of debt	0		0
Intercompany expense (income)	(2.4)	0	(3.1)	(0.2)
Income (loss) from continuing operations before income taxes	48.6	29.9	131.2	128.5
Income taxes	12.3	6.9	33	32.1
Income (loss) from continuing operations	36.3	23	98.2	96.4
Total assets	2,919.5	2,565.6	2,919.5	2,565.6
Operating Segments | Continuing Operations
Operating expenses
Total assets	$ 5,301.3	$ 5,169	$ 5,301.3	$ 5,169

Segment Information (Details 2)

Segment Information (Details 2) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Geographic Information
Operating revenues	$ 393	$ 347.1	$ 1,146.6	$ 1,092.9
U.S.
Geographic Information
Operating revenues	$ 264.3	$ 199.6	$ 744.1	$ 638.4
Foreign
Geographic Information
Percent of foreign revenue from Canada	60%	56%	63%	55%
Operating revenues	$ 128.7	$ 147.5	$ 402.5	$ 454.5

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Oct. 31, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Subsequent Event
Stock Repurchased and Retired During Period, Value		$ 50.1		$ 132.2	$ 180.9
October 2019 Share Repurchase Program
Subsequent Event
Stock repurchased and retired during period (in shares)		3,309,527	0	8,740,316	10,847,800
Stock repurchased and retired weighted average price per share		$ 15.11		$ 15.11	$ 16.66
Subsequent Event [Member] | October 2019 Share Repurchase Program
Subsequent Event
Stock repurchased and retired during period (in shares)	3,909,406
Stock repurchased and retired weighted average price per share	$ 12.79
Stock Repurchased and Retired During Period, Value	$ 50