Openlane Inc (KAR) News & EventsKAROpenlane Inc

Openlane increases FY25 adjusted EPS forecast to $1.22-$1.26, up from $1.12-$1.17

FY25 consensus $1.16. Raises FY25 adjusted EBITDA view to $328M-$333M from $310M-$320M.

Openlane announces Q3 adjusted EPS of 35 cents, surpassing consensus estimate of 27 cents.

Reports Q3 revenue $498M, consensus $464.4M. Gross Merchandise Value of approximately $7.3B, representing 9% YoY growth. "OPENLANE's strategy - and the investments we've made to accelerate it - produced another strong quarter of organic growth and profitability, including 8% consolidated revenue growth and $87 million in Adjusted EBITDA," said Peter Kelly, CEO of OPENLANE. "We grew dealer-to-dealer volumes by 14%, significantly outpacing the industry, gaining market share and evidencing the strength and growing preference of the OPENLANE brand. We are executing our growth strategy with precision, and remain well positioned for the inflection of off-lease vehicles in 2026 and beyond."

Openlane to Buy Back 53% of Its Series A Convertible Preferred Shares

Openlane has reached definitive agreements to repurchase 53% of the company's Series A Convertible Preferred Stock originally issued in June 2020. The transaction, for which the cash consideration is approximately $559M, will reduce the preferred shares held by funds advised by Apax Partners, L.P. by approximately 50% and the preferred shares held by funds advised by Periphas Capital, L.P. by approximately 80%. The repurchase price of $29.70 per share of common stock, on an as-converted basis, represents a negotiated market-based buyout, including the value for future dividends tied to those preferred shares. The repurchase transactions are anticipated to close as soon as practicable after September 30 and prior to October 20.