KAR Auction Services, Inc. (the "Company") announced today that it is seeking to refinance its existing Credit Agreement, dated as of May 19, 2011 (as amended, the "Credit Agreement"), that would, among other things, extend the maturity of the revolving facility and a portion of the term facility, lower the pricing with respect to the revolving and term loan facilities and provide the Company with greater flexibility for making capital expenditures and for making restricted payments. The Company cannot assure that it will be able to successfully complete the refinancing.

KAR Auction Services, Inc. is the holding company for ADESA, Inc. ("ADESA"), Insurance Auto Auctions, Inc. ("IAA") and Automotive Finance Corporation ("AFC"). ADESA is a leading provider of wholesale used vehicle auctions with over 65 North American locations and its subsidiary OPENLANE provides a leading Internet automotive auction platform. IAA is a leading salvage vehicle auction company with over 164 sites across North America. AFC is a leading provider of floorplan financing to independent and franchise used vehicle dealers with over 105 sites across North America. Together, the Company provides a unique, comprehensive, end-to-end solution for its customers' remarketing needs.