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.
News and updates for OPENLANE, Inc. (NYSE: KAR) focus on its role as an operator of digital marketplaces for wholesale used vehicles and on developments that affect its business, technology and capital structure. Company news releases highlight how OPENLANE connects automotive manufacturers, dealers, rental companies, fleet operators, captive finance companies and lending institutions as buyers and sellers in its marketplaces.
Investors and industry participants following KAR news will see regular coverage of quarterly financial results, including marketplace dealer volume growth, gross merchandise value (GMV), revenue trends, income from continuing operations, Adjusted EBITDA and cash flow metrics. These earnings announcements are often accompanied by updated guidance ranges for income from continuing operations, Adjusted EBITDA and Operating Adjusted EPS, as well as information about earnings conference calls and supplemental financial materials.
OPENLANE’s news also includes announcements about new technology features and tools on its marketplaces. For example, the company has publicized the launch of Audio Boost AI, an AI-powered feature embedded in vehicle condition reports that analyzes engine audio recordings, highlights potential issues and provides sample recordings of comparable "normal" engines. The company notes that Audio Boost AI builds on Visual Boost AI and Code Boost IQ, which were introduced earlier to enhance vehicle condition reporting.
Capital markets and corporate finance developments are another recurring theme. OPENLANE has issued news about Preferred Stock Repurchase Agreements for its Series A Convertible Preferred Stock, the closing and cancellation of repurchased shares, and the establishment of incremental term loans under its Credit Agreement to finance these transactions. The company has also announced changes to its ticker symbol, stating that it will move from "KAR" to "OPLN" on the New York Stock Exchange to align its investor and corporate brands.
Visitors to this news page can review these types of announcements to understand how OPENLANE’s financial performance, technology initiatives and financing activities are evolving over time. The news feed provides a centralized view of official company communications relevant to shareholders, analysts and participants in the wholesale used vehicle industry.
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.
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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