KAR Auction Services, Inc. has rebranded as Openlane as the company transitions to an asset-light, digital marketplace business model, and implements a customer-first approach for used vehicle remarketing. The corporate name change became effective on May 15, 2023.
"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," Peter Kelly, CEO said. "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."
Openlane will represent both the parent company brand and the go-to-market brand for the company's digital marketplaces in the US, Canada and Europe. The company's common stock will maintain its ticker symbol “KAR” under the New York Stock Exchange.
“Consolidating platforms, offerings and operations into Openlane will help focus the company's strategy and investments, accelerate innovation and simplify the overall customer experience,” a recent press release states.
In 2022, the company is credited with facilitating 1.3 million vehicle sales and accumulating 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 new version of the brand will launch in Canada, where its operations will combine the existing Adesa and Traderev platforms this June. The launch follows the integration of Carwave into Backlot Cars in 2022 and comes at the same time as the launch of a new national live-action format.
“Once completed, the company will focus on integrating its US dealer-to-dealer and off-lease platforms into a new, combined marketplace branded Openlane,” the press release states.
In conjunction with the launch, the company has also made its new corporate website available at corporate.openlane.com, offering general details about its portfolio of products and services. The site also lists more than 150 current job openings. This rebranding will not have an effect on the company's financing company, AFC, which specializes in serving independent dealers across North America.
The new “wheel and key” logo was designed by Openlane’s in-house marketing team, representing 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,” according to the release.
The company has also finalized the consolidation of ADESA Europe, ADESA UK and GWListe dealer-to-dealer technology into a single marketplace.
"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," Kelly said. "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."