OPENLANE Promotes Will Mitchell to Lead AFC

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OPENLANE, Inc. promotes Will Mitchell to president of AFC, bringing 20 years of operational and strategic expertise. Mitchell's leadership will focus on vision, strategy, and operations for AFC, aiming to drive growth and innovation in the wholesale used vehicle market.

Incoming President Brings 20 Years of Operational and Strategic Expertise

CARMEL, Ind., Feb. 13, 2024 /PRNewswire/ -- OPENLANE, Inc. (NYSE: KAR), a leading operator of digital marketplaces for wholesale used vehicles, announces the promotion of Will Mitchell to president of AFC effective April 1, 2024. In his expanded role, Mitchell will oversee the vision, strategy and all operations for AFC, including business development, sales, field and commercial operations. Mitchell will also become a member of OPENLANE's executive leadership team and report to OPENLANE CEO Peter Kelly.

"Will is an experienced and forward-thinking leader with a bold vision for AFC," said Peter Kelly, CEO of OPENLANE. "Couple that with his accountability mindset and proven track-record delivering results for both our customers and our company — and Will is well-positioned to lead AFC into the future. His unmatched understanding of our business and deep customer and employee relationships will help ensure a seamless transition of management responsibilities."

A seasoned operator, Mitchell brings 20 years of experience spanning strategy, planning, business development and operations — including more than eight years with AFC. Since joining the company in 2015, Mitchell has held roles of progressive leadership and responsibility, culminating most recently with his promotion to chief operating officer in 2021. Under his watch, AFC has grown market share, launched new flexible financing solutions for independent dealers and advanced the company's digital transformation while continuing to deliver best-in-class customer experience. Prior to his time with AFC, Mitchell held business development and strategy roles at companies in the energy and other industries. He also served for eight years in the Army National Guard.

"I'm humbled and thrilled to bring my experience, energy and vision to the helm leading AFC," said Mitchell. "I'm fortunate to begin my tenure as AFC president from a position of strength, with an amazing team dedicated to helping independent dealers achieve their dreams. Together, we've built an industry-leading offering — and together, we'll continue innovating and delivering the very best service and products to help our customers be more successful."

Mitchell will succeed outgoing AFC president Jim Money, whose planned retirement was announced in December.

AFC helps independent dealers grow their business faster by providing financing for used vehicle inventory. Across the US and Canada, AFC works with more than 14,000 dealers in the retail and wholesale automotive space as well as RV, power sports and commercial truck dealers, salvage buyers and daily rental operators and is accepted as a form of dealer payment at over 1,400 auction sources.

OPENLANE Contacts:
Media Inquiries:	Analyst Inquiries:
Laurie Dippold	Mike Eliason
(317) 468-3900	(317) 249-4559
laurie.dippold@openlane.com	mike.eliason@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 has been promoted to president of AFC by OPENLANE, Inc.?

Will Mitchell has been promoted to president of AFC by OPENLANE, Inc.

What is Will Mitchell's background and experience?

Will Mitchell brings 20 years of operational and strategic expertise, including roles in strategy, planning, business development, and operations, with over eight years at AFC.

What changes will Will Mitchell bring to AFC as the new president?

Will Mitchell aims to drive growth, innovation, and seamless management transition at AFC, focusing on customer experience, market share expansion, and digital transformation.

How many dealers does AFC work with in the US and Canada?

AFC works with more than 14,000 dealers in the US and Canada, spanning various automotive sectors, including retail, wholesale, RV, power sports, and commercial truck dealers.

Who is Will Mitchell succeeding as AFC president?

Will Mitchell is succeeding Jim Money as AFC president, following Money's planned retirement announcement in December.