OPENLANE Announces Board Appointment with 20+ Years Founding and Leading Tech Innovators

Rhea-AI Summary

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.

Positive

• Randy Altschuler's experience in AI and digital marketplaces.
• Altschuler's history of founding and scaling successful companies.
• Potential for enhanced digital transformation at OPENLANE.

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• None.

New Director Brings C-Suite Track Record Driving Growth and Success

CARMEL, Ind., June 20, 2024 /PRNewswire/ -- OPENLANE, Inc. (NYSE: KAR), a leading operator of digital marketplaces for wholesale used vehicles, announces the appointment of Randy Altschuler to its board of directors. A seasoned entrepreneur and executive, Altschuler brings more than 20 years of experience leveraging technology, digital marketplaces and artificial intelligence (AI) to transform the manufacturing landscape.

"We are delighted to welcome Randy to our Board," said Michael Kestner, Chair of OPENLANE. "His expertise developing AI and digital marketplaces to disrupt the manufacturing industry will provide valuable perspective and insight as we continue executing our digital transformation."

Altschuler has co-founded and led multiple companies, including OfficeTiger (acquired by RR Donnelley), CloudBlue (acquired by Ingram Micro) and, most recently, Xometry, the global AI-powered digital marketplace for manufacturing where he currently serves as CEO. He has a proven track record shepherding companies from start-up and scaling to growth, building industry-disrupting technology solutions while generating meaningful value for shareholders.

"As the original pioneer in digital remarketing, OPENLANE's vision is to build the world's greatest digital marketplace for used vehicles," said Peter Kelly, CEO of OPENLANE. "We are thrilled to welcome Randy to our Board, and looking forward to drawing on his acumen as we channel our robust innovation pipeline to make wholesale easy so our customers can be more successful."

Altschuler is a graduate of Princeton University, studied as a Fulbright Scholar at the University of Vienna and holds an MBA from Harvard Business School.

OPENLANE Contacts:
Media Inquiries:	Analyst Inquiries:
Laurie Dippold	Brad Lakhia
(317) 468-3900	(317) 249-4559
laurie.dippold@openlane.com	investor_relations@openlane.com

About OPENLANE
OPENLANE, Inc. (NYSE: KAR) provides sellers and buyers across the global wholesale used vehicle industry with innovative, technology-driven remarketing solutions. OPENLANE's unique end-to-end platform supports whole car, financing, logistics and other ancillary and related services. Our integrated marketplaces reduce risk, improve transparency and streamline transactions for customers around the globe. Headquartered in Carmel, Indiana, OPENLANE has employees across the United States, Canada, Europe, Uruguay and the Philippines. For more information and the latest OPENLANE news, visit corporate.openlane.com.

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SOURCE OPENLANE

FAQ

Who was appointed to the board of OPENLANE in June 2024?

Randy Altschuler was appointed to the board of OPENLANE in June 2024.

What is Randy Altschuler's experience and background?

Randy Altschuler has over 20 years of experience in technology, digital marketplaces, and AI, having co-founded companies like OfficeTiger, CloudBlue, and Xometry.

How might Randy Altschuler's appointment affect OPENLANE's digital transformation?

Randy Altschuler's expertise is expected to significantly contribute to OPENLANE's digital transformation and innovation pipeline.

What is OPENLANE's stock symbol?

OPENLANE's stock symbol is KAR.