OPENLANE, Inc. (NYSE: OPLN)

OPENLANE is a leading digital marketplace for wholesale used vehicles operating in the United States Canada and Europe. The company connects automotive manufacturers dealers rental companies fleet operators captive finance and lending institutions as buyers and sellers to facilitate approximately 1.5 million annual vehicle transactions with a gross merchandise value of $28.8 billion in 2025. OPENLANE provides integrated technology data analytics financing logistics and other remarketing solutions to power transactions on its marketplace and advance its purpose to make wholesale easy so customers can be more successful.

OPENLANE generates revenue through buy and sell fees charged to vehicle sellers and buyers on both sides of transactions as well as through the sale of value-added ancillary products and services including SaaS-based remarketing and other supporting technology services transportation logistics reconditioning vehicle inspection and certification titling administrative and collateral recovery services and floorplan financing. For the majority of transactions the company facilitates the transfer of ownership directly from seller to buyer without taking title to or ownership of vehicles sold through its marketplaces. In some cases OPENLANE sells vehicles it has purchased taking title and recording the gross selling price as revenue. An important component of its services to buyers is providing short-term inventory-secured financing known as floorplan financing provided primarily to independent used vehicle dealers through its wholly-owned subsidiary AFC which has approximately 90 branch locations throughout North America.

The company operates through the following segments: Marketplace and Finance.

• The Marketplace segment includes OPENLANE US OPENLANE Canada and OPENLANE Europe digital marketplaces that facilitate wholesale used vehicle transactions. This segment provides a portfolio of integrated technology data analytics financing logistics and other remarketing solutions combined with vehicle logistics centers in Canada to power transactions. Revenue is generated from fees paid by vehicle buyers and sellers as well as through selling ancillary services. For most transactions OPENLANE does not take title to or bear the risk of loss for vehicles sold on its marketplaces. Buyer fees are typically based on a tiered structure increasing with sale price while seller fees are typically fixed. In some cases the company also sells vehicles it has purchased which represent approximately 2% of total vehicle volume sold.

• The Finance segment is conducted through AFC a leading provider of floorplan financing to independent vehicle dealers across North America. AFC provides short-term inventory-secured financing known as floorplan financing through a hybrid of physical locations and a digital servicing network. The company generates a significant portion of its revenues from fees including origination floorplan curtailment and other related program fees. AFC services customers through approximately 90 locations in markets with significant concentration of AFC customers. As of December 31 2025 AFC had approximately 11 600 active dealers with an average line of credit of approximately $379 000 and no one dealer representing greater than 2.5% of its portfolio.

OPENLANE is a leading digital wholesale marketplace in North America competing with several digital marketplace providers including ACV Auctions EBlock and others as well as physical auction providers such as Manheim ADESA America's Auto Auction and other local and regional independent auctions. In the United States competition is strongest with Manheim for the supply of used vehicles from national commercial sellers. In Canada OPENLANE is the largest wholesale used vehicle marketplace operator. The company believes its geographic network and diverse product offerings enable it to leverage relationships with providers and buyers of used vehicles. OPENLANE Europe serves customers in the United Kingdom and Continental Europe through a consolidated online wholesale used vehicle platform.

OPENLANE serves commercial customers including vehicle manufacturers and their captive finance companies financial institutions commercial fleet operators and rental car companies as well as franchise and independent dealer customers. Buyers of vehicles on the marketplace platforms primarily include franchise and independent dealer customers. Floorplan financing primarily supports independent vehicle dealers in North America who purchase vehicles on OPENLANE's marketplaces or through other wholesale channels.