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.
KAR Global has announced the full deployment of its automated vehicle tracking solution via ADESA, making it the first of its kind in the wholesale marketplace. This cutting-edge technology, developed in partnership with CoreKinect, utilizes GPS-enabled IoT devices to enhance real-time vehicle visibility at over 70 North American locations. The solution also integrates a mobile app for easy access to vehicle information. This initiative is part of ADESA's strategy to modernize auction processes and improve operational efficiency, ensuring better security and faster transaction times for customers.
KAR Global (NYSE: KAR), a leader in vehicle remarketing and technology solutions, will participate in the UBS Global TMT Virtual Conference. The event is scheduled for December 6, 2021, at 3:00 PM Eastern, featuring presentations by Eric Loughmiller and Mike Eliason. A webcast of the presentation will be accessible via the KAR Global investor relations website.
KAR Global (NYSE: KAR), a leader in vehicle remarketing and technology solutions, will participate in the BofA Securities Leveraged Finance Conference on November 30, 2021, at 9:00 AM Eastern. Executive Vice President and CFO Eric Loughmiller and Treasurer Mike Eliason will represent the company. A webcast of their presentation will be available on KAR's investor relations website. KAR is renowned for its innovative services, having sold nearly 3.1 million vehicles valued at over $40 billion in 2020, and operates in approximately 75 countries.
KAR Global (NYSE: KAR) announced its participation in the Stephens Annual Investment Conference on November 29, 2021, at 11:00 AM Eastern. Executives Eric Loughmiller and Mike Eliason will represent the company. A webcast of the presentation will be available on the KAR Global investor relations page.
KAR Global is a leader in vehicle remarketing, having sold nearly 3.1 million units valued over $40 billion in 2020.
KAR Global (NYSE: KAR), a leading provider of vehicle remarketing and technology solutions, will participate in the Barclays Global Automotive and Mobility Tech Conference on November 17, 2021, from 8:40 am to 9:15 am ET. The company's executives, including CEO Peter Kelly and CFO Eric Loughmiller, will represent the firm. A webcast of the presentation will be available on their official website karglobal.com under the investor relations section.
KAR Global (NYSE: KAR), a leader in vehicle remarketing and technology solutions, will participate in the Baird Global Industrial Conference on November 11, 2021, at 10:50 a.m. ET. Key executives, including Eric Loughmiller and Mike Eliason, will represent the company. Investors can access the webcast of the presentation on the KAR Global website. In 2020, KAR facilitated the sale of nearly 3.1 million vehicles valued at over $40 billion globally.
KAR Auction Services reported third quarter 2021 results showing total revenue of $535.2 million, down 10% year-over-year from $593.6 million. The company experienced a net loss of $1.0 million or $(0.10) per diluted share, compared to net income of $47.1 million or $0.23 per diluted share in Q3 2020. However, the North American digital dealer-to-dealer marketplace saw a 105% increase year-over-year. Gross profit per vehicle sold increased 10% to $274. The company also announced the election of Sanjeev Mehra to its Board of Directors.
ADESA, a unit of KAR Global, has launched a new tool aimed at enhancing the vehicle reconditioning process for sellers. By utilizing extensive data on vehicle repairs and sales, the tool provides actionable repair suggestions to maximize resale profits in the wholesale channel. This innovation allows sellers to view vehicle statuses and make data-driven decisions quickly. During the pilot phase, sellers reported improved returns even in a competitive market. The tool’s functionalities are accessible via the ADESA Portal, streamlining the process from vehicle check-in to sale.
KAR Global (NYSE: KAR) has appointed James Coyle as the new Chief Digital Officer, effective October 26, 2021. Coyle, with experience from Microsoft and Amazon, is tasked with enhancing KAR's digital marketplace and expanding its digital offerings to a diverse customer base, including dealers and financial institutions. CEO Peter Kelly emphasized Coyle's leadership and digital expertise as key to advancing the company's vision of creating leading digital marketplaces for used vehicles. Coyle aims to leverage KAR's existing digital platforms to improve customer experience.
KAR Auction Services, Inc. (NYSE:KAR) will announce its third quarter 2021 financial results on November 2, 2021, after market close. The company will hold an earnings conference call on November 3, 2021, at 8:30 a.m. ET, hosted by CEO Peter Kelly and CFO Eric Loughmiller. This call can be accessed by calling 1-844-778-4145 and using passcode 2698167. The webcast will be available on the investor relations section of karglobal.com. KAR operates a comprehensive platform for the wholesale used vehicle industry, supporting significant transaction volumes globally.
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