OPENLANE extends two financing facilities to 2030
The related Canadian loan and security agreement extends the trust lenders’ commitment expiration date to January 31, 2030.
Sentiment and the balance of points
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Form Type
8-K
Rhea-AI Filing Summary
OPENLANE, Inc. subsidiary Automotive Finance Corporation (AFC) and AFC Funding Corporation, AFC’s wholly owned, bankruptcy remote, consolidated special purpose subsidiary, amended a receivables purchase agreement, extending the facility termination date from January 31, 2028 to January 31, 2030.
Automotive Finance Canada Inc. (AFCI) and OPENLANE also amended a receivables purchase agreement, extending that facility’s termination date from January 31, 2028 to January 31, 2030.
Filing Explained
The filing says AFCI’s related loan-and-security agreement was amended to extend the lenders’ commitment expiration to January 31, 2030, matching the termination date of its receivables facility.
8-K Event Classification
Item 1.01 — Entry into a Material Definitive Agreement
1 item
Item 1.01
Entry into a Material Definitive Agreement
Business
The company signed a significant contract such as a merger agreement, credit facility, or major partnership.
Key Figures
AFC facility termination date: January 31, 2030
AFCI facility termination date: January 31, 2030
Canadian trust commitment expiration date: January 31, 2030
3 metrics
AFC facility termination date
January 31, 2030
Extended from January 31, 2028
AFCI facility termination date
January 31, 2030
Extended from January 31, 2028
Canadian trust commitment expiration date
January 31, 2030
Extended under the related loan and security agreement
Key Terms
receivables purchase agreement, bankruptcy remote, special purpose subsidiary, loan and security agreement, +1 more
5 terms
receivables purchase agreement financial
"the Tenth Amended and Restated Receivables Purchase Agreement"
A receivables purchase agreement is a contract where a company sells its outstanding invoices or amounts owed by customers to a buyer in exchange for immediate cash, usually at a discount. Investors care because it improves a company’s short‑term cash flow and can change reported assets, liabilities and risk exposure—like selling IOUs to get money now instead of waiting, which affects liquidity and the firm’s financial picture.
bankruptcy remote financial
"a wholly owned, bankruptcy remote, consolidated, special purpose subsidiary"
A “bankruptcy remote” structure is a legal setup that keeps certain assets or a subsidiary separate so they are unlikely to be dragged into a parent company’s bankruptcy. Think of it like placing valuables in a locked safe apart from the main house: if the house faces trouble, those assets are intended to stay protected, which matters to investors because it reduces the chance of losing value or cash flows tied to those isolated assets.
special purpose subsidiary financial
"a wholly owned, bankruptcy remote, consolidated, special purpose subsidiary"
A special purpose subsidiary is a legally separate company created by a parent firm to carry out a specific activity, hold particular assets, or take on a particular project, like placing one tool in its own box. Investors care because it isolates risk and finances: losses or liabilities in the subsidiary usually don’t wipe out the parent, but the subsidiary’s performance, debt and legal structure can still affect the parent’s financial health and investor returns.
loan and security agreement financial
"the Trust borrows funds from the lenders under a loan and security agreement"
A loan and security agreement is a legal contract that sets out the amount, repayment schedule, interest and the rules a borrower must follow, and it names specific assets a lender can claim if the borrower fails to pay. Think of it like a mortgage or car loan where the lender holds a claim on collateral until the debt is repaid. Investors care because it determines a company’s repayment priorities, borrowing costs, operational limits and how easily creditors can seize assets in distress, all of which affect equity value and credit risk.
commitment expiration date financial
"extend the commitment expiration date to January 31, 2030"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
When do OPLN’s amended AFC facilities terminate?
The AFC and AFCI receivables facilities terminate on January 31, 2030, extended from January 31, 2028.
When does the Canadian trust’s lender commitment expire?
The commitment expiration date is January 31, 2030. The related loan and security agreement was amended in connection with Amendment No. 4 to extend that date.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 25, 2026
(Exact name of Registrant as specified in its charter)
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
(Address of principal executive offices)
(Zip Code)
(800 ) 923-3725
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbol | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 1.01 Entry Into a Material Definitive Agreement.
On September 25, 2026, Automotive Finance Corporation (“AFC”), a subsidiary of OPENLANE, Inc. (the “Company”), and AFC Funding Corporation (“AFC Funding”), a wholly owned, bankruptcy remote, consolidated, special purpose subsidiary of AFC, entered into a Second Amendment (the “Second Amendment”) to the Tenth Amended and Restated Receivables Purchase Agreement dated September 28, 2022, as amended, with Fairway Finance Company, LLC, Fifth Third Bank, National Association, Chariot Funding LLC, PNC Bank, National Association, Thunder Bay Funding, LLC, Truist Bank, BMO Capital Markets Corp., JPMorgan Chase Bank, N.A., Royal Bank of Canada, Bank of Montreal, U.S. Bank National Association, and Falcon Asset Funding LLC. The Second Amendment provides for, among other things, an extension of the facility’s termination date from January 31, 2028 to January 31, 2030.
On September 25, 2026, Automotive Finance Canada Inc. (“AFCI”), a subsidiary of the Company, and the Company entered into an Amendment No. 4 (the “Amendment No. 4”) to the Receivables Purchase Agreement dated March 1, 2023, as amended, with Computershare Trust Company of Canada, as trustee of AFCI Funding Trust, BMO Nesbitt Burns, Inc., as financial services agent and as agent for the Bank of Montreal lender group, and Royal Bank of Canada, as agent for the Royal Bank of Canada lender group. The Trust borrows funds from the lenders under a loan and security agreement, which was amended in connection with Amendment No. 4 to extend the commitment expiration date to January 31, 2030. The Amendment No. 4 incorporates and provides for, among other things, an extension of the facility’s termination date from January 31, 2028 to January 31, 2030.
The above description of the amendments effected by the Second Amendment and the Amendment No. 4 is not complete and is qualified in its entirety by reference to the full text of the Second Amendment and the Amendment No. 4, a copy of which will be filed as exhibits to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2026.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
| Dated: September 28, 2026 | OPENLANE, Inc. | ||||
/s/ BRADLEY HERRING | |||||
Bradley Herring Executive Vice President and Chief Financial Officer | |||||