# EDGAR Filing Document

**Accession Number:** 0001395942
**File Stem:** 0001395942-23-000037
**Filing Date:** 2023-3
**Character Count:** 10200
**Document Hash:** aab657016e196e9ba99e8d3b18baf37a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001395942-23-000037.hdr.sgml**: 20230331

**ACCESSION NUMBER**: 0001395942-23-000037

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20230331

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230331

**DATE AS OF CHANGE**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** KAR Auction Services, Inc.
- **CENTRAL INDEX KEY:** 0001395942
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-AUTO DEALERS & GASOLINE STATIONS [5500]
- **IRS NUMBER:** 208744739
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34568
- **FILM NUMBER:** 23783149

**BUSINESS ADDRESS:**
- **STREET 1:** 11299 N. ILLINOIS STREET
- **CITY:** CARMEL
- **STATE:** IN
- **ZIP:** 46032
- **BUSINESS PHONE:** (800) 923-3725

**MAIL ADDRESS:**
- **STREET 1:** 11299 N. ILLINOIS STREET
- **CITY:** CARMEL
- **STATE:** IN
- **ZIP:** 46032

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** KAR Holdings, Inc.
- **DATE OF NAME CHANGE:** 20070409

?xml version="1.0" ? kar-20230331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

**Washington, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): March 31, 2023

![kar-20230331_g1.jpg](kar-20230331_g1.jpg)

**KAR Auction Services, Inc.** 

(Exact name of Registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-34568** | **20-8744739** |
| (State or other jurisdiction <br>of incorporation) | (Commission File <br>Number) | (IRS Employer <br>Identification No.) |

---

**11299 N. Illinois Street** 

**Carmel, Indiana 46032** 

(Address of principal executive offices)

(Zip Code)

**(800) 923-3725** 

(Registrant's 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))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading symbol** | **Name of each exchange on which registered** |
| Common Stock, par value $0.01 per share | KAR | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 5.02 <u>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</u>**

James P. Hallett, the Executive Chairman and Chairman of the Board of Directors (the "Board") of KAR Auction Services, Inc. (the "Company"), will retire from the Company effective March 31, 2023. Mr. Hallett will continue to serve as a member of the Board following his retirement. The Board appointed Michael T. Kestner, the Board's Lead Independent Director, to serve as Chairman of the Board effective April 1, 2023.

**Item 7.01 <u>Regulation FD Disclosure</u>.**

On March 31, 2023, the Company issued a press release announcing Mr. Hallett's retirement, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

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**Item 9.01 <u>Financial Statements and Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Exhibits</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>EXHIBIT NO.&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>DESCRIPTION OF EXHIBIT</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.1&nbsp;&nbsp;&nbsp;&nbsp;<u>[Press release dated](exhibit991-hallettretireme.htm)[M](exhibit991-hallettretireme.htm)[arch 31, 202](exhibit991-hallettretireme.htm)[3 -](exhibit991-hallettretireme.htm)["](exhibit991-hallettretireme.htm)[KAR Glo](exhibit991-hallettretireme.htm)[bal Announces Retirement of Executive Chairman Jim Hallett"](exhibit991-hallettretireme.htm)</u>

104&nbsp;&nbsp;&nbsp;&nbsp;Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

**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:&nbsp;&nbsp;&nbsp;&nbsp;March 31, 2023&nbsp;&nbsp;&nbsp;&nbsp;

KAR Auction Services, Inc.

<u>/s/ Charles S. Coleman</u>

Charles S. Coleman

*Executive Vice President, Chief Legal Officer and Secretary*

## Exhibit 99.1

**EXHIBIT 99.1**

**PRESS RELEASE**

![kargloballogorballhorizonta.jpg](kargloballogorballhorizonta.jpg)

**KAR Global Announces Retirement of Executive Chairman Jim Hallett**

Peter Kelly to Continue as CEO, Michael Kestner Named Chairman of the Board

**Carmel, Ind.** – Mar. 31, 2023 – KAR Auction Services, Inc. d/b/a KAR Global (NYSE: KAR), a leading operator of digital marketplaces for wholesale used vehicles, announces the retirement of executive chairman Jim Hallett. Hallett retains his seat on KAR's board of directors while stepping down from his roles as executive chairman for KAR and chairman of the board of directors. Michael Kestner, who has served as lead independent director since 2019, has been named chairman of KAR's board effective April 1, 2023, and Peter Kelly continues to serve as KAR's chief executive officer.

"I am so proud of what we have accomplished at KAR, and it has been a true honor to serve our company, customers and industry over the last 47 years," said Jim Hallett. "Each day I was humbled by the passion, energy and grit of our employees, and grateful for their dedication to our customers. Together, we transformed KAR's brick-and-mortar business into a global digital marketplace for used vehicles. I have never been more confident in KAR's strategy and leadership, especially with Peter at the helm—aside from being a great leader, he's the best digital mind in our industry."

Hallett's tenure with the company spans more than 25 years. He was appointed executive chairman of KAR in 2021 after leading the company as CEO since 2009 and chairman of the board since 2014. Hallett joined the company in 1993 as president of ADESA Canada. He became CEO of ADESA in 1996 and led the company's IPO in 2004. In 2007, Hallett architected the leveraged buyout of ADESA and merger with salvage auction provider Insurance Auto Auctions, Inc. ("IAA"). Hallett took the combined company public in 2009, and in 2019 led the successful spin-off of IAA which generated significant value for KAR stockholders. Under Hallett's leadership, KAR completed the acquisition of more than 50 wholesale auctions and other businesses, expanding the company across North America and Europe.

"Jim's bold vision and dedicated leadership positively shaped our company and our industry for more than four decades," said Peter Kelly, CEO of KAR. "From safety to philanthropy to digital transformation, Jim challenged everyone around him to think differently and pursue bold, new ideas. At KAR, Jim catalyzed our entrepreneurial spirit and culture of innovation, and set the vision for the digital leader we have become. I am very fortunate to call Jim a friend and a mentor, and all of us at KAR wish him the very best in his well-earned retirement."

------

Hallett is widely recognized for his active philanthropy and tireless advocacy for the health, safety and wellbeing of auto auction employees and customers. He is the recipient of numerous industry, business and community awards including the 2014 National EY Entrepreneur of the Year, 2017 United Way of Central Indiana Exceptional Executive, 2018 NAAA/IARA Industry Icon Award, 2018 Indiana Chamber Dynamic Leader of the Year, and 2019 NAAA Hall of Fame Award. A lifelong hockey fan, Hallett shares his love of the sport with the central Indiana community as owner of the Indy Fuel.

###

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| | |
|:---|:---|
| **<u>KAR Media Inquiries:</u>** | **<u>KAR Analyst Inquiries:</u>** |
| Laurie Dippold | Mike Eliason |
| (317) 468-3900 | (317) 249-4559 |
| <u>laurie.dippold@karglobal.com</u>  | <u>mike.eliason@karglobal.com</u> |

---

**About KAR** 

KAR Auction Services, Inc. d/b/a KAR Global (NYSE: KAR), provides sellers and buyers across the global wholesale used vehicle industry with innovative, technology-driven remarketing solutions. KAR Global's unique end-to-end platform supports whole car, financing, logistics and other ancillary and related services. Our integrated marketplaces reduce risk, improve transparency and streamline transactions for customers around the globe. Headquartered in Carmel, Indiana, KAR Global has employees across the United States, Canada, Europe, Uruguay and the Philippines. For more information and the latest KAR Global news, go to www.karglobal.com and follow us on Twitter @KARspeaks.

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