New Brand to Unite Marketplace Brands and
Simplify Customer Experience
CARMEL,
Ind., May 2, 2023 /PRNewswire/ -- KAR Auction
Services, Inc. d/b/a KAR Global (NYSE: KAR) announces it is
rebranding to OPENLANE. The change reflects the company's
transformation to a more asset-light, digital marketplace company
and signals a new simplified, customer-first approach to used
vehicle remarketing. OPENLANE will serve as both the parent company
brand and the go-to-market brand for the company's digital
marketplaces in the US, Canada and
Europe. Consolidating platforms,
offerings and operations into OPENLANE will help focus the
company's strategy and investments, accelerate innovation and
simplify the overall customer experience. The company's corporate
name will change to OPENLANE, Inc. effective May 15, 2023. The company's common stock will
continue trading on the New York Stock Exchange under the ticker
symbol "KAR."
"Our vision is to build the world's greatest digital marketplace
for used vehicles, and we are advancing that vision by bringing
together all of our sellers, buyers and vehicles under OPENLANE,"
said Peter Kelly, CEO. "Over the
past decade, we've built and acquired some of the leading digital
platforms in our industry. Combining the best features and
functionality from this technology and unifying our supporting
operations will help us create the fastest, easiest and most active
digital marketplace available. With flexible sale formats and
thousands of cars offered each day—including exclusive, first
access to a significant majority of North
America's off-lease inventory—customers will be able to
list, bid and buy anytime, anywhere."
In 2022, the company's marketplaces facilitated the sale of
approximately 1.3 million vehicles, with a gross merchandise value
of over $23 billion, across a network
of more than 50,000 franchise and independent dealers, OEMs,
financial institutions, rental and recovery companies and fleet
operators.
The first OPENLANE branded marketplace will be launched in
Canada where the company will
combine the existing ADESA and TradeRev platforms beginning in
June 2023. In the US, the company
successfully integrated CARWAVE into BacklotCars in 2022 and is
currently rolling out the new live-auction format on a national
scale. Once completed, the company will focus on integrating its US
dealer-to-dealer and off-lease platforms into a new, combined
marketplace branded OPENLANE. And in Europe, the company has completed its
consolidation of the ADESA Europe, ADESA
UK and GWListe dealer-to-dealer technology into a single,
consolidated marketplace that is expected to also adopt the
OPENLANE brand.
"KAR catalyzed the digital transformation of remarketing through
our acquisition of OPENLANE in 2011. So it is fitting to anchor the
next era of our company—and our industry—on the OPENLANE brand,"
said Kelly. "From CPO-ready off-lease cars to higher-mileage older
vehicles, to fleet, rentals, recoveries and everything in between,
OPENLANE will have the right car for every lot in every geography.
And with thousands of unique users engaging on our marketplaces
each day, sellers can have confidence they're receiving the best,
most competitive market price available."
Concurrent with this announcement, the company has launched a
new corporate website at corporate.openlane.com. The site contains
investor information, additional details on the full portfolio of
OPENLANE's product and services, and a new employer brand page
highlighting life at OPENLANE and more than 150 current job
openings.
The new "wheel and key" OPENLANE logo was designed by the
company's in-house marketing team and represents a nod to both the
company's automotive heritage and the circle of data, technology
and people that will power the future of digital remarketing.
Today's brand announcement does not impact AFC, the company's
financing company servicing independent dealers across North America.
OPENLANE
Contacts:
|
Media
Inquiries:
|
Analyst
Inquiries:
|
Laurie
Dippold
|
Mike Eliason
|
(317)
468-3900
|
(317)
249-4559
|
laurie.dippold@openlane.com
|
mike.eliason@openlane.com
|
About Us
KAR Auction Services, Inc. (to be renamed OPENLANE, Inc.) (NYSE:
KAR), provides sellers and buyers across the global wholesale used
vehicle industry with innovative, technology-driven remarketing
solutions. The company's unique end-to-end platform supports whole
car, financing, logistics and other ancillary and related services.
Our integrated marketplaces reduce risk, improve transparency and
streamline transactions for customers around the globe.
Headquartered in Carmel, Indiana,
the company has employees across the
United States, Canada,
Europe, Uruguay and the
Philippines. For more information and the latest company
news, visit corporate.openlane.com.
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995. In particular, statements made that are not historical facts
may be forward-looking statements. Words such as "should," "may,"
"will," "anticipate," "expect," "intend," "plan," "believe," and
similar expressions identify forward-looking statements. Such
statements are based on management's current expectations,
assumptions and/or beliefs and are subject to risks and
uncertainties that could cause actual results, performance or
achievements to differ materially from those expressed or implied
by these forward-looking statements. Factors that could cause or
contribute to such differences include, but are not limited to,
those discussed in the section entitled "Risk Factors" in our
annual and quarterly periodic reports filed with the Securities and
Exchange Commission. The Company does not undertake any obligation
to update any forward-looking statements.
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SOURCE KAR