KAR Auction Services, Inc., was incorporated in 2006 and commenced operations in April 2007 upon the consummation of the 2007 Transactions. It was incorporated in Delaware. The Company is a provider of vehicle auction services in North America. It facilitates an efficient marketplace providing auction services for sellers of used, or "whole car," vehicles and salvage vehicles through its 229 physical auction locations at December 31, 2013, and multiple proprietary internet venues. Its revenues are generated through auction fees from both vehicle buyers and sellers, as well as by providing value-added ancillary services, including transportation, reconditioning, inspections, marshalling, titling and floorplan financing. It facilitates the transfer of ownership directly from seller to buyer and generally it does not take title or ownership of vehicles sold at its auctions. The Company operates as three reportable business segments: ADESA Auctions, IAA and AFC. The ADESA Auctions segment serves a domestic and international customer base through live and online auctions and through 65 whole car auction facilities in North America, that are developed and strategically located to draw professional sellers and buyers together and allow the buyers to inspect and compare vehicles remotely or in person. The IAA segment serves a domestic and international customer base through live and online auctions and through 164 salvage vehicle auction sites in the United States and Canada at December 31, 2013. The salvage auctions facilitate the remarketing of damaged vehicles designated as total losses by insurance companies, charity donation vehicles, recovered stolen (or theft) vehicles and low value used vehicles. The salvage auction business specializes in providing services such as inbound transportation, titling, salvage recovery and claims settlement administrative services. The AFC segment provides short-term, inventory-secured financing, known as floorplan financing, primarily to independent used vehicle dealers. At December 31, 2013, AFC conducted business at 105 locations in the United States and Canada. The Company's operations are subject to regulation, supervision and licensing under various U.S. and Canadian federal, state, provincial and local authorities, agencies, statutes and ordinances.