Burgundy reports 6.8% stake in Openlane

Openlane Inc. shareholder Burgundy Asset Management Ltd. filed an amended Schedule 13G reporting beneficial ownership of 7,244,000 common shares, representing about 6.82% of the class as of the reporting date.

Rhea-AI Filing Summary

Openlane Inc. shareholder Burgundy Asset Management Ltd. filed an amended Schedule 13G reporting beneficial ownership of 7,244,000 common shares, representing about 6.82% of the class as of the reporting date. Burgundy has sole voting power over 5,235,044 shares and sole dispositive power over 7,244,000 shares.

The firm states the shares were acquired and are held in the ordinary course of business, not to change or influence control of Openlane. As of November 1, 2025, Burgundy became a wholly owned subsidiary of Bank of Montreal, and beneficial ownership of these securities is now aggregated in Bank of Montreal’s filing.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What stake in Openlane Inc. (OPLN) does Burgundy Asset Management report?

Burgundy Asset Management reports beneficial ownership of 7,244,000 Openlane common shares, representing about 6.82% of the class. This stake gives Burgundy significant minority ownership and is large enough to require Schedule 13G reporting under U.S. securities rules.

What voting and dispositive power does Burgundy have over Openlane (OPLN) shares?

Burgundy Asset Management has sole voting power over 5,235,044 Openlane shares and sole dispositive power over 7,244,000 shares. It reports no shared voting or dispositive power, indicating Burgundy alone decides how these reported shares are voted and when they may be sold.

Why did Burgundy Asset Management file an amended Schedule 13G for Openlane (OPLN)?

The amended Schedule 13G reflects Burgundy’s beneficial ownership of more than 5% of Openlane’s common stock, triggering reporting obligations. It also notes that as of November 1, 2025, Burgundy became a wholly owned subsidiary of Bank of Montreal, with ownership aggregated in Bank of Montreal’s filing.

Is Burgundy Asset Management seeking to influence control of Openlane Inc. (OPLN)?

Burgundy certifies that the Openlane shares were acquired and are held in the ordinary course of business, not to change or influence control of the company. It also states the holdings are not part of any control-related transaction, other than activities tied to a nomination under Rule 14a-11.

What is Burgundy Asset Management’s relationship to Bank of Montreal in this Openlane (OPLN) filing?

The filing notes that as of November 1, 2025, Burgundy Asset Management Ltd. became a wholly owned subsidiary of Bank of Montreal. Beneficial ownership of Openlane securities reported by Burgundy is now aggregated within Bank of Montreal’s related beneficial ownership filing.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 02/12/2026 - 09:00 AM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

Openlane Inc.

(Name of Issuer)

Common

(Title of Class of Securities)

48238T109

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 48238T109

1

Names of Reporting Persons

Burgundy Asset Management Ltd.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 5,235,044.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 7,244,000.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

7,244,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.82 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Openlane Inc.
(b)	Address of issuer's principal executive offices: 11299 North Illinois Street, Carmel, Indiana, 46032
Item 2.
(a)	Name of person filing: Burgundy Asset Management Ltd.
(b)	Address or principal business office or, if none, residence: 181 Bay Street, Suite 4510, Toronto, Ontario, M5J 2T3
(c)	Citizenship: Canada
(d)	Title of class of securities: Common
(e)	CUSIP No.: 48238T109
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 7,244,000
(b)	Percent of class: 6.8170%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 5,235,044
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 7,244,000
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Burgundy Asset Management Ltd.

Signature:	/s/ Karen Mintz
Name/Title:	Karen Mintz, VP, CCO & Associate General Counsel
Date:	02/11/2026

Comments accompanying signature: As of November 1, 2025, Burgundy Asset Management Ltd. became a wholly owned subsidiary of Bank of Montreal. Beneficial ownership of the securities reported herein is now aggregated in Bank of Montreal's Schedule 13G filing