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atc-onlane.com

Founded Year

1997

Stage

Acquired | Acquired

Total Raised

$73M

Valuation

$0000 

About OpenLane

Openlane offers online auction services to North American auto dealers, creating a venue from which they can buy and sell used vehicles wholesale. In August 2011, Adesa, a division of Kar Auction Services, acquired OpenLane for $210 million.

OpenLane Headquarter Location

4600 Bohannon Drive Suite 100

Menlo Park, California, 94025,

United States

650-532-6300

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Expert Collections containing OpenLane

Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.

OpenLane is included in 1 Expert Collection, including Auto Commerce.

A

Auto Commerce

532 items

Companies involved in the rental, selling, trading, or purchasing of cars, RVs, trucks, and fleets, including auto financing companies, vehicle auction services, online classified advertising companies with a focus on auto, and dealership software platforms.

OpenLane Patents

OpenLane has filed 12 patents.

The 3 most popular patent topics include:

  • Diagrams
  • Inventory
  • Manufacturing
patents chart

Application Date

Grant Date

Title

Related Topics

Status

9/23/2016

2/1/2022

Data management, Wireless networking, Identifiers, Diagrams, Identity management

Grant

Application Date

9/23/2016

Grant Date

2/1/2022

Title

Related Topics

Data management, Wireless networking, Identifiers, Diagrams, Identity management

Status

Grant

Latest OpenLane News

KAR Global finalizes sale of ADESA U.S. to Carvana

May 10, 2022

KAR Global said Tuesday it has completed the sale of its ADESA U.S. auction unit to Carvana Co. The deal will allow KAR to focus on its online dealer-to-dealer businesses and enable Carvana to gradually boost the number of cars and trucks it can get ready for sale each year. Carvana purchased ADESA U.S. from KAR Global for $2.2 billion . KAR, a Carmel, Ind.-based wholesale auctions provider, agreed to sell the physical auction unit in late February. The deal hands Carvana the keys to 56 ADESA sites across the U.S., totaling about 6.5 million square feet of buildings on more than 4,000 acres. It also gives Carvana all staff and operations at the 56 locations, plus sole use of the ADESA.com marketplace in the U.S. "We aim to use this ADESA U.S. alignment to both improve the experiences of the ADESA U.S. physical auction customers and to focus on significant and sustainable efficiencies, and unit economic improvements, for Carvana to catapult back into rapid profitable growth as the industry inevitably rebounds," Carvana CEO Ernie Garcia said in a news release. "We believe the future is digital, and the channel shift towards digital across our industry is gaining momentum," KAR Global CEO Peter Kelly said in a news release. "KAR is now better positioned than ever to lead this evolution and capture the broad opportunities ahead." Carvana shares slipped 16.6 percent on Monday, but were rising 0.6 percent to $39.02 in premarket trading on Tuesday. The deal's closure comes just weeks after Carvana reported a disappointing first quarter , in which the company recorded a net loss of $506 million and retailed fewer vehicles than it had planned for because of increasing interest rates, dwindling consumer confidence and other snafus that are being felt throughout the industry. Related Article Carvana's next steps Carvana said fully utilizing the 56 sites will give it the ability to recondition up to 2 million vehicles per year. At the end of the first quarter, the company reported it was capable of reconditioning 1 million vehicles through its own 17 inspection and reconditioning centers. Carvana expects its reconditioning capacity to stand at 1.4 million at the end of 2022. The initial announcement that Carvana would acquire ADESA U.S. drew some concerns from automakers and dealers. Some reconsidered or cut their ties to the auction house. KAR's next steps As part of its online-centric maneuver, KAR will keep operating Openlane, the platform Kelly founded in 1999 that supports programs representing about 80 percent of North America's off-lease inventory. KAR acquired Openlane in 2011. The company also hopes the absence of the ADESA U.S physical auction space will allow it to focus on BacklotCars, Carwave and TradeRev, its burgeoning digital dealer-to-dealer platforms. KAR keeps its ADESA Canada, ADESA U.K. and ADESA Europe units, plus all affiliated inspections, transportation and other services brands. It also retains AFC, its subsidiary that provides dealers with floorplan solutions. KAR said it will provide more insight into its digital strategy during an analyst day update call that it may schedule for June. Editor's note: Kelly founded Openlane in 1999 and it was acquired by KAR in 2011. An earlier version of this story misstated that company history. Related Article

  • When was OpenLane founded?

    OpenLane was founded in 1997.

  • Where is OpenLane's headquarters?

    OpenLane's headquarters is located at 4600 Bohannon Drive, Menlo Park.

  • What is OpenLane's latest funding round?

    OpenLane's latest funding round is Acquired.

  • How much did OpenLane raise?

    OpenLane raised a total of $73M.

  • Who are the investors of OpenLane?

    Investors of OpenLane include KAR Global, Meritech Capital Partners, Zilkha Venture Partners, RPM Ventures, August Capital and 3 more.

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