OPENLANE, Inc - KAR STOCK NEWS

OPENLANE (NYSE: KAR) reported strong Q3 2024 financial results with total revenue of $448 million, up 8% YoY. The company achieved income from continuing operations of $28 million and adjusted EBITDA of $75 million, representing 10% YoY growth. Marketplace segment showed notable performance with revenue of $354 million (12% YoY growth) and adjusted EBITDA of $36 million (34% YoY growth). The company generated $260 million in year-to-date operating cash flow and increased its Gross Merchandise Value by 12% to nearly $7 billion. The board authorized a $5 million increase in share repurchase program, extending it through December 2025.

OPENLANE, Inc. (NYSE: KAR), a leading operator of digital marketplaces for wholesale used vehicles, has announced it will release its third quarter 2024 financial results after the market closes on Wednesday, Nov. 6, 2024. The company will host an earnings conference call and webcast at 5:00 p.m. ET on the same day.

The call will be hosted by OPENLANE Chief Executive Officer Peter Kelly and Chief Financial Officer Brad Lakhia. Interested parties can access the call by dialing 1-833-634-2155 and asking to join the OPENLANE call. A live webcast will be available on the investor relations section of corporate.openlane.com. Following the call, an archive of the webcast will be available for replay on the same website for a time.

OPENLANE (NYSE: KAR) has launched Code Boost IQ, a groundbreaking vehicle inspection enhancement for its US marketplace. This AI-powered tool translates complex OBD2 diagnostic codes into simple, visual alert banners, enabling dealers to make faster and more informed decisions when purchasing wholesale used vehicles.

Key features of Code Boost IQ include:

• Leverages AI and OPENLANE's vast data repository of over 1.2 million OBD2 scans
• Predicts codes indicating high probability of issues, repairs, or potential arbitration
• Displays color-coded, plain language alerts on vehicle condition reports
• Available on all dealer-consigned vehicles in OPENLANE's US marketplace

This innovation aims to simplify the wholesale vehicle buying process, increase transparency, and reduce the likelihood of code-based arbitrations.

OPENLANE, Inc. (NYSE: KAR) reported strong Q2 2024 financial results, demonstrating the power of its differentiated platform and scalability. Key highlights include:

• Total revenue of $432 million, up 4% YoY
• Marketplace revenue of $336 million, up 5% YoY
• Marketplace volumes increased 7% YoY
• Gross Merchandise Value (GMV) of ~$7 billion, up 6% YoY
• Income from continuing operations of $11 million
• Adjusted EBITDA of $71 million
• $138 million cash flow from operating activities YTD

The company updated its 2024 guidance due to Canada's retroactive Digital Services Tax, estimating $5 million in incremental cost of services for 2024.

OPENLANE (NYSE: KAR) has launched Automated Absolute Sale, a new tool for US dealers to streamline wholesale vehicle sales. This feature allows sellers to set a price threshold that, when reached, automatically moves the vehicle into Absolute Sale mode. The innovation builds on the success of the Absolute Sale format, which has shown an average bid increase of over $500 per vehicle upon activation.

Key highlights:

• Automated Absolute Sale enables a 'set and forget' approach for sellers
• 25% of Absolute Sale vehicles now see bidding wars
• The tool aims to capture optimal buyer demand in real time
• It's part of OPENLANE's mission to simplify wholesale processes and improve outcomes for dealers

OPENLANE, Inc. (NYSE: KAR), a leading operator of digital marketplaces for wholesale used vehicles, has announced it will release its second quarter 2024 financial results after market close on Wednesday, August 7, 2024. The company will host an earnings conference call and webcast at 5:00 p.m. ET on the same day.

The call will be led by CEO Peter Kelly and CFO Brad Lakhia. Interested parties can access the call by dialing 1-833-634-2155 and requesting to join the OPENLANE call. A live webcast will be available on the investor relations section of corporate.openlane.com. Following the call, an archive of the webcast will be available for replay on the same website for a time.

OPENLANE, Inc. (NYSE: KAR), a leading digital marketplace operator for wholesale used vehicles, has promoted Itunu Orelaru to Head of Investor Relations. Reporting to CFO Brad Lakhia, Orelaru will communicate OPENLANE's vision, transformation, and growth to stockholders and the financial community. Orelaru, who joined OPENLANE earlier this year, brings diverse expertise from roles at Goldman Sachs and Deloitte. Her responsibilities include leading financial planning, analysis, and treasury functions.

With an MBA from Wharton and experience in investment banking and consulting, Orelaru aims to enhance OPENLANE's investor relations outreach and expand its investor profile. The company views this appointment as strengthening its leadership team and positioning itself as the premier digital marketplace for wholesale used vehicles.

OPENLANE (NYSE: KAR) has appointed Randy Altschuler to its board of directors. Altschuler, a seasoned entrepreneur, has extensive experience in leveraging technology for digital marketplaces and AI to transform manufacturing. He has co-founded companies like OfficeTiger, CloudBlue, and Xometry. His expertise is expected to contribute significantly to OPENLANE's aim of enhancing its digital transformation in the wholesale used vehicle market. CEO Peter Kelly expressed enthusiasm about Altschuler's appointment, highlighting his valuable insights and industry-disrupting technology solutions.

OPENLANE, a prominent operator of digital marketplaces for wholesale used vehicles, has introduced a new feature called 'Absolute Sale'. This feature allows sellers to signal their commitment to selling a vehicle to the highest offer of the day. This generates higher buyer confidence, visibility, and engagement, optimizing returns for sellers.

According to James Coyle, EVP and president of North American marketplaces at OPENLANE, the feature ensures that buyers save time and feel confident in their bidding strategies. Sellers have reported an average price increase of $500 per vehicle, and $1,000 for vehicles priced over $20,000, after activating Absolute Sale.

Absolute Sale is available on all dealer-consigned vehicles in OPENLANE's US marketplace and can be activated any time after 9 a.m. ET on the sale day.