Why KAR Global's Stock Is Trading Higher Today

KAR Auction Services Inc KAR shares are trading higher on Tuesday.

The company announced the placement of $550 million in newly issued perpetual convertible preferred stock.

KAR Auction Services Inc offers a total package for wholesale-used car transactions, from salvage and used-car auctions to a broad range of financial and logistical support. The services comprise financing, repossessions, repairs, transportation, warranty, and inventory services.

The company has three business units in the U.S. and Canada: Adesa, Insurance Auto Auctions, and Automotive Finance. Adesa operates used-vehicle auctions and offers complete online services for all parties involved

KAR Auction Services shares were trading up 10.61% at $13.86 on Tuesday. The stock has a 52-week high of $28.61 and a 52-week low of $9.41.