Valuation and RecommendationWe value KAR Auction Services (KAR) using 2020e EV/EBITDA methodology by assessing KAR (Stub) and IAA Spinco (Spin-Off) separately. Insurance Auto Auctions Inc.names Vance Johnston as Chief Financial Officer – On April 22, Insurance Auto Auctions, Inc. (IAA) announced the appointment of Vance Johnston as Chief Financial Officer. Spin-Off ResearchB] Insurance Auto Auctions Inc. IAA (Spin-Off)KAR provides salvage/totaled car auctions primarily for insurance companies under its IAA business. IAA SpinCo Inc (Spin-Off)IAA SpinCo Inc., a wholly-owned subsidiary of KAR Auction Services, includes North American salvage vehicle operations and HBC Vehicle Services Limited. The salvage auction business specializes in providing services such as inbound transportation logistics, inspections, evaluations, salvage recovery services, titling, and settlement administrative services.

Source: Forbes April 23, 2019 16:18 UTC