olivLaw · US equity research
OPENLANE, Inc. OPLN
Retail-Auto Dealers & Gasoline Stations · SIC 5500 · Vertical: Retail-Auto Dealers & Gasoline Stations (SIC 5500)
OPENLANE operates a digital marketplace for wholesale used vehicles across the United States, Canada and Europe, connecting manufacturers, dealers, rental companies and lenders. The company reported a GMV of 28.8 billion USD in 2025, and in the second quarter of 2026 its growth was supported by a higher flow of off-lease vehicles.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, OPENLANE, Inc. (OPLN) stock was 36.76 USD (−5.45% on the day), with market capitalisation 4.5 bn USD, P/E 22.8 on diluted EPS of 1.61 USD over the last 12 months, dividend yield 0.00%, beta 0.89, 52-week range 24.49–42.90 USD. Latest reported quarter (Q3 2026): revenue of 561.2 m USD (+12.6% YoY), net income of 44.7 m USD (−6.7% YoY), diluted EPS 0.36 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 47.2
- neutral
- Bollinger (20, 2)
- 35.66 – 39.43
- in the lower half of the band · %B 0.29 · band width 10.0%
- SMA 50 / 200
- 35.96 / 34.27
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.71 / 0.73
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +4.1% | −1.1% | +5.2 pp | — |
| 3 months | −3.8% | −0.5% | −3.4 pp | — |
| 6 months | +2.3% | +4.4% | −2.1 pp | — |
| Year to date | +23.4% | +12.3% | +11.1 pp | — |
| 1 year | +38.4% | +13.5% | +24.9 pp | −5.6% |
| 3 years | +149.7% | +76.4% | +73.3 pp | −0.4% |
| 5 years | +150.8% | +63.7% | +87.1 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 455.0 m | 460.1 m | 481.7 m | 498.4 m | 494.3 m | 527.9 m | 554.6 m | 561.2 m |
| Cost of revenue | 244.5 m | 241.6 m | 254.4 m | 270.2 m | 275.5 m | 271.7 m | 306.4 m | 309.3 m |
| SG&A | 99.7 m | 107.2 m | 114.3 m | 110.9 m | 112.8 m | 124.4 m | 123.8 m | 123.4 m |
| Operating income | 79.0 m | 51.7 m | 47.4 m | 55.0 m | 42.5 m | 73.8 m | 67.5 m | 70.4 m |
| Depreciation & amortisation | 23.0 m | 22.7 m | 23.0 m | 22.7 m | 23.3 m | 22.9 m | 22.3 m | 21.5 m |
| Interest expense | 4.6 m | 4.0 m | 3.1 m | 1.1 m | 9.9 m | 10.1 m | 10.0 m | 10.0 m |
| Pre-tax income | 69.0 m | 52.7 m | 51.7 m | 56.1 m | 31.7 m | 65.3 m | 61.1 m | 60.1 m |
| Income tax | 16.7 m | 15.8 m | 18.3 m | 8.2 m | -27.8 m | 16.4 m | 16.8 m | 15.4 m |
| Net income | 52.3 m | 36.9 m | 33.4 m | 47.9 m | 59.5 m | 48.9 m | 44.3 m | 44.7 m |
| Diluted EPS | 0.48 ≈ | 0.18 | 0.15 | 0.25 | 0.58 ≈ | 0.35 | 0.32 | 0.36 |
| Operating cash flow | — | 122.6 m | 71.6 m ≈ | 72.2 m ≈ | — | 159.6 m | 52.8 m ≈ | 97.1 m ≈ |
| Capex | 14.0 m | 11.9 m | 14.2 m ≈ | 14.6 m ≈ | 14.7 m | 13.1 m | 13.8 m ≈ | 13.8 m ≈ |
| Share repurchases | 0 | 100.0 k | 9.3 m ≈ | 26.4 m ≈ | 9.8 m | 25.7 m | 22.5 m ≈ | 43.3 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 59 percentile of its own 34-quarter history (min 6.7, median 14.8, max 640.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | ⚠ 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.4 bn | 2.8 bn | 1.3 bn | 1.5 bn | 1.5 bn | 1.7 bn | 1.8 bn | 1.9 bn |
| Revenue YoY | +9.1% | +13.9% | — | +9.3% | +5.4% | +10.9% | +5.5% | +8.2% |
| Net income | 328.0 m | 188.5 m | 500.0 k | 66.5 m | 241.2 m | -154.1 m | 109.9 m | 177.7 m |
| Net income YoY | −9.4% | −42.5% | — | +13,200.0% | +262.7% | −163.9% | unavailable | +61.7% |
| Diluted EPS | 2.42 | 1.42 | -0.35 | 0.16 | 1.30 | -1.82 | 0.45 | -0.96 |
| Diluted EPS YoY | −7.6% | −41.3% | — | unavailable | +712.5% | −240.0% | unavailable | −313.3% |
| net % | 13.4% | 6.8% | 0.0% | 4.6% | 15.8% | -9.1% | 6.1% | 9.2% |
| Free cash flow | 618.5 m | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
The series breaks before 2020: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 141.5 m USD
- Financial debt
- 530.1 m USD
- Net debt
- 388.6 m USD
- Equity
- 1.2 bn USD
- Total assets
- 4.7 bn USD
- Debt / equity
- 0.43x
- Current ratio
- 1.16x
- ROE
- 13.8%
- ROA
- 3.8%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.3 bn | 1.5 bn | 1.5 bn | 1.7 bn | 1.8 bn | 1.9 bn | SEC (XBRL)· 18 Feb 2026verified |
| Cost of revenue | 744.3 m | 792.5 m | 834.3 m | 867.6 m | 956.3 m | 1.0 bn | SEC (XBRL)· 18 Feb 2026verified |
| Gross profit | 582.6 m ≈ | 658.1 m ≈ | 694.9 m ≈ | 828.1 m ≈ | 832.2 m ≈ | 892.8 m ≈ | SEC (XBRL)· 18 Feb 2026derived |
| SG&A | 374.5 m | 420.7 m | 436.3 m | 421.8 m | 408.6 m | 445.2 m | SEC (XBRL)· 18 Feb 2026verified |
| Operating income | 69.2 m | 127.5 m | 94.7 m | -135.8 m | 182.2 m | 196.6 m | SEC (XBRL)· 18 Feb 2026verified |
| Depreciation & amortisation | 109.1 m | 109.9 m | 100.2 m | 101.5 m | 95.2 m | 91.7 m | SEC (XBRL)· 18 Feb 2026verified |
| EBITDA | 178.3 m ≈ | 237.4 m ≈ | 194.9 m ≈ | -34.3 m ≈ | 277.4 m ≈ | 288.3 m ≈ | SEC (XBRL)· 18 Feb 2026derived |
| Interest expense | 128.2 m | 125.7 m | 40.2 m | 25.2 m | 21.8 m | 18.1 m | SEC (XBRL)· 18 Feb 2026verified |
| Pre-tax income | -64.8 m | 14.3 m | 38.6 m | -146.5 m | 157.9 m | 192.2 m | SEC (XBRL)· 18 Feb 2026verified |
| Income tax | -11.2 m | 15.1 m | 10.0 m | 8.3 m | 48.0 m | 14.5 m | SEC (XBRL)· 18 Feb 2026verified |
| Net income | 500.0 k | 66.5 m | 241.2 m | -154.1 m | 109.9 m | 177.7 m | SEC (XBRL)· 18 Feb 2026verified |
| Diluted EPS | -0.35 | 0.16 | 1.30 | -1.82 | 0.45 | -0.96 | SEC (XBRL)· 18 Feb 2026verified |
| Weighted average diluted shares | 129.3 m | 123.0 m | 116.3 m | 109.1 m | 109.2 m | 106.9 m | SEC (XBRL)· 18 Feb 2026verified |
| Dividend per share | 0.19 | 0.00 | 0.00 | — | — | — | SEC (XBRL)· 09 Mar 2023verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 752.1 m | 177.6 m | 225.7 m | 93.5 m | 143.0 m | 141.5 m | SEC (XBRL)· 18 Feb 2026verified |
| Receivables | 367.2 m | 381.3 m | 270.7 m | 291.8 m | 248.2 m | 314.1 m | SEC (XBRL)· 18 Feb 2026verified |
| Current assets | 3.2 bn | 3.4 bn | 3.0 bn | 2.8 bn | 2.9 bn | 3.0 bn | SEC (XBRL)· 18 Feb 2026verified |
| Property, plant & equipment, net | 589.9 m | 143.5 m | 123.6 m | 169.8 m | 149.3 m | 104.2 m | SEC (XBRL)· 18 Feb 2026verified |
| Goodwill | 1.2 bn | 1.6 bn | 1.5 bn | 1.3 bn | 1.2 bn | 1.2 bn | SEC (XBRL)· 18 Feb 2026verified |
| Intangibles (excl. goodwill) | 211.3 m | 159.1 m | 135.9 m | 136.1 m | 117.7 m | 102.7 m | SEC (XBRL)· 18 Feb 2026verified |
| Total assets | 6.8 bn | 7.5 bn | 5.1 bn | 4.7 bn | 4.6 bn | 4.7 bn | SEC (XBRL)· 18 Feb 2026verified |
| Accounts payable | 688.9 m | 785.3 m | 551.2 m | 556.6 m | 547.6 m | 665.8 m | SEC (XBRL)· 18 Feb 2026verified |
| Short-term debt | 24.3 m | 16.3 m | 288.7 m | 154.6 m | 222.5 m | 0 | SEC (XBRL)· 04 Aug 2026verified |
| Long-term debt | 1.9 bn | 1.8 bn | 205.3 m | 202.4 m | 0 | 530.1 m | SEC (XBRL)· 18 Feb 2026verified |
| Current liabilities | 2.3 bn | 3.0 bn | 2.6 bn | 2.5 bn | 2.6 bn | 2.6 bn | SEC (XBRL)· 18 Feb 2026verified |
| Equity | 1.6 bn † | 1.5 bn † | 1.5 bn † | 1.3 bn † | 1.3 bn † | 1.2 bn † | SEC (XBRL)· 18 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Capex | 62.8 m | 64.2 m | 60.9 m | 52.0 m | 53.0 m | 55.4 m | SEC (XBRL)· 18 Feb 2026verified |
| Dividends paid | 49.0 m | 0 | 0 | — | — | — | SEC (XBRL)· 09 Mar 2023verified |
| Share repurchases | 10.2 m | 180.9 m | 182.2 m | 22.2 m | 30.0 m | 45.6 m | SEC (XBRL)· 18 Feb 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 44 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 4.5 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation14
- Returns32
- Quality67
- Balance sheet48
- Growth68
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 11.58 – 24.40 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
- Peers: EV/EBITDA11.58 – 14.62 (Mid 11.63)3 companies used · median multiple 4.9x · quartiles 4.9x – 6.0xABG, CWH, MUSA
- Peers: P/E14.33 – 24.40 (Mid 19.55)10 companies used · median multiple 12.1x · quartiles 8.9x – 15.1xABG, AN, CPRT, GPI, KMX, LAD, MUSA, PAG, RUSHA, SAH
- Dividend discount (DDM)unavailable · the base of the ratio is not positive
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 44/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 14.4% | 50 (vs peers) | 14% |
| Net margin · Quality | 9.2% | 94 (vs peers) | 9% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 8.2% | 68 (on a fixed band) | 11% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 0.8x | 40 (vs peers) | 14% |
| Interest coverage · Balance sheet | 6.4x | 75 (on a fixed band) | 9% |
| Current ratio · Balance sheet | 1.2x | 30 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 22.8x | 17 (vs peers) | 14% |
| EV/EBITDA · Valuation | 13.8x | 11 (on a fixed band) | 14% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 2.3% | 32 (on a fixed band) | 9% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet48/100 · 3/3 factors with a value
- Growth· partial68/100 · 1/2 factors with a value
- Quality67/100 · 2/3 factors with a value
- Returns· partial32/100 · 1/2 factors with a value
- Valuation14/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
OPENLANE, Inc. (OPLN). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 1.9 bn USD in 2025; YoY growth 8.2%; net margin 9.2%; ROE 13.1%; net debt/EBITDA 0.8x.
The estimated value range is 12.96–19.51 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 15.59 USD, the price of 36.76 USD leaves a potential of -57.6% (value / price − 1) and a margin of safety of -135.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 44/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 9.2%
- Interest coverage: 6.4x
What contradicts it
- P/E (TTM): 22.8x
- EV/EBITDA: 13.8x
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, FCF yield, Payout ratio (FCF).
Versus the vertical median
Retail-Auto Dealers & Gasoline Stations (SIC 5500) · same industry (4-digit SIC) · compared with 18 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| CPRTCopart, Inc. | 30.2 bn | 21.0 | 16.2% | 31.8% | +0.4% | −16% / −35% |
| CASYCasey’s General Stores, Inc. | 24.9 bn | 32.5 | 20.0% | 4.1% | +10.2% | +18% / +145% |
| PAGPenske Automotive Group, Inc. | 13.9 bn | 15.5 | 15.5% | 2.8% | −0.2% | +31% / +42% |
| MUSAMurphy USA Inc. | 9.1 bn | 14.1 | 99.0% | 2.9% | −4.2% | +30% / +36% |
| KMXCarmax, Inc. | 7.8 bn | 26.9 | 4.7% | 1.1% | −1.8% | +43% / −14% |
| LADLithia Motors, Inc. | 6.8 bn | 9.1 | 11.8% | 2.1% | +4.0% | −1% / +18% |
| ANAutonation, Inc. | 5.9 bn | 8.8 | 30.2% | 2.6% | +3.2% | −13% / +36% |
| OPLNOPENLANE, Inc. | 4.5 bn | 22.8 | 13.1% | 9.2% | +8.2% | +38% / +150% |
| ABGAsbury Automotive Group, Inc. | 3.8 bn | 8.3 | 11.8% | 2.7% | +4.7% | −10% / −0% |
| GPIGroup 1 Automotive, Inc | 3.3 bn | 8.6 | 12.4% | 1.7% | +13.2% | −32% / −3% |
| NXXTNextnrg, Inc. | 427.3 m | — | — | -61.3% | +194.7% | +108% / −43% |
| VRMVroom, Inc. | 36.5 m | — | -45.0% | — | −54.2% | −66% / unavailable |
| KXINKaixin Holdings | 12.2 m | — | -307.2% | -41,788.4% | unavailable | −96% / −100% |
| CRMTAmerica’s Car-Mart, Inc. | 10.5 m | — | -43.0% | -18.6% | −7.9% | −94% / −98% |
| JZXNJiuzi Holdings Inc. | 1.4 m | — | -90.7% | -353.5% | +105.9% | −86% / −100% |
| RUSHARush Enterprises, Inc. | — | 14.0 | 11.8% | 3.7% | −4.7% | +33% / +75% |
| CVNACarvana Co. | 0 | 0.0 | 51.5% | 6.2% | +48.6% | +4% / +1,138% |
| CWHCamping World Holdings, Inc. | 0 | — | -33.2% | -1.6% | +4.4% | −52% / −74% |
| SAHSonic Automotive, Inc. | — | 10.3 | 19.4% | 1.3% | +6.5% | +2% / +25% |
1- and 3-year price returns: for OPLN from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 22.71 Total return -38% · Per year -38% | 40.09 Total return 9% · Per year 9% | 60.29 Total return 64% · Per year 64% |
| 3 years | 23.69 Total return -36% · Per year -14% | 46.89 Total return 28% · Per year 8% | 77.19 Total return 110% · Per year 28% |
| 5 years | 24.71 Total return -33% · Per year -8% | 54.84 Total return 49% · Per year 8% | 98.83 Total return 169% · Per year 22% |
- Exit P/E± 11.72
- Net margin± 8.21
- Annual revenue growth± 6.51
- Annual dilution± 0.69
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
In brief
OPENLANE operates a digital marketplace for wholesale used vehicles across the United States, Canada and Europe, connecting manufacturers, dealers, rental companies and lenders. The company reported a GMV of 28.8 billion USD in 2025 1, and in the second quarter of 2026 its growth was supported by a higher flow of off-lease vehicles 3.
SWOT
Strengths
- A leading position in the digital wholesale marketplace, with exclusive access to a major share of off-lease vehicles 1.
- An asset-light model in which the company generally does not take title to vehicles, which lowers capital needs 1.
- Integration with AFC, which brings financing, a dealer base and service revenue 13.
Weaknesses
- Dependence on the volume of vehicles available, which moves with new vehicle sales and manufacturer leasing behavior 1.
- Large technology investments and system migrations carry execution risk and short-term costs 1.
- Exposure to independent dealer credit, where losses could rise if wholesale prices fall 1.
Opportunities
Risks
- Dependence on vehicle volumehigh
If the number of vehicles entering the wholesale market declines, fee revenue could be directly affected 1.
- Digital competitionhigh
Digital competitors and new entrants could gain market share, especially in dealer-to-dealer sales 1.
- AFC credit riskmedium
A fall in used vehicle prices could increase losses on defaulted dealer loans 1.
- Technology and ERP riskmedium
Delays or problems in migrating systems could disrupt operations and customer relationships 1.
- Transport and fuel costslow
Higher fuel prices could raise logistics costs and compress margins on ancillary services 2.
Investment thesis
What would need to be true (bull case)
- Higher commercial volumes and GMV in the second quarter suggest the digital model can benefit from a favorable leasing cycle 3.
- The raised 2026 Adjusted EBITDA guidance suggests that investments made in 2025 are starting to pay off 3.
- Combining the marketplace with AFC could strengthen the company's position in the wholesale sales chain 13.
What would break the thesis
What to watch
- Trend in off-lease vehicle volumes and GMVQ3 2026
- Delivery against the revised 2026 Adjusted EBITDA guidance2026
- Credit quality of the AFC portfolio and level of lossesnext 10-K
- Impact of tariffs and transport costs on volumes2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
The business
OPENLANE runs a digital marketplace for wholesale used vehicles with an asset-light model: the company generally does not take title to vehicles and earns buy and sell fees, plus ancillary services such as transport, reconditioning, inspection and titling 1. In 2025 there were approximately 1.5 million annual transactions 1. The company was rebranded as OPENLANE in 2023 and moved to the ticker OPLN in December 2025 1.
Segments
Marketplace
The Marketplace segment generated 78% of 2025 revenues and includes the digital platforms in the US, Canada and Europe, as well as the Canadian logistics centers where simulcast sales take place 1. It also provides SaaS private label solutions to automakers and captive finance companies 1.
Market context
The total addressable market for wholesale used vehicles in the US and Canada is estimated at about 15 million vehicles 1. The company says it supports the majority of commercial off-lease sellers in North America 1. Volumes can vary seasonally, and the fourth quarter typically sees lower volumes 1.
Trends
- Rising supply of off-lease vehiclestailwind
As leases originated recently mature from 2026, the company expects more vehicles to reach the wholesale market, much of which could flow through OPENLANE first 12. In the second quarter, commercial vehicles sold grew 39% 3.
- Tariffs and trade disputesheadwind
Tariffs and ongoing trade disputes could affect the number of off-lease vehicles available and add uncertainty in the automotive industry 12.
- Conflict with Iran and fuel costsheadwind
Higher fuel prices linked to the conflict with Iran have raised transport and logistics costs for the wholesale used vehicle industry, while inflation and interest rates continue to affect vehicle affordability 2.
- Digitalization of dealer-to-dealer salesmixed
Digital platforms could expand the dealer-to-dealer market, a segment where digital competition is intensifying 1. Independent dealers are an important base for AFC and the marketplace 1.
Competitive position
Competition includes physical auctions, online wholesale and retail platforms, and new entrants using digital technology 1. In financing, AFC faces banks, credit unions and specialty lenders 1. Some competitors have greater financial and marketing resources 1.
- Manheim
Large wholesale auction operator named in the annual report as a main competitor
- ACV Auctions
Digital used vehicle auction platform named among the main competitors
- America's Auto Auction
North American auto auction operator named among large competitors
- NextGear Capital
Specialty floorplan lender and direct competitor of AFC
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report04 Nov 2026
- Current report04 Nov 2026Results of operations · Financial statements and exhibits
- Current report28 Sept 2026Material agreement
- Current report13 Aug 2026Other events · Financial statements and exhibits
- Quarterly report04 Aug 2026
- Current report04 Aug 2026Results of operations · Financial statements and exhibits
- Current report12 Jun 2026Departure or appointment of officers
- Current report08 Jun 2026Shareholder vote
- Current report29 May 2026Amendments to articles or bylaws · Financial statements and exhibits
- Quarterly report05 May 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / OPENLANE, Inc. · 18 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / OPENLANE, Inc. · 04 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / OPENLANE, Inc. · 04 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.