KAR Auction Services (previously KAR Holdings), which provides auction services for sellers of used and salvage vehicle, announced terms for its IPO on Monday. The Carmel, IN-based company plans to raise $368 million by offering 23 million shares at a price range of $15.00 to $17.00. At the mid-point of the proposed range, KAR Auction Services will command a market value of $2.1 billion. KAR Auction Services, which was founded in 1989 and booked $1.7 billion in sales over the last 12 months, plans to list on the NYSE under the symbol KAR. Goldman Sachs and Credit Suisse are the lead underwriters on the deal, which is expected to price on Dec. 10.
