The registrant operates two reportable business segments: Marketplace and Finance. The Marketplace segment, representing 78% of revenues in 2025, is a digital wholesale used vehicle marketplace operating in the United States, Canada, and Europe under the OPENLANE brand. It connects automotive manufacturers, dealers, rental companies, fleet operators, captive finance, and lending institutions to facilitate approximately 1.5 million vehicle transactions annually, with a gross merchandise value of $28.8 billion in 2025. The Marketplace comprises OPENLANE US, OPENLANE Canada, and OPENLANE Europe, providing integrated technology, data analytics, financing, logistics, and remarketing solutions. Vehicle sources include commercial customers such as off-lease, repossessed, rental, and fleet vehicles, as well as dealer inventory and consumer trade-ins. The marketplace operates continuously, offering wholesale vehicle sales through online and mobile applications, including SaaS-based private label selling systems. Revenue is derived from buyer and seller fees and ancillary services; buyer fees are typically tiered by sale price, while seller fees are generally fixed. The registrant generally does not take title to or bear the risk of loss for vehicles sold, except for approximately 2% of vehicles purchased and remarketed by the company.
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