OPENLANE (OPLN) ownership disclosed by Bank of Montreal stake filing

Rhea-AI Filing Summary

Bank of Montreal and several affiliated entities filed a Schedule 13G reporting beneficial ownership of 7,485,668 shares of OPENLANE, Inc. common stock, representing 7.04% of the class as of 12/31/2025. These shares carry sole voting and dispositive power across the listed BMO entities.

The filing lists subsidiaries including BMO Nesbitt Burns, BMO Asset Management, BMO Bank N.A., and Burgundy Asset Management. It notes that the position previously disclosed under Burgundy Asset Management reflects BMO’s acquisition of Burgundy effective 11/05/2025. The filers certify the shares were acquired and are held in the ordinary course of business, not to change or influence control of OPENLANE.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

OPENLANE, Inc.

(Name of Issuer)

Common Stock, par value $0.01 per share

(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

Bank of Montreal

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 5,476,287.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 7,485,668.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

7,485,668.00

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)

7.04 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

CUSIP No. 48238T109

1

Names of Reporting Persons

BANK OF MONTREAL HOLDING INC.

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 87,651.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 87,651.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

87,651.00

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)

0.08 %

12

Type of Reporting Person (See Instructions)

BK

SCHEDULE 13G

CUSIP No. 48238T109

1

Names of Reporting Persons

BMO NESBITT BURNS INC. WEALTH MANAGEMENT

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 8,153.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 8,153.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

8,153.00

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)

0 %

12

Type of Reporting Person (See Instructions)

BD

SCHEDULE 13G

CUSIP No. 48238T109

1

Names of Reporting Persons

BMO ASSET MANAGEMENT INC.

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

ONTARIO, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 6,135.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 6,135.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,135.00

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)

0 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 48238T109

1

Names of Reporting Persons

BMO NESBITT BURNS INC.

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 79,498.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 79,498.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

79,498.00

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)

0.07 %

12

Type of Reporting Person (See Instructions)

BD

SCHEDULE 13G

CUSIP No. 48238T109

1

Names of Reporting Persons

BMO BANK N.A.

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

ILLINOIS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 15,021.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,182.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

15,021.00

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)

0 %

12

Type of Reporting Person (See Instructions)

BK

SCHEDULE 13G

CUSIP No. 48238T109

1

Names of Reporting Persons

BMO CAPITAL MARKETS CORP.

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 100.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

100.00

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)

0 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

CUSIP No. 48238T109

1

Names of Reporting Persons

BMO FINANCIAL CORP.

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 15,121.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,282.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

15,121.00

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)

0 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

CUSIP No. 48238T109

1

Names of Reporting Persons

1001271606 ONTARIO INC

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 5,373,515.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 7,382,471.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

7,382,471.00

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)

6.94 %

12

Type of Reporting Person (See Instructions)

HC

Comment for Type of Reporting Person: Position formerly disclosed under Burgundy Asset Management, Inc. BMO acquired Burgundy Asset Management, Inc. effective 05-Nov-2025.

SCHEDULE 13G

CUSIP No. 48238T109

1

Names of Reporting Persons

Burgundy Asset Management, Inc.

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 5,373,515.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 7,382,471.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

7,382,471.00

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)

6.94 %

12

Type of Reporting Person (See Instructions)

BD

Comment for Type of Reporting Person: Position formerly disclosed under Burgundy Asset Management, Inc. BMO acquired Burgundy Asset Management, Inc. effective 05-Nov-2025.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: OPENLANE, Inc.
(b)	Address of issuer's principal executive offices: 11299 N. ILLINOIS STREET, CARMEL, INDIANA 46032
Item 2.
(a)	Name of person filing: Bank of Montreal BANK OF MONTREAL HOLDING INC. BMO NESBITT BURNS INC. WEALTH MANAGEMENT BMO ASSET MANAGEMENT INC. BMO NESBITT BURNS INC. BMO BANK N.A. BMO CAPITAL MARKETS CORP. BMO FINANCIAL CORP. 1001271606 ONTARIO INC Burgundy Asset Management, Inc.
(b)	Address or principal business office or, if none, residence: 1 First Canadian Place Toronto, Ontario, Canada M5X1A1
(c)	Citizenship: Bank of Montreal - CANADA (FEDERAL LEVEL) BANK OF MONTREAL HOLDING INC. - CANADA (FEDERAL LEVEL) BMO NESBITT BURNS INC. WEALTH MANAGEMENT - CANADA (FEDERAL LEVEL) BMO ASSET MANAGEMENT INC. - ONTARIO, CANADA BMO NESBITT BURNS INC. - CANADA (FEDERAL LEVEL) BMO BANK N.A. - ILLINOIS BMO CAPITAL MARKETS CORP. - DELAWARE BMO FINANCIAL CORP. - DELAWARE 1001271606 ONTARIO INC - CANADA (FEDERAL LEVEL) Burgundy Asset Management, Inc. - CANADA (FEDERAL LEVEL)
(d)	Title of class of securities: Common Stock, par value $0.01 per share
(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: 7,485,668
(b)	Percent of class: 7.04 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Bank of Montreal - 5,476,287 BANK OF MONTREAL HOLDING INC. - 87,651 BMO NESBITT BURNS INC. WEALTH MANAGEMENT - 8,153 BMO ASSET MANAGEMENT INC. - 6,135 BMO NESBITT BURNS INC. - 79,498 BMO BANK N.A. - 15,021 BMO CAPITAL MARKETS CORP. - 0 BMO FINANCIAL CORP. - 15,121 1001271606 ONTARIO INC - 5,373,515 Burgundy Asset Management, Inc. - 5,373,515
	(ii) Shared power to vote or to direct the vote: Bank of Montreal - 0 BANK OF MONTREAL HOLDING INC. - 0 BMO NESBITT BURNS INC. WEALTH MANAGEMENT - 0 BMO ASSET MANAGEMENT INC. - 0 BMO NESBITT BURNS INC. - 0 BMO BANK N.A. - 0 BMO CAPITAL MARKETS CORP. - 0 BMO FINANCIAL CORP. - 0 1001271606 ONTARIO INC - 0 Burgundy Asset Management, Inc. - 0
	(iii) Sole power to dispose or to direct the disposition of: Bank of Montreal - 7,485,668 BANK OF MONTREAL HOLDING INC. - 87,651 BMO NESBITT BURNS INC. WEALTH MANAGEMENT - 8,153 BMO ASSET MANAGEMENT INC. - 6,135 BMO NESBITT BURNS INC. - 79,498 BMO BANK N.A. - 2,182 BMO CAPITAL MARKETS CORP. - 100 BMO FINANCIAL CORP. - 2,282 1001271606 ONTARIO INC - 7,382,471 Burgundy Asset Management, Inc. - 7,382,471
	(iv) Shared power to dispose or to direct the disposition of: Bank of Montreal - 0 BANK OF MONTREAL HOLDING INC. - 0 BMO NESBITT BURNS INC. WEALTH MANAGEMENT - 0 BMO ASSET MANAGEMENT INC. - 0 BMO NESBITT BURNS INC. - 0 BMO BANK N.A. - 0 BMO CAPITAL MARKETS CORP. - 0 BMO FINANCIAL CORP. - 0 1001271606 ONTARIO INC - 0 Burgundy Asset Management, Inc. - 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
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.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See Documents
Item 8.	Identification and Classification of Members of the Group.
	If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(K), so indicate under Item 3(k) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group. Each reporting person may be deemed to be a member of a group with respect to the issuer or securities of the issuer for the purposes of Section 13(d) or 13(g) of the Act. Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section13(d) or 13(g) of the Act or any other purpose, (i) acting (or has agreed or is agreeing to act) with any other person as a partnership, limited partnership, syndicate, or other group for the purpose of acquiring, holding, or disposing of securities of the issuer or otherwise with respect to the issuer or any securities of the issuer or (ii) a member of any syndicate or group with respect to the issuer or any securities of the issuer.
Item 9.	Notice of Dissolution of Group.
	Notice of dissolution of a group may be furnished as an exhibit stating the date of the dissolution and that all further filings with respect to transactions in the security reported on will be filed, if required, by members of the group, in their individual capacity. See Item 5. Each reporting person may be deemed to be a member of a group with respect to the issuer or securities of the issuer for the purposes of Section 13(d) or 13(g) of the Act. Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section13(d) or 13(g) of the Act or any other purpose, (i) acting (or has agreed or is agreeing to act) with any other person as a partnership, limited partnership, syndicate, or other group for the purpose of acquiring, holding, or disposing of securities of the issuer or otherwise with respect to the issuer or any securities of the issuer or (ii) a member of any syndicate or group with respect to the issuer or any securities of the issuer.

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.

Bank of Montreal

Signature:	Kathryn Cenac
Name/Title:	Managing Director - Regulatory Solutions Group
Date:	02/12/2026

BANK OF MONTREAL HOLDING INC.

Signature:	Kathryn Cenac
Name/Title:	Managing Director - Regulatory Solutions Group
Date:	02/12/2026

BMO NESBITT BURNS INC. WEALTH MANAGEMENT

Signature:	Kathryn Cenac
Name/Title:	Managing Director - Regulatory Solutions Group
Date:	02/12/2026

BMO ASSET MANAGEMENT INC.

Signature:	Kathryn Cenac
Name/Title:	Managing Director - Regulatory Solutions Group
Date:	02/12/2026

BMO NESBITT BURNS INC.

Signature:	Kathryn Cenac
Name/Title:	Managing Director - Regulatory Solutions Group
Date:	02/12/2026

BMO BANK N.A.

Signature:	Kathryn Cenac
Name/Title:	Managing Director - Regulatory Solutions Group
Date:	02/12/2026

BMO CAPITAL MARKETS CORP.

Signature:	Kathryn Cenac
Name/Title:	Managing Director - Regulatory Solutions Group
Date:	02/12/2026

BMO FINANCIAL CORP.

Signature:	Kathryn Cenac
Name/Title:	Managing Director - Regulatory Solutions Group
Date:	02/12/2026

1001271606 ONTARIO INC

Signature:	Kathryn Cenac
Name/Title:	Managing Director - Regulatory Solutions Group
Date:	02/12/2026

Burgundy Asset Management, Inc.

Signature:	Kathryn Cenac
Name/Title:	Managing Director - Regulatory Solutions Group
Date:	02/12/2026

FAQ

What ownership in OPENLANE (OPLN) does Bank of Montreal report on this Schedule 13G?

Bank of Montreal reports beneficial ownership of 7,485,668 OPENLANE common shares, representing 7.04% of the outstanding class as of 12/31/2025. The filing states these shares are held with sole voting and dispositive power across the listed BMO-related entities.

Which Bank of Montreal entities are included as reporting persons for OPENLANE (OPLN)?

Reporting persons include Bank of Montreal, BANK OF MONTREAL HOLDING INC., BMO Nesbitt Burns entities, BMO Asset Management Inc., BMO Bank N.A., BMO Capital Markets Corp., BMO Financial Corp., 1001271606 Ontario Inc., and Burgundy Asset Management, Inc., all tied to the disclosed OPENLANE stake.

How much of OPENLANE (OPLN) stock is attributed to Burgundy Asset Management in this filing?

Burgundy Asset Management, Inc. is shown with beneficial ownership of 7,382,471 OPENLANE shares, or 6.94% of the class. The filing explains this position was formerly disclosed under Burgundy and that BMO acquired Burgundy effective 11/05/2025, aligning it within the BMO group.

Does Bank of Montreal intend to influence control of OPENLANE (OPLN) with this ownership stake?

The filers certify the OPENLANE shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer, nor in connection with any transaction having that purpose, aside from activities tied to a nomination under Rule 240.14a-11.

What voting and dispositive powers over OPENLANE (OPLN) shares are reported by Bank of Montreal?

Bank of Montreal reports 5,476,287 OPENLANE shares with sole voting power and 7,485,668 shares with sole dispositive power. Across all listed BMO entities, the filing shows no shared voting or shared dispositive power over the OPENLANE common stock position.

What is the date of the ownership event requiring this Schedule 13G for OPENLANE (OPLN)?

The ownership event date triggering this Schedule 13G is listed as 12/31/2025. As of that date, the reporting group, led by Bank of Montreal and its affiliates, held a combined beneficial stake of 7,485,668 OPENLANE common shares, or 7.04% of the class.