Recent Updates — KAR

OpenLane announced that its subsidiary Automotive Finance Corporation extended the termination date of its Receivables Purchase Agreement from January 31, 2028 to January 31, 2030. Additionally, OpenLane amended its Canadian receivables facility to extend the commitment expiration date to the same date. These amendments secure continued access to financing for the company's automotive auction and finance operations. The company operates in the online used vehicle marketplace industry.

OPENLANE reported second quarter 2026 financial results with revenue of $554.6 million, a 15% year-over-year increase, and net income of $44.3 million, up 33%. Adjusted EBITDA reached $103.2 million, representing 19% growth. Gross Merchandise Value (GMV) grew 41% to approximately $10.5 billion, driven by a 39% increase in commercial vehicles sold and a 13% rise in dealer vehicle sales. The company raised its full-year 2026 Adjusted EBITDA guidance to $385–$400 million from the previous range of $365–$385 million, citing strong momentum in off-lease commercial volumes and US dealer activity. OPENLANE operates a digital wholesale marketplace for used vehicles.