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0001193125-08-252586.txt : 200812120001193125-08-252586.hdr.sgml : 2008121220081212123014ACCESSION NUMBER:0001193125-08-252586CONFORMED SUBMISSION TYPE:8-KPUBLIC DOCUMENT COUNT:63CONFORMED PERIOD OF REPORT:20081212ITEM INFORMATION:Regulation FD DisclosureITEM INFORMATION:Financial Statements and ExhibitsFILED AS OF DATE:20081212DATE AS OF CHANGE:20081212

FILER:

COMPANY DATA:COMPANY CONFORMED NAME:KAR Holdings, Inc.CENTRAL INDEX KEY:0001395942STANDARD INDUSTRIAL CLASSIFICATION:WHOLESALE-MOTOR VEHICLES & MOTOR VEHICLE PARTS & SUPPLIES [5010]IRS NUMBER:208744739STATE OF INCORPORATION:DEFISCAL YEAR END:1231

FILING VALUES:FORM TYPE:8-KSEC ACT:1934 ActSEC FILE NUMBER:333-148847FILM NUMBER:081245624

BUSINESS ADDRESS:STREET 1:C/O KELSO & CO.STREET 2:320 PARK AVENUECITY:NEW YORKSTATE:NYZIP:10022BUSINESS PHONE:(212) 751-3939

MAIL ADDRESS:STREET 1:C/O KELSO & CO.STREET 2:320 PARK AVENUECITY:NEW YORKSTATE:NYZIP:10022

8-K1d8k.htmFORM 8-K

Form 8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section13 OR 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): December12, 2008

KAR Holdings, Inc.

(Exact name of Registrant as specified in its charter)

Delaware333-14884720-8744739

(State of Incorporation)(Commission File Number)(I.R.S. Employer Identification No.)

13085 Hamilton Crossing Boulevard

Carmel, Indiana 46032

(Address of principal executive offices)

(Zip Code)

(800)923-3725

(Registrants telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item7.01Regulation FD Disclosure

KAR Holdings, Inc. hosted anAnalyst Day at the ADESA Boston Auction on Friday, December12, 2008. In addition, the Company posted its Analyst Day presentation visuals on the KAR Holdings, Inc. Web site at http://www.karholdingsinc.com. The Analyst Day featuredpresentations by John Nordin, Executive Vice President and Chief Information Officer, Tom Kontos, Executive Vice President of Customer Strategies and Analytics and Eric Loughmiller, Executive Vice President and Chief Financial Officer. Thepresentation visuals are attached to this Current Report on Form 8-K as Exhibit 99.1 and incorporated herein by reference in their entirety.

Within theAnalyst Day presentation visuals, the Company makes reference to certain non-GAAP financial measures. The non-GAAP financial measures include the following: EBITDA, Adjusted EBITDA and Adjusted EBITDA per the credit agreement. The Company haspresented reconciling information along with the most directly comparable financial measure calculated and presented in accordance with Generally Accepted Accounting Principles in the United States (GAAP) for each of the above non-GAAPfinancial measures in the Analyst Day presentation visuals. In addition, the Companys reasons for presenting these non-GAAP financial measures are discussed below.

The Company believes that these measures represent important internal measures of performance. Accordingly, where these non-GAAP measures are provided, it is done so that investors have the same financial data thatmanagement uses with the belief that it will assist the investment community in properly assessing the underlying performance of the Company on a year-over-year and quarter-sequential basis. Investors should consider these non-GAAP measures inaddition to, not as a substitute for or superior to, measures of financial performance prepared in accordance with GAAP. The specific reasons, in addition to the reasons described above, why the Companys management believes that thepresentation of the non-GAAP financial measures provides useful information to investors regarding the Companys results of operations are as follows:

EBITDA, Adjusted EBITDA and Adjusted EBITDA per the Credit Agreement The Companys management believes that EBITDA is a useful supplement and meaningful indicator of earnings performance to be used by its investors,financial analysts and others to analyze the Companys financial performance and results of operations over time. Management believes that the inclusion of supplementary adjustments to EBITDA applied in presenting Adjusted EBITDA is appropriateto provide additional information to investors about one of the principal internal measures of performance used by the Company. Management uses the Adjusted EBITDA measure to evaluate the performance of the Company and to evaluate results relativeto incentive compensation targets. Adjusted EBITDA per the Credit Agreement adds the pro forma impact of recent acquisitions and the pro forma cost savings per the credit agreement to Adjusted EBITDA. This measure is used by the Companyscreditors in assessing debt covenant compliance and management believes its inclusion is appropriate to provide additional information to investors about certain covenants required pursuant to the Companys senior secured credit facility andnotes. The most directly comparable financial performance measure calculated and presented in accordance with GAAP is net income (loss). A reconciliation of net income (loss) to EBITDA, Adjusted EBITDA and Adjusted EBITDA per the Credit Agreement iscontained in the appendix to the Analyst Day presentation visuals.

Item9.01FINANCIAL STATEMENTS AND EXHIBITS

(d)Exhibits

EXHIBITNO.

DESCRIPTION OF EXHIBIT

99.1KAR Holdings, Inc. Analyst Day Presentation

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

Dated: December12, 2008

KAR Holdings, Inc.

/s/ Eric M. Loughmiller

Eric M. Loughmiller

Executive Vice President andChief Financial Officer

EX-99.12dex991.htmKAR HOLDINGS, INC. ANALYST DAY PRESENTATION

KAR Holdings, Inc. Analyst Day Presentation

KAR Holdings, Inc. Analyst Day December 12, 2008 Exhibit 99.1

2 Forward-Looking Statements This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks, trends, and uncertainties that could cause actual results to differ materially from those projected, expressed or implied by such forward-looking statements. Many of these risk factors are outside of the companys control, and as such, they involve risks which are not currently known to the company that could cause actual results to differ materially from forecasted results. The forward-looking statements in this document are made as of the date hereof and the company does not undertake to update its forward-looking statements.

3 Information Technology Update John Nordin, EVP & CIO Used Vehicle Market Conditions and Outlook Tom Kontos, EVP Customer Strategies and Analytics Corporate Update Eric Loughmiller, EVP & CFO Agenda

Information Technology Update

5 Business process and systems integration Work order management system Electronic vehicle inspection integration Electronic vehicle check-in Acquisition integrations Improved business information systems Business intelligence system Management operating system Upgrade core technology Modern development platform Component-based architecture In development pipeline for 2009: Continue business process and system integrations Continue core technology upgrade Common consignor vehicle intake system New transportation system ADESA Auction Operations

ADESAE-Business Channels Upstream Upstream Midstream Midstream Downstream Downstream Units Enter Stream Units Enter Stream Sold from Sold from Grounding Site Grounding Site No Transportation No Transportation Primarily Primarily Closed Closed Variety of Locations Variety of Locations Transportation Transportation Occurred Occurred Open and Closed Open and Closed Hybrid & No-Sales Hybrid & No-Sales Open and Closed Open and Closed Vehicle Locations Grounding Sites Dealer Lots Marshalling Yards Business Locations Vehicles Available While in Transport During Recon Awaiting Sale Lineup Sellers Value Proposition Reduced expenses and days to sell. Ability to build the brand. Sellers Value Proposition Reduced expenses and days to sell. Ability to build the brand. Sellers Value Proposition Increase buyer base and exposure of inventory to market. Access to reconditioning and storage locations. Sellers Value Proposition Increase buyer base and exposure of inventory to market. Access to reconditioning and storage locations. Transportation Occurs Transportation Occurs Offered in Physical Sale Offered in Physical Sale Units Exit Stream Units Exit Stream

7 ADESA E-Business New upstream and mid-stream product offerings: Private label storefronts Common back office platform Integrated with auction ops systems New customers in 2008: Nissan/Chrysler/Hyundai/Kia VW/BMW/US Bank/Chrysler Fleet New features in 2008: Autobid functionality Transportation quotes MyAccount Carfax reports

8 ADESA E-Business Live internet bidding platform Acquisition of LiveGlobalBid Settlement of AMS patent infringement lawsuit All auction lanes/all locations In development pipeline for 2009: ADESA.com V2 New customers Vehicle condition report and image repository

NissanDashboard

HMFCDealer Dashboard

Electronic Condition Report Condition Report for a vehicle

ADESA.com v2 Advanced Search

ADESA.com New Vehicle List

14 Insurance Auto Auctions Vehicle Condition Reports New Buyer Website Mobile Inventory Mgmt Pilot AutoVin Core Technology Refresh Field Dispatch and Routing System PAR Business System Replacement Other 2009 KAR IT Initiatives

15 IT outsourcing Payroll Datacenter operations E-Business development IT expense management KAR-level contracts Vendor rebates Vendor and product standardization IT infrastructure Redundant Reliable Scalable IT talent Fully staffed Corporate IT Initiatives

Used Vehicle Market Conditions and Outlook December 2008

Remarketing Industry Supply

Rental and commercial fleet sales have fallen significantly so far this year. Fleet Sales by Manufacturers - YTD Through October - 839,159 755,150 1,580,078 1,312,078 2,419,237 2,067,228 0 500,000 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 2007 2008 Sales Volume Commercial Fleet Rental Total Units % Commercial Fleet -84,009 -10.0% Rental -268,000 -17.0% Total -352,009 -14.6% '08 vs '07 Variance

Thewithdrawal and de-emphasis of leasing, particularly of SUVs and pickups bysome players, has caused some erosion in lease penetration. Lease Penetration (Personal Use* Leases as a Percent of Total New Vehicle Sales) 19.3% 30.5% 20.9% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% *"Personal use" leases are leases on vehicles used by businesses that are alsoused at least 20% of the time for personal use.

Thedecline in lease origination volume in 2008 is due more to low new-vehiclesales than to the withdrawal from leasing by some players. New Lease Volume (Percent Change from Prior Year) -5.6% -16.7% -11.8% 1.6% 7.3% 7.7% 5.6% -12.8% -20% -15% -10% -5% 0% 5% 10% 2001 2002 2003 2004 2005 2006 2007 2008YTD Sep

Feddata puts recent lease trends into a long-term perspective and confirmsthat there are a lot of leases in the pipeline. Federal Reserve Board Consumer Leases Outstanding* ($Millions) $0 $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 $140,000 Jan- 90 Jan- 91 Jan- 92 Jan- 93 Jan- 94 Jan- 95 Jan- 96 Jan- 97 Jan- 98 Jan- 99 Jan- 00 Jan- 01 Jan- 02 Jan- 03 Jan- 04 Jan- 05 Jan- 06 Jan- 07 Jan- 08 *Adjusted for inflation in new vehicle prices used new vehicle CPI.

Nevertheless, the growth in lease origination volume from 2004-2007 should provide ample off- lease volume for the remainder of the decade. Growth (000s): 162195 49 82 -174 Consumer Leases and Off-Lease Volumes Returning for Wholesale Remarketing(Millions) 4.16 3.61 3.17 3.05 3.26 3.40 3.50 3.67 3.31 3.58 3.61 3.65 1.68 1.81 1.89 1.93 1.48 1.26 1.25 1.41 1.60 1.65 1.74 1.56 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Consumer Leases Off-Lease Volume Returning for Wholesale Remarketing History Projections

Delinquency rates are at all-time highs. Indirect Auto Loan Delinquency Rates - Quarterly % of Loans 30 Days or More Overdue - 3.07% 0% 1% 1% 2% 2% 3% 3% 4% 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

Reposare at all-time highs and will climb to the 2 million range in 2008 and2009. Repossessions (000s of Units) 224 304 372 350 321 311 324 376 889 931 1,004 1,078 1,185 1,183 1,197 1,267 1,113 1,235 1,376 1,428 1,506 1,494 1,521 1,643 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2000 2001 2002 2003 2004 2005 2006 2007 New Used Source: CNW Marketing/Research and ADESA Analytical Services.

Retail Vehicle Markets

Franchised dealers have tried to offset declines in new vehicle sales by emphasizing used vehicle sales. Independent dealers are having an even tougher go. 2008 2007 Amount % New Vehicle Sales 11,605 13,584 (1,979) -14.6% Used Vehicle Sales 31,410 35,204 (3,793) -10.8% Franchised Dealers 11,215 12,065 (850) -7.0% Independent Dealers 10,091 11,135 (1,044) -9.4% Private Individuals 10,104 12,004 (1,900) -15.8% Total Vehicle Sales 43,015 48,788 (5,773) -11.8% Source: Automotive News Data Center, CNW Marketing/Research, and ADESA AnalyticalServices. YTD Through Oct Increase/(Decrease) New and Used Vehicle Sales - U.S. (000s of Units Sold)

Dealers consolidation has shifted from being primarily due to acquisitions to being primarily due to exits. Number of Franchised and Independent Dealerships in the U.S. 18,000 19,000 20,000 21,000 22,000 23,000 24,000 25,000 35,000 40,000 45,000 50,000 55,000 60,000 65,000 70,000 75,000 Franchised Independent

Manufacturer-to-Dealer Floor Plans Outstanding $0 $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 Jan- 90 Jan- 91 Jan- 92 Jan- 93 Jan- 94 Jan- 95 Jan- 96 Jan- 97 Jan- 98 Jan- 99 Jan- 00 Jan- 01 Jan- 02 Jan- 03 Jan- 04 Jan- 05 Jan- 06 Jan- 07 Jan- 08 $Millions Dealers have recently been unable or unwilling to carry as much inventory.

Newvehicle incentives had been relatively stable after dropping in 2006.However, they have climbed recently in light of weak sales. Average New-Vehicle Incentives According to Edmunds $2,677 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08

Despite higher new-car incentives, used vehicle prices are becoming more attractive relative to new vehicles. Used Vehicle Price as a % of New Vehicle Price* 60.4% 50.0% 55.0% 60.0% 65.0% 70.0% Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 *Based on vehicles financed by domestic captive finance companies.

Dealers appear to be sharply discounting their used vehicle inventories to trigger more used vehicle sales. Comparison of New and Used Vehicle Consumer Price Indices -5% -4% -3% -2% -1% 0% 1% 2% 3% New Vehicle CPI Used Vehicle CPI

Wholesale Vehicle Markets

Octobers price decline was the most dramatic weve ever seen. Year-on-Year Percent Change in Average Auction Prices -14.0% -12.0% -10.0% -8.0% -6.0% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 2000 2001 2002 2003 2004 2005 2006 2007 2008 Inflection Point - May 2003 Price firming Continued firming/recovery Weakening Retail Sales Supply- driven recovery for program vehicles Price softening

Fueleconomy goes a long way in explaining variances in sales prices between vehiclemodel class segments. Percent Change in Average Auction Price by Model Class- 2008 vs. 2007 (YTD October) 9.1% -1.3% -1.6% -9.0% -9.9% -9.9% -10.6% -11.7% -16.4% -18.5% -3.8% -4.5% -4.7% -6.0% -20% -15% -10% -5% 0% 5% 10% 15% Compact Car Midsize Car Luxury Car All Vehicles Sporty Car Compact Pickup Mini SUV Mini Van Midsize SUV Fullsize Van Fullsize Car Luxury SUV Fullsize Pickup Fullsize SUV

35 Vehicle Prices Are Changing Ford F-150: 2008 - $12,901 2007 - $16,544 BMW 5 Series: 2008 - $19,123 2007 - $25,307 Toyota Corolla: 2008 - $6,208 2007 - $6,206

Auction inventories are at all-time highs. This represents much-needed liquidity at a time when cash is king. Estimated Auction Industry Inventory Days* 43 66 32 39 40 21 19 18 17 43 45 23 28 44 19 58 0 10 20 30 40 50 60 70 * Based on estimated auction industry inventory and sales levels for manufacturer andcaptive finance units only.

Corporate Update

38 KAR Holdings, Inc. Total 2007 Revenue: $1,589 million Total 2007 PF Adjusted EBITDA: $405 million ADESA Auctions 2007 Revenue: $965 million IAAI Salvage 2007 Revenue: $483 million Used vehicle auctioneer Remarkets used vehicles from large institutions and dealers Salvage vehicle auctioneer Remarkets vehicles deemed a total-loss by insurance companies Provides short-term inventory- secured financing for independent used vehicle dealers in North America Auction Sites: 61 Market Position: #2 Market Share: 19% Auction Sites: 151 Market Position: #2 Market Share: 35% Offices: 88 Market Position: Leader Market Share: NA Automotive Finance Corp. (AFC) 2007 Revenue: $141 million Note: Pro forma to give effect to full year impact of recent acquisitions, buyerfee increases at IAAI standalone and certain cost savings from salvage combination. The revenues of ADESA Impact prior to the April 20, 2007 merger transaction have beenreclassified to IAAI to illustrate the effect of the merger as if it had occurred on January 1, 2007. Company Overview ($ in millions)

TheCompany has the largest combined network of Used Car and Salvage Auctions in N.A. ADESA Auctions 61 auction sites IAAI Salvage 151 auction sites AFC88 loan production offices Broad Geographic Footprint Broad geographic footprint positions the Company as the preferred auction & floorplan financing provider for its customers.

40 North American Used Vehicle Auction Market 9.5 Million Units North American Salvage Auction Market 3.2 Million Units Source: GVR Report and Company estimates Copart 37% Insurance Auto Auctions 35% Independents 28% Manheim 51% ADESA 19% Independents 30% Leading Market Positions

41 ADESA Auctions Second largest whole car vehicle auctioneer in the U.S. and the largest in Canada Operates 61 auction facilities throughout North America Generally does not take title to or ownership of the vehicles at auctions Revenues primarily derived from auction fees paid by buyers and sellers Additional revenues generated from a wide array of value-added ancillary services that drive efficient vehicle remarketing: Auctions strive to maximize the auction sales price for sellers by effectively andefficiently transferring the vehicles, paperwork and funds as quickly aspossible Reconditioning services such as preparation services, washing and detailing Industry and market data via ADESA Analytical Services and AutoVIN OEM Captive Finance 25% Dealer 32% Fleet/Lease 30% OEM 13%

42 IAAI Salvage One of only two salvage auctioneers with a national footprint Serves all top 75 U.S. metropolitan markets Hybrid auction format, combining Internet and live auctions: Leads to higher proceeds for suppliers Increases international buyers Provides wide array of value- added total-loss services that drive efficient vehicle remarketing Percentage of ClaimsResulting in Total Loss Source: CCC Information Services 8.2% 8.5% 10.6% 11.3% 12.1% 13.4% 13.0% 12.9% 13.5% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 1997 2000 2001 2002 2003 2004 2005 2006 2007

Provides floorplan financing to independent dealers 30 to 60 day loan terms Serves over 800 auctions Market leader- In a market of 43,000 registered dealers, 13,000 have transacted with AFC in the last twelve months Centralized credit decisions using proprietary scoring model with additional corporate oversight Perfected security interest and personal guaranty from principals of independent dealers Low-cost, reliable funding through bankruptcy-remote, off-balance sheet securitization conduit Utilized to finance over 60% of receivables Facilitates growth of vehicle sales at auction and allows ADESA and IAAI to havelarger role in entire vehicle redistribution industry. AFC

Market Share Improvement Domestic Expansion E-Business Improved Earnings through Cost Savings and Operations Initiatives Stabilize performance of AFC Major Initiatives

45 Significant institutional customer wins Site expansions & improvements in meeting customer needs Improved business information systems to enhance customer reporting Increased dealer consignment sales Market Share Improvement

46 Domestic Expansion Relocations of capacity-constrained facilities: Dallas (used car) Phoenix (used car) Kansas City (used car) Toronto (salvage) Acquisitions of independent used vehicle auctions Acquisitions of independent salvage auctions Reduce customer towing costs Ease capacity constrained facilities Greenfield site development

47 Implementing consistent used car auction operating practices 32 of 61 sites completed to date Operational audit team in place to verify compliance Improved technology to support auction operations Reduced administrative effort and elimination of redundant processes Improved customer reporting Enhanced ancillary services Bringing value-added services in-house Paintless Dent Repair (Dent Demon) Glass replacement Keys Increased outsourcing of certain labor functions Cost Savings

48 Major Initiatives - AFC Streamlined Operations: Closed 14 offices Reduced headcount to match volumes Increased staffing in credit & collections Tightened Credit Policies Reduced Credit for Non-Auction Purchases

KARHoldings Consolidated Financial Summary

50 Long-Term Debt Structure As of Description 9/30/2008 Rate Maturity Term B Loan - Hedged* 800.0 $ 5.34% + 225 Term B Loan - Unhedged 701.5 Libor + 225 Senior Credit Facility 1,501.5 $ 2013 Floating Rate Senior Notes 150.0 $ Libor + 400 2014 Fixed Rate Senior Notes 450.0 8.75% 2014 Senior Subordinated Notes 425.0 10.00% 2015 Senior Notes 1,025.0 $ Total Long-Term Debt** 2,526.5 $ Net Available Cash (97.5) Net Debt 2,429.0 $ LTM PF Adjusted EBITDA at 9/30/08 430.0 $ *** Total Leverage Ratio (Net Debt) 5.65x * 2-year hedge ** Excludes $34.5M capital lease obligation *** As deemed per the Company's credit agreement (millions of US dollars)

51 Consolidated Balance Sheet (millions of US dollars) 12/31/2007 9/30/2008 Cash & equivalents $221 $212 Other current assets 681 692 Total current assets 902 904 PP&E and Other assets 3,629 3,441 Total Assets 4,531 4,345 Current liabilities 460 538 Long-term debt 2,566 2,527 Other non-current liabilities* 491 447 Total Equity 1,014 833 Total Liabilities & Equity $4,531 $4,345 * $34.5 capital lease obligation is classified above in Other non-current liabilities

52 Financial Strength 9/30/08 Strong Liquidity: $211.8M of cash & equivalents; $97.5M available No borrowings O/S on $300M revolver Q3 Earnings: Net loss of $169.9M, included non-cash charge of $164.4M Charge related to write down of goodwill & trade names at AFC No impact on compliance with debt covenants Cash Generation & Deployment YTD: Generated $207.5M from operations Invested $155.8M on acquisitions (over for IAAI) Invested $85.7M in Capx and repaid $55.7M on senior debt

53 Financial Highlights - Consolidated Results for ADESA and IAAI prior to the April 20, 2007 merger transactions have beencombined to illustrate the effect of the merger transactions as if they hadoccurred on January 1, 2007. * Excludes non-cash goodwill and otherintangibles impairment charge of $164.4 million $394 $0 $100 $200 $300 $400 $500 Q3 2007 Q3 2008 13% Q3 Revenue Q3 Revenue Q3 Operating Profit Q3 Operating Profit $46 $50 $0 $20 $40 $60 $80 Q3 2007 Q3 2008* $1,191 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 2007 2008 YTD Revenue YTD Revenue YTD Operating Profit YTD Operating Profit $149 $160 $0 $50 $100 $150 $200 2007 2008* 15% 7% $445 8% $1,375

$111 $120 $0 $50 $100 $150 2007 2008 $863 $720 $0 $200 $400 $600 $800 $1,000 2007 2008 54 Financial Highlights ADESA Auctions YTD Revenue YTD Revenue YTD Operating Profit YTD Operating Profit 8% 20% Results for ADESA and IAAI prior to the April 20, 2007 merger transactions have beencombined to illustrate the effect of the merger transactions as if they hadoccurred on January 1, 2007.

$30 $53 $0 $25 $50 $75 2007 2008 55 Financial Highlights - IAAI YTD Revenue YTD Revenue YTD Operating Profit YTD Operating Profit 18% Results for ADESA and IAAI prior to the April 20, 2007 merger transactions have beencombined to illustrate the effect of the merger transactions as if they hadoccurred on January 1, 2007. 77% $361 $426 $0 $200 $400 $600 2007 2008

56 Financial Highlights - AFC YTD Operating Profit YTD Operating Profit 22% 49% YTD Revenue YTD Revenue * Excludes non-cash goodwill and other intangibles impairment charge of $164.4million $110 $86 $0 $30 $60 $90 $120 $150 2007 2008 $28 $55 $0 $40 $80 2007 2008*

57 Q&A

Appendix Discussion of Non-GAAP Measures: EBITDA, Adjusted EBITDA and Adjusted EBITDA per the Credit Agreement The Companys management believes that EBITDA is a useful supplement and meaningful indicator of earningsperformance to be used by its investors, financial analysts and others toanalyze the Companys financial performance and results of operations over time. Management believes that the inclusion of supplementary adjustments toEBITDA applied in presenting Adjusted EBITDA is appropriate to provideadditional information to investors about one of the principal internal measures of performance used by the Company. Management uses the Adjusted EBITDA measure to evaluate the performance of the Company and to evaluate results relative to incentivecompensation targets. Adjusted EBITDA per the Credit Agreement addsthe pro forma impact of recent acquisitions and the pro forma costsavings per the credit agreement to Adjusted EBITDA. This measure is used by the Companys creditors in assessing debt covenant compliance and management believes its inclusion is appropriateto provide additional information to investors about certain covenantsrequired pursuant to the Companys senior secured credit facility andnotes. The most directly comparable financial performance measure calculated and presented in accordance with GAAP is net income (loss). A reconciliation of net income (loss) to EBITDA,Adjusted EBITDA and Adjusted EBITDA per the Credit Agreement is contained inthis appendix. EBITDA, Adjusted EBITDA and Adjusted EBITDA per the CreditAgreement, as presented herein, are supplemental measures of theCompanys performance that are not required by, or presented in accordance with, generally accepted accounting principles in the United States (GAAP).They are not measurements of the Companys financial performance underGAAP and should not be considered as alternatives to revenues, net income(loss) or any other performance measures derived in accordance with GAAP or as alternatives to cash flow from operating activities as measures of the Companys liquidity.EBITDA, Adjusted EBITDA and Adjusted EBITDA per the Credit Agreementmeasures have limitations as analytical tools, and should not be considered in isolation, or as a substitute for analysis of the results as reported under GAAP.These measures may not be comparable to similarly titled measures reportedby other companies.

Adjusted EBITDA Reconciliation For the Twelve Months Ended September 30, 2008 Three Months Ended Twelve Months Ended (In millions) December 31, 2007 March 31, 2008 June 30, 2008 September 30, 2008 September 30, 2008 Net income (loss) ($34.3) ($3.2) $6.2 ($169.9) ($201.2) Add back: Income taxes (16.5) (3.7) 4.8 (5.2) (20.6) Interest expense,net of interest income 56.0 56.8 51.2 51.9 215.9 Depreciation and amortization 59.8 47.3 45.0 45.0 197.1 EBITDA 65.0 97.2 107.2 (78.2) 191.2 Nonrecurring charges 12.4 6.8 11.5 10.2 40.9 Noncash charges 9.5 6.4 3.0 168.9 187.8 Advisory services 0.8 0.9 0.9 0.9 3.5 Adjusted EBITDA 87.7 111.3 122.6 101.8 423.4 Pro forma impact of recent acquisitions 4.1 2.5 -- -- 6.6 Adjusted EBITDA per the Credit Agreement $91.8 $113.8 $122.6 $101.8 $430.0

Adjusted EBITDA Reconciliation For the Year Ended December 31, 2007 Three Months Ended Year Ended (In millions) March 31, 2007 June 30, 2007 September 30, 2007 December 31, 2007 December 31, 2007 Net income (loss) $38.4 ($7.3) ($8.6) ($34.3) ($11.8) Add back: discontinued operations 0.1 -- -- -- 0.1 Income (loss) from continuing operations 38.5 (7.3) (8.6) (34.3) (11.7) Add back: Income taxes 24.6 4.6 3.7 (16.5) 16.4 Interest expense, net of interest income 13.3 46.6 56.3 56.0 172.2 Depreciation and amortization 18.8 32.2 39.6 59.8 150.4 EBITDA 95.2 76.1 91.0 65.0 327.3 Nonrecurring charges 1.2 5.7 4.9 12.4 24.2 Nonrecurring transaction charges 2.4 22.4 -- -- 24.8 Noncash charges 5.2 1.0 0.9 9.5 16.6 Advisory services 0.1 0.8 0.9 0.8 2.6 Adjusted EBITDA 104.1 106.0 97.7 87.7 395.5 Pro forma impact of recent acquisitions 1.5 1.7 1.5 -- 4.7 Pro forma cost savings per the credit agreement 5.0 5.0 Adjusted EBITDA per the credit agreement $105.6 $107.7 $99.2 $92.7 $405.2

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