OPENLANE operates a digital marketplace for wholesale used vehicles, connecting commercial sellers and dealers on the sell side with franchise and independent dealers buying inventory for their retail lots. The platform handles roughly 1.5M vehicle transactions annually across the full transaction lifecycle — listing, inspection, bidding, payment, titling, and logistics — operating primarily in North America, with a smaller presence in Europe. OPENLANE serves two types of sellers: commercial sellers (OEMs, captive finance companies, fleet and rental operators selling off-lease and end-of-fleet vehicles) and dealer sellers (franchise and independent dealers moving trade-ins and excess inventory). OPENLANE powers more than 40 private-label digital remarketing programs for the majority of North American OEMs and financial institutions. OPENLANE reports two segments: Marketplace (~78% of revenue), the core digital auction business generating transaction fees on both the buy and sell side plus ancillary inspection, logistics, titling, and SaaS services; and Finance (~22% of revenue), operated through AFC, a floorplan lending subsidiary that extends short-term inventory-secured credit lines to independent dealers across roughly 90 branch locations, managing ~$2.5B in average outstanding receivables. OPENLANE acts as an agent on most transactions, recognizing net fees rather than gross vehicle value. Key profit drivers include transaction volume, revenue per transaction, and the commercial off-lease cycle — off-lease volume troughed in 2025 and is expected to recover through 2026–2028 as recently originated leases mature.