KAR Global rebrand to OPENLANE round corner
KAR Global (NYSE: KAR) will rebrand as OPENLANE on Monday (15 May) with a focus on being a more asset-light, digital marketplace company with a new simplified, customer-first approach to used vehicle remarketing.
Although it will remain trading under the ticker symbol KAR, 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.
The consolidation of 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 said in a 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," said CEO Peter Kelly.
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.