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" ... KAR Auctions (Stub) provides used car auctions for dealers and fi nancial institutions under its ADESA business and also floorplan financing (AFC). We believe KAR Auctions (Stub) should see accelerating volume growth and margin improvement as it benefi ts from attractive auto auction industry tailwinds and higher operating leverage. We are expecting annual volume growth in the range of 5-6% over the next two years with a cumulative EBITDA margin expansion of 50 bps in the same period. ... "