Welcome to our dedicated page for OPENLANE news (Ticker: KAR), a resource for investors and traders seeking the latest updates and insights on OPENLANE stock.
OPENLANE, Inc. (NYSE: KAR), headquartered in Carmel, Indiana, operates as a leading digital marketplace for wholesale used vehicles. The company caters to a global customer base, offering sellers and buyers technology-driven remarketing solutions that streamline the entire process of buying and selling used cars, trucks, and other vehicles.
OPENLANE is comprised of several key businesses, including ADESA, Inc. (wholesale used vehicle auctions), Insurance Auto Auctions, Inc. (salvage vehicle auctions), and Automotive Finance Corporation, Inc. (inventory financing and business services). Overall, OPENLANE operates 65 wholesale auction sites and 165 salvage vehicle auction locations. The company's innovative online platforms ensure greater access and convenience for customers worldwide.
In addition to auctions, OPENLANE provides a wide range of services, such as financing, repossessions, repairs, transportation, warranties, and inventory management. The company's operations are divided into two main segments: Marketplace and Finance, with the majority of revenue generated from the Marketplace segment.
OPENLANE's commitment to innovation is evident in its recent developments. The launch of Visual Boost AI™, an AI-powered technology for damage detection overlays, has enhanced the accuracy and transparency of vehicle inspections. This new tool allows buyers to visualize potential exterior damage, making it easier to make informed purchasing decisions.
Financially, OPENLANE has shown strong performance, exceeding guidance for the year 2023. The company continues to make strategic investments in technology and innovation, contributing to volume growth, revenue growth, and margin expansion. The first quarter of 2024 showed a promising start, with the marketplace segment growing volumes by 13% and contributing 47% of total adjusted EBITDA.
OPENLANE's leadership has also seen significant changes, with the upcoming retirement of AFC President Jim Money and Treasurer and Vice President of Investor Relations Mike Eliason. The company has initiated national searches for their successors to ensure a smooth transition and continued leadership excellence.
For more information and the latest news, visit corporate.openlane.com.
OPENLANE, Inc. (NYSE: KAR) will partake in the J.P. Morgan Global Technology, Media and Communications Conference on May 20, 2024, at 1:10pm ET. CEO Peter Kelly and CFO Brad Lakhia will represent the company. The event will be webcasted on the investor relations section of OPENLANE's website.
OPENLANE, Inc. reported its first quarter 2024 financial results with positive growth in marketplace volumes and Gross Merchandise Value (GMV). Income from continuing operations reached $19 million, with adjusted EBITDA of $75 million. The company remains confident in its previously stated annual guidance, expecting income from continuing operations of $74-88 million and adjusted EBITDA of $285-305 million. OPENLANE is focused on innovation to sustain growth and improve financial performance.
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