Automotive veteran David Hult joins OPENLANE (NYSE: OPLN) board
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
OPENLANE, Inc. expanded its Board of Directors to ten members and elected David Hult as a new director. His appointment becomes effective on June 12, 2026, and he will serve until the 2027 annual meeting, continuing until a successor is elected and qualified.
Hult, age 60, is Executive Chairman of Asbury Automotive Group, Inc. and has long experience in senior roles across major automotive retailers. He will receive cash and equity compensation consistent with the arrangements described in OPENLANE’s April 24, 2026 definitive proxy statement. The company reports no related-party transactions or special arrangements connected to his selection.
Positive
- None.
Negative
- None.
8-K Event Classification
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
1 item
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Key Figures
Board size: 10 directors
Director age: 60
Effective date: June 12, 2026
+2 more
5 metrics
Board size
10 directors
Board size increased on June 9, 2026
Director age
60
Age of new director David Hult
Effective date
June 12, 2026
Date David Hult joins the board
Term end
2027 annual meeting
Expiration of David Hult’s director term
Incorporation state
Delaware
Jurisdiction of OPENLANE, Inc.
Key Terms
Emerging growth company, definitive proxy statement, Regulation S-K, Board of Directors
4 terms
Emerging growth company regulatory
"Emerging growth company"
An emerging growth company is a recently public or smaller public firm that qualifies for temporary, lighter regulatory and disclosure rules to reduce the cost and effort of being public. For investors, it means the company may provide less historical financial detail and face fewer reporting requirements than larger firms, so it can grow more quickly but also carries higher uncertainty—like buying a promising early-stage product with fewer user reviews.
definitive proxy statement regulatory
"as described in the Company’s definitive proxy statement on Schedule 14A"
A Definitive Proxy Statement is a detailed document that a company sends to its shareholders before a big meeting, like voting on important decisions. It explains what's being voted on and gives important information so shareholders can make informed choices. It matters because it helps shareholders understand and participate in key company decisions.
Regulation S-K regulatory
"required to be reported under Item 404(a) of Regulation S-K"
A set of U.S. Securities and Exchange Commission rules that tell public companies which narrative and qualitative details must be disclosed in filings, such as risk factors, management discussion, executive pay, legal proceedings and business description. Think of it as a standardized checklist or blueprint that ensures investors get the same types of background information from every company so they can compare risks, management quality and strategy before making investment decisions.
Board of Directors financial
"the Board of Directors (the “Board”) of OPENLANE, Inc."
The Board of Directors is a group of people chosen by a company's owners to help make big decisions and oversee how the company is run. They act like a team of advisors or managers, making sure the company stays on track and meets its goals. Their choices can influence the company's success and how it grows.
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): June 9, 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 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On June 9, 2026, the Board of Directors (the “Board”) of OPENLANE, Inc. (the “Company”) increased the size of the Board to ten (10) directors and elected David Hult as a director of the Company, effective June 12, 2026. Mr. Hult will serve for a term expiring at the 2027 annual meeting of the Company’s stockholders and until his successor is duly elected and qualified.
Mr. Hult, age 60, has served as Executive Chairman of Asbury Automotive Group, Inc. (“Asbury”), an automotive retailer (NYSE: ABG), since May 2026, and as a member of the Board of Directors of Asbury since January 2018. Mr. Hult previously served as President and Chief Executive Officer of Asbury from January 2018 to May 2026 and Executive Vice President and Chief Operating Officer of Asbury from November 2014 to January 2018. Prior to Asbury, Mr. Hult served as Chief Operating Officer of RJL-McLarty-Landers Automotive Holdings, LLC from January 2013 to November 2014, and held several roles with Group One Automotive, Inc. from 2004 to 2012, including Vice President of Fixed Operations and Marketing, Regional Vice President – East Region, and Market Director for New England. After serving in the U.S. Army, Mr. Hult started his career as a retail sales associate within the automotive industry. Mr. Hult attended the Advanced Management Program at the Harvard Business School.
In connection with his appointment to the Board, Mr. Hult will be entitled to receive cash and equity compensation as described in the Company’s definitive proxy statement on Schedule 14A filed with the Securities and Exchange Commission on April 24, 2026. There are no arrangements or understandings between Mr. Hult and any other person pursuant to which he was selected as a director. There are no transactions involving Mr. Hult that would be required to be reported under Item 404(a) of Regulation S-K.
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: June 12, 2026 | OPENLANE, Inc. | ||||
| /s/ Charles S. Coleman | |||||
| Charles S. Coleman Executive Vice President, Chief Legal Officer and Secretary | |||||
FAQ
What board change did OPENLANE (OPLN) announce on June 9, 2026?
OPENLANE’s board increased its size to ten directors and elected David Hult as a new member. His term runs until the 2027 annual meeting, when shareholders will vote on directors again under normal governance processes.
Who is David Hult, the new director appointed by OPENLANE (OPLN)?
David Hult is Executive Chairman of Asbury Automotive Group and a long-time automotive retail executive. He previously served as Asbury’s President and CEO and held senior roles at other large auto retailers, giving OPENLANE extensive industry experience on its board.
When does David Hult’s term on the OPENLANE (OPLN) board expire?
David Hult will serve as an OPENLANE director for a term expiring at the 2027 annual meeting of stockholders. He will continue in the role until that meeting and until a successor is duly elected and qualified according to company procedures.
How will David Hult be compensated as an OPENLANE (OPLN) director?
Hult will receive cash and equity compensation aligned with OPENLANE’s standard non-employee director program. The company states his compensation terms are described in its definitive proxy statement filed on April 24, 2026 with the Securities and Exchange Commission.
Did OPENLANE (OPLN) appoint David Hult under any special arrangement?
The company reports no arrangements or understandings between David Hult and any other person leading to his selection. This suggests his appointment reflects the board’s decision to add his automotive retail expertise without side agreements.