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KAR Auction Services declares dividend of 19 cents

CARMEL, Ind. (AP) -- KAR Auction Services Inc. is declaring its first ever quarterly dividend of 19 cents per share.

The company said Friday that the dividend will be paid on Dec. 28 to shareholders of record on Dec. 19.

KAR is the holding company of ADESA Inc., Insurance Auto Auctions Inc. and Automotive Finance Corp. ADESA is a wholesale used vehicle auctions provider, while Insurance Auto Auctions is a salvage vehicle auction company. Automotive Finance offers financing to independent and franchise used vehicle dealers.

With about 137 million shares outstanding, the dividend would cost the company about $26 million.

Its shares finished at $18.60 on Thursday. They have traded in a 52-week range of $12.67 to $20.85.