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) operates a leading digital marketplace for wholesale vehicle transactions, connecting buyers and sellers through technology-driven auction platforms and inventory financing solutions. This page aggregates essential updates about the company’s strategic initiatives, operational milestones, and position within the automotive remarketing sector.
Investors and industry professionals will find timely access to earnings announcements, partnership disclosures, and technology deployment updates. All content is curated to provide a comprehensive view of OPENLANE’s evolving role in digitizing used vehicle sales across North America and Europe.
The repository includes verified press releases covering auction platform enhancements, finance segment developments, and market expansion efforts. Regular updates ensure stakeholders stay informed about operational efficiencies in areas like AI-powered pricing tools and integrated logistics services.
Bookmark this page for streamlined access to OPENLANE’s latest corporate communications. Combine these updates with Stock Titan’s financial analysis tools to monitor the company’s performance in transforming automotive wholesale markets.
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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