Company Description
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.
| Country | United States |
| Founded | 2006 |
| Industry | Auto & Truck Dealerships |
| Sector | Consumer Discretionary |
| Employees | 4,800 |
| CEO | Peter Kelly |
Contact Details
Address: 11299 North Illinois Street, Suite 500 Carmel, Indiana 46032 United States | |
| Phone | 800 923 3725 |
| Website | corporate.openlane.com |
Stock Details
| Ticker Symbol | OPLN |
| Exchange | NYSE |
| Stock Type | Common Stock |
| Fiscal Year | January - December |
| Reporting Currency | USD |
| CIK Code | 0001395942 |
| CUSIP Number | 48238T109 |
| ISIN Number | US48238T1097 |
Key Executives
| Name | Position |
|---|---|
| Peter J. Kelly | Chief Executive Officer and Director |
| Charles S. Coleman | Executive Vice President, Chief Legal Officer and Secretary |
| James P. Coyle | Executive Vice President and President of Marketplaces |
| William C. Mitchell | Executive Vice President and President of AFC |
| Bradley Herring | Executive Vice President and Chief Financial Officer |
| Dwayne P. Price | Chief Accounting Officer and Principal Accounting Officer |
| Itunu Orelaru | Head of Investor Relations |
| Tobin P. Richer | Executive Vice President of Marketing and Communications |
| J. Marty Nowlin | Executive Vice President of Human Resources |
| Christopher Seitz | Senior Vice President |