Item 7.01 Regulation FD Disclosure.
On
The Company is withdrawing its 2020 outlook and financial guidance provided in
its Current Report on Form 8-K furnished on
The Company's executive officers have voluntarily elected to reduce or forgo
their respective base salaries effective
Item 8.01. Other Events.
In light of the rapidly evolving COVID-19 outbreak, the Company is supplementing
the risk factors disclosed in Item 1A of its Annual Report on Form 10-K for the
year ended
Our business is subject to risks arising from pandemics, epidemics or disease outbreaks, such as the recent outbreak of the COVID-19 virus. The extent to which COVID-19 impacts our business will depend on future developments, which are highly uncertain and cannot be predicted.
The recent outbreak of COVID-19, which has been declared by the
The spread of COVID-19 has caused us to modify our business practices (including restricting employee travel, modifying employee work locations, suspending physical sale operations and reducing operations at our facilities), and we may take further actions as may be required by government authorities or that we determine are in the best interests of our employees, customers and business partners. There is no certainty that such measures will be sufficient to mitigate the risks posed by the virus or otherwise be satisfactory to government authorities.
The extent to which the COVID-19 outbreak impacts our business, results of operations and financial condition will depend on future developments, which are highly uncertain and cannot be predicted, including, but not limited to, the duration and spread of the outbreak, its severity, the actions to contain the virus or treat its impact, and how quickly and to what extent normal economic and operating conditions can resume. Even after the COVID-19 outbreak has subsided, we may continue to experience materially adverse impacts to our business as a result of its global economic impact, including any economic downturn or recession that has occurred or may occur in the future.
Forward-Looking Statements
Certain statements contained in this Current Report on Form 8-K include
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995 and which are subject to certain risks, trends and
uncertainties. In particular, statements made that are not historical facts may
be forward-looking statements. Words such as "should," "may," "will,"
"anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates,"
and similar expressions identify forward-looking statements. Such statements are
based on management's current expectations, are not guarantees of future
performance and are subject to risks and uncertainties that could cause actual
results to differ materially from the results projected, expressed or implied by
these forward-looking statements. Factors that could cause or contribute to such
differences include those uncertainties regarding the impact of the COVID-19
virus on our business and the economy generally, and those other matters
disclosed in the Company's
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Item 9.01 Financial Statements and Exhibits.
(d) Exhibits:
EXHIBIT NO. DESCRIPTION OF EXHIBIT
99.1 Press release dated M arch 26 , 2020 - "KAR Global
Pr ovides Business U p date "
104 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.
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