KAR Auction Services, Inc. (NYSE:KAR) Q1 2023 Earnings Conference Call May 3, 2023 8:30 AM ET

Company Participants

Mike Eliason - Treasurer and Vice President, Investor Relations

Peter Kelly - Chief Executive Officer

Scott Anderson - Interim Chief Financial Officer

Conference Call Participants

Rajat Gupta - J.P. Morgan

Craig Kennison - Baird

Gary Prestopino - Barrington Research

Pete Lucas - CJS Securities

Bret Jordan - Jefferies

Daniel Imbro - Stephens Inc.

Operator

Good morning, and welcome to the KAR Auction Services, Inc. 2023 First Quarter Earnings Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note, this event is being recorded.

I would now like to turn the conference over to Mike Eliason, Treasurer and Vice President, Investor Relations. Please go ahead.

Mike Eliason

Thanks, Andrew. Good morning, and thank you for joining us today for the KAR Global first quarter 2023 earnings conference call. Today, we will discuss the financial performance of KAR Global for the quarter ended March 31, 2023. After concluding our commentary, we will take questions from participants.

Before Peter kicks off our discussion, I'd like to remind you that this conference call contains forward-looking statements within the meaning of the Safe Harbor provisions for the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties that may affect KAR's business, prospects and results of operations, and such risks are fully detailed in our SEC filings. In providing forward-looking statements, the company expressly disclaims any obligation to update these statements.

Let me also mention that throughout this conference call, we will be referencing both GAAP and non-GAAP financial measures. Reconciliations of the non-GAAP financial measures to the applicable GAAP financial measures can be found in the press release that we issued yesterday, which is also available in the Investor Relations section of our website.

Now, I'd like to turn this call over to KAR Global's CEO, Peter Kelly. Peter?

Peter Kelly

Thank you, Mike, and good morning, everybody.

I'm delighted to be here this morning to provide you with an update on KAR Global, which, as we announced in a press release last night, will soon be known as OPENLANE, Inc. Given that announcement, we will be structuring today's call a little differently than usual. I will begin by providing additional information relating to our first quarter performance and the current market factors impacting the automotive industry. We will then turn to a more in-depth discussion of our financial performance in the quarter. And then before we move to Q&A, I'll walk through a few slides detailing our OPENLANE brand transformation and platform consolidation strategy.