-- Marketplace commercial vehicles sold growth of 25% YoY
-- Marketplace dealer vehicles sold growth of 13% YoY
-- Gross Merchandise Value (GMV) of approximately $9.1 billion, representing
32% YoY growth
-- Revenue of $528 million, representing 15% YoY growth, driven by 22%
growth in auction and related fees
-- Net income of $49 million, representing 33% YoY growth
-- Adjusted EBITDA of $97 million, representing 17% YoY growth
-- Cash flow from operating activities of $160 million, representing 30% YoY
growth
CARMEL, Ind., May 5, 2026 /PRNewswire/ -- OPENLANE, Inc. $(OPLN)$, today reported its first quarter financial results for the period ended March 31, 2026.
"OPENLANE started 2026 strong, growing consolidated revenue by 15%, delivering $97 million in Adjusted EBITDA and generating $160 million in cash flow from operations," said Peter Kelly, CEO of OPENLANE. "These results were led by strong performance in the Marketplace business where we grew vehicles sold by 19% including US dealer-to-dealer volume growth in the upper 20% range and solid commercial volume growth throughout the quarter. Our strategy and execution are delivering results, and it is clear that OPENLANE's unique inventory, technology advantage and superior customer experience are capturing market share, expanding our network, and accelerating growth."
"OPENLANE's first quarter performance is compelling evidence to the scalability of our business model and the differentiated value OPENLANE provides in the market," said Brad Herring, CFO of OPENLANE. "Our US dealer business continued to accelerate, our finance business responsibly balanced growth and risk, and we are still in the infancy stages of the off-lease volume return. And while no industry is immune to macroeconomic or geopolitical impacts, we remain confident in our ability to execute our plan and deliver on our increased full year guidance."
2026 Guidance
The company is updating its annual guidance to the following:
Previous Guidance Revised Guidance
(February 18, 2026) (May 5, 2026)
-------------------- ----------------
Net income (in millions) $130 - $147 $147 - $164
Adjusted EBITDA (in millions) $350 - $370 $365 - $385
Net income per share - diluted * $0.95 - $1.09 $1.09 - $1.23
Operating Adjusted EPS $1.24 - $1.38 $1.28 - $1.42
--------------------------------- -------------------- ----------------
* The company uses the two-class method of calculating net income per diluted
share. Under the two-class method, net income is adjusted for dividends
(including deemed dividends) and undistributed earnings (losses) to the
holders of the Series A Preferred Stock. The weighted average diluted shares
used in the net income per diluted share calculation assumes conversion of the
remaining preferred shares to common shares in June 2026.
Earnings guidance does not contemplate future items such as business development activities, strategic developments (such as restructurings, spin-offs or dispositions of assets or investments), contingent purchase price adjustments, significant expenses related to litigation, tax adjustments, adverse changes in the value of foreign currencies relative to the U.S. dollar, changes in applicable laws and regulations (including significant accounting, tax and trade matters) and intangible impairments. The timing and amounts of these items are highly variable, difficult to predict, and of a potential size that could have a substantial impact on the company's reported results for any given period. See reconciliations of the company's guidance included below.
Earnings Conference Call Information
OPENLANE will be hosting an earnings conference call and webcast on Tuesday, May 5, 2026 at 8:30 a.m. ET. The conference call may be accessed by calling 1-833-634-2155 and asking to join the OPENLANE call. A live webcast will be available at the investor relations section of corporate.openlane.com. Supplemental financial information for OPENLANE's first quarter 2026 results is available at the investor relations section of corporate.openlane.com.
The archive of the webcast will be available following the call at the investor relations section of corporate.openlane.com for a limited time.
About OPENLANE
OPENLANE, Inc. (NYSE: OPLN) makes wholesale easy by connecting the leading automotive manufacturers, dealers, rental companies, fleet operators, captive finance and lending institutions as buyers and sellers to create the most advanced digital marketplace for used vehicles. Our innovative products and services deliver a fast, fair and transparent experience that helps customers make smarter decisions and achieve better outcomes. Headquartered in Carmel, Indiana, OPENLANE has employees across the United States, Canada, Europe, Uruguay and the Philippines. For more information and the latest OPENLANE news, visit corporate.openlane.com.
Forward-Looking Statements
Certain statements contained in this release include, and the company may make related oral, "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and which are subject to certain risks, trends and uncertainties. In particular, statements made that are not historical facts (including but not limited to statements regarding our growth opportunities and strategies, industry outlook, competitive position, business and investment plans and initiatives, the impact of macroeconomic conditions, tariffs and global trade policy, and 2026 financial guidance) may be forward-looking statements. Words such as "should," "may," "will," "would," "anticipate, " "expect," "project," "intend," "contemplate," "plan," "believe," "seek, " "estimate," "assume," "can," "could," "continue," "of the opinion," "confident," "is set," "is on track," "outlook," "target," "position," "predict," "initiative," "goal," "opportunity" and similar expressions identify forward-looking statements. Such statements are based on management's current assumptions, expectations and/or beliefs, are not guarantees of future performance and are subject to substantial risks, uncertainties and changes that could cause actual results to differ materially from the results projected, expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the section entitled "Risk Factors" in the company's annual and quarterly periodic reports, and in the company's other filings and reports filed with the Securities and Exchange Commission. The forward-looking statements are made as of the date of this release. The company undertakes no obligation to update any forward-looking statements.
OPENLANE, Inc.
Condensed Consolidated Statements of Income
(In millions, except per share data) (Unaudited)
Three Months Ended
March 31,
2026 2025
----------- -----------
Operating revenues
Auction and related fees $ 241.8 $ 198.9
SaaS and other revenue 67.5 66.6
Purchased vehicle sales 112.2 85.7
Finance revenue 106.4 108.9
----------- -----------
Total operating revenues 527.9 460.1
----------- -----------
Operating expenses
Cost of services (exclusive of depreciation and
amortization) 271.7 241.6
Finance interest expense 24.8 27.6
Provision for credit losses 10.3 9.3
Selling, general and administrative 124.4 107.2
Depreciation and amortization 22.9 22.7
Total operating expenses 454.1 408.4
----------- -----------
Operating profit 73.8 51.7
Interest expense 10.1 4.0
Other income, net (1.6) (5.0)
----------- -----------
Income before income taxes 65.3 52.7
Income taxes 16.4 15.8
----------- -----------
Net income $ 48.9 $ 36.9
=========== ===========
Amounts attributable to common stockholders
Net income $ 48.9 $ 36.9
Series A Preferred Stock dividends (5.3) (11.1)
Net income attributable to participating
securities (6.0) (6.4)
----------- -----------
Net income attributable to common stockholders $ 37.6 $ 19.4
=========== ===========
Net income per share
Basic $ 0.35 $ 0.18
=========== ===========
Diluted $ 0.35 $ 0.18
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