Openlane Inc (N:KAR)
Business Focus: Used Car Dealers
| Sector: Consumer Cyclicals | Industry: Auto Vehicles, Parts & Service Retailers |
| See Regulatory Filings on SEC | |
| Company Contact | |
| Address: | 11299 N. Illinois Street CARMEL IN 46032 |
| Tel: | N/A |
| Website: | https://www.openlane.com |
| IR: | See website |
| Key People | ||
| Peter J. Kelly Chief Executive Officer, Director | Brad S. Lakhia Chief Financial Officer, Executive Vice President | Justin T. Davis President - BacklotCars |
| Will Mitchell President of AFC | Lisa Ann Price Executive Vice President, Chief People Officer | Charles S. Coleman Executive Vice President, Chief Legal Officer, Secretary |
| James P. Coyle Executive Vice President, Chief Digital Officer | Sriram Subrahmanyam President of KAR Services Group, Executive Vice President of Operations | Scott A. Anderson Chief Accounting Officer |
| Business Overview |
| OPENLANE, Inc. provides sellers and buyers across the global wholesale used vehicle industry with technology-driven remarketing solutions. It offers a digital marketplace for used vehicles, connecting sellers and buyers across North America and Europe. The Company's end-to-end platform supports whole car, financing, logistics and other ancillary and related services. The Company's segments include Marketplace and Finance. The Marketplace segment serves a domestic and international customer base through digital marketplaces for wholesale vehicles that allow the buyers to inspect and compare vehicles. Its marketplace offerings allow it to offer vehicles for sale from any location. Digital marketplace sales are initiated online and include OPENLANE US, OPENLANE Canada and OPENLANE Europe sales. The Finance segment provides short-term, inventory-secured financing, known as floorplan financing, primarily to independent dealer customers throughout the United States and Canada. |
| Financial Overview |
| For the fiscal year ended 31 December 2023, Openlane Inc revenues increased 8% to $1.65B. Net loss applicable to common stockholders excluding extraordinary items increased from $11.6M to $199.2M. Revenues reflect Marketplace segment increase of 9% to $1.25B, Finance segment increase of 5% to $393.4M, United States segment increase of 3% to $1.03B. Higher net loss reflects Marketplace segment loss increase from $84.7M to $273.6M. |
| Employees: | 4,500 as of Dec 31, 2023 |
| Reporting Currency: | U.S. Dollars |
| Enterprise value: | $2,774M as of Dec 31, 2023 |
| Annual revenue (TTM): | $1,645M as of Dec 31, 2023 |
| EBITDA (TTM): | $355.70M as of Dec 31, 2023 |
| Net annual income (TTM): | -$200.00M as of Dec 31, 2023 |
| Free cash flow (TTM): | $139.00M as of Dec 31, 2023 |
| Net Debt Last Fiscal Year: | $264.40M as of Dec 31, 2023 |
| Shares outstanding: | 108,045,559 as of Feb 15, 2024 |
| Index Membership: | S&P 600 Small Cap |
| TTM: Trailing Twelve Months EBITDA: Earnings Before Interest, Taxes, Depreciation, & Amortization | |
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