Business Summary
OPENLANE, Inc., together with its subsidiaries, operates as a digital marketplace for wholesale used vehicles in the United States, Canada, Continental Europe, and the United Kingdom. The company operates through two segments, Marketplace and Finance. The Marketplace segment includes various activities designed to facilitate the transfer of used vehicles for sellers and buyers; vehicle logistics center locations; SaaS-based private label remarketing solutions to automobile manufacturers, captive finance companies, and other commercial customers to digitally offer vehicles for sale; wholesale vehicle marketplaces; and value-added ancillary services including inbound and outbound transportation logistics, reconditioning and mechanical work, vehicle inspection and certification, titling, administrative, and collateral recovery services. This segment sells its products and services through commercial fleet operators, financial institutions, car rental companies, new and used vehicle dealers, and vehicle manufacturers. Its marketplaces include OPENLANE platform, a mobile app enabled solutions that allows dealers to sell and source inventory. The Finance segment offers floorplan financing, a short-term inventory-secured financing to independent vehicle dealers; liquidity for customer trade-ins; and title services. In addition, the company provides pre- and post-sale inspection; transportation and logistics; digital marketplace services; remarketing services; and vehicle research services. It serves commercial customers, and franchise and independent dealer customers. The company was formerly known as KAR Auction Services, Inc. and changed its name to OPENLANE, Inc. in May 2023. OPENLANE, Inc. was incorporated in 2006 and is headquartered in Carmel, Indiana.
