Sep. 26 at 6:02 PM
$KAR unclear to me why they don't spin-off the AFC business into its own publicly traded vehicle. It has a separate brand -- Openlane vs AFC -- and the valuation multiple on the combined entity is very poor vs other asset-light market place businesses. Peter Kelly talks about synergy, but the Openlane/AFC wear different outfits in the field etc. Could spin out AFC with a special partnership i.e., give some special benefit to Openlane buyers who use AFC. I don't think they need to be under the same corporate umbrella. They sell 1.5 million cars per year -- plenty to be a stand-alone market place.
Lots of volume on the October 30c? Odd.
