Carmel-based KAR Auction Services will rebrand as OPENLANE, with the change becoming official at the corporate level May 15.
The move reflects the company’s transformation to a more asset-light, digital marketplace, according to a press release.
“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,” stated Peter Kelly, the company’s 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.”
KAR acquired OPENLANE, an internet-based business-to-business automotive remarketing company, in 2011. Kelly served as OPENLANE CEO at the time. He became CEO of KAR in April 2021.
The company plans to combine its ADESA and TradeRev platforms in Canada to create its first OPENLANE-branded marketplace in June. In the U.S., it is focused on rolling out a new live-auction format, which will be followed by integrating its existing platforms into a combined OPENLANE marketplace. The new brand will be used in Europe operations, too.
The company reported facilitating the sale of approximately 1.3 million vehicles in 2022, with a gross merchandise value of more than $23 billion. Its common stock will continue to trade under the ticker symbol “KAR” on the New York Stock Exchange.
Learn more at OpenLane.com.