At a glance
OPENLANE, Inc. is worth $4.63B. Revenue grew 8.2% to $1.93B in fiscal 2025, with 9.2% kept as profit. It pays no dividend; it spent $460.9M buying back its shares over FY2021–FY2025.
The business in plain English
OPENLANE, Inc., formerly KAR Auction Services, runs online wholesale marketplaces, where used vehicles are sold between businesses rather than to the public. Sellers include franchise and independent car dealers, carmakers and their captive finance companies (the lending arms they own), other lenders, rental car companies and fleet operators. Buyers are mainly dealers restocking their lots. In 2025, about 1.5 million vehicles worth $28.8 billion sold through its marketplaces in the US, Canada and Europe.
OPENLANE charges fees to both the buyer and the seller on each sale. It also charges for extras: transport, inspections, reconditioning, title paperwork, repossession help and software. Its software runs more than 40 private-label websites that most North American carmakers and their finance companies use to resell off-lease vehicles. OPENLANE usually doesn't take ownership of the cars on its marketplaces. Sometimes it purchases vehicles and resells them, and then it counts the full sale price as revenue.
Revenue was $1.93 billion in fiscal 2025, which ended December 31, 2025. The Marketplace segment brought in 77.6%. The Finance segment, a subsidiary called AFC, brought in 22.4%. AFC offers floorplan financing: short-term loans, secured by the cars, that pay for independent dealers' inventory. By type, auction and related fees made up 43.1% and purchased vehicle sales 21.2%. The US produced 57.3% of revenue, and operations in Canada and Europe produced the remaining 42.7%.
Price history
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OPLN — over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Auction and related fees | $833.5M | 43.1% |
| Finance revenue | $433.7M | 22.4% |
| Purchased vehicle sales | $410.2M | 21.2% |
| SaaS and other revenue | $257.1M | 13.3% |
By business segment
| Marketplace | $1.50B | 77.6% |
| Finance | $433.7M | 22.4% |
By geography
| U.S. | $1.11B | 57.3% |
| Foreign | $825.3M | 42.7% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $554.6M, up 15.1% from a year earlier, and net income was $44.3M (+32.6%).
- For fiscal 2025, revenue was $1.93B (+8.2% year over year) with a 9.2% net margin.
Financial health check
| Operating margin | 10.2% watch |
|---|---|
| Free cash flow margin | 17.4% good |
| Return on equity (FY2025) | 14.3% watch |
| Return on assets (FY2025) | 3.8% watch |
| Net cash (cash minus debt) | $-345.0M weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.33B | $500K | $116.3M |
| FY2021 | $1.45B | $66.5M | $169.7M |
| FY2022 | $1.53B | $241.2M | $-56.8M |
| FY2023 | $1.70B | $-154.1M | $185.0M |
| FY2024 | $1.79B | $109.9M | $239.8M |
| FY2025 | $1.93B | $177.7M | $336.5M |
Valuation snapshot
| Market value | $4.63B |
|---|---|
| P/E ratio | — |
| Dividend yield | 0% |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| OPLN price data to Oct 28, 2026 | +26.7% | — | — | — | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +26.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 1 open-market purchases ($500K) and 16 sales ($281.4M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 13, 2026 | Ignition Acquisition Holdings LP 10% owner | sell | $274.9M |
| Feb 20, 2026 | James P Coyle EVP & President, Marketplace | sell | $2.0M |
| May 6, 2026 | Charles S. Coleman EVP, CLO & Secretary | sell | $709K |
| May 6, 2026 | Tobin P Richer EVP Marketing & Communications | sell | $513K |
| Feb 20, 2026 | James P Coyle EVP & President, Marketplace | sell | $510K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 13% | Sep 30, 2026 |
| Burgundy Asset Management Ltd. | 6.82% | Dec 31, 2025 |
| Vanguard Portfolio Management | 5.76% | Mar 31, 2026 |
| Dimensional Fund Advisors LP | 5.1% | Sep 30, 2026 |
| Vanguard Capital Management | 4.75% | Sep 30, 2026 |
| Bank of Montreal | 4.52% | Jun 30, 2026 |
What could go wrong
- Fewer used cars reaching wholesale markets. OPENLANE earns fees on each vehicle sold. When fewer cars come off leases, rental fleets or dealer trade-ins, volumes fall. The company says shrinking supply has already hurt revenue and profit and may again.
- Swings in used vehicle prices. Used vehicle prices affect the fee OPENLANE earns per car, how often listed cars actually sell, how many vehicles reach wholesale, and how much AFC loses on dealer loans.
- Dealers may not repay AFC loans. AFC, which produced 22.4% of fiscal 2025 revenue, lends to independent dealers to finance their inventory. If borrowers default, which tends to happen more in weak economies, losses could hurt profit and the balance sheet.
- Losing a major seller or customer. Off-lease cars from carmakers and finance companies set OPENLANE apart: most in North America appear first, and exclusively, on its marketplace. The company warns that losing one or more significant customers would hurt results.
- Rivals and costly technology projects. OPENLANE competes with physical auctions, digital rivals, independent wholesalers and new entrants. It is investing in merging platforms, new back-office software and AI. Delays, glitches or rivals' better tools could cost customers and revenue.
- Preferred shareholders rank ahead of common owners. Apax and other holders of Series A Preferred Stock have rights ahead of common shareholders and may influence the company. Converting and selling those shares could dilute common owners and weigh on the share price.
Recent events
- Major agreement signed
- Other company announcement
- Quarterly results released
- Executive or board change
- Shareholder vote results
- Bylaws or fiscal year changed
- Quarterly results released
- Investor presentation or announcement
- Quarterly results released
- Executive or board change
For income and retirement investors
OPENLANE does not pay a dividend. It last paid one in fiscal 2020, at $0.19 per share, and paid none from fiscal 2021 through fiscal 2025. The yield was 0% as of October 28, 2026, and its annual report warns that shareholders may not receive future dividends. The company spent $460.9 million on buybacks over fiscal 2021–2025, but the share count still rose 1.4% between October 2021 and July 2026. For an income investor, any return would have to come from share price gains, and cash for living costs would have to come from trimming the holding.
The share price record available here covers less than a year, to October 28, 2026. It can't show how the stock held up in the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Within that short span, the shares fell as much as 22.1% from a peak. Like any single stock, OPLN carries more risk than a diversified fund.
Questions investors ask
How does OPENLANE make money?
OPENLANE makes money by charging buyers and sellers fees on wholesale used vehicle sales, lending to dealers, and selling related services. In fiscal 2025, auction and related fees were 43.1% of its $1.93 billion revenue. Finance revenue from AFC, its dealer lending arm, added 22.4%. Vehicles it purchased and resold brought in 21.2%, and software and other services brought in 13.3%. About 1.5 million vehicles worth $28.8 billion sold through its marketplaces in 2025.
Is OPENLANE the same company as KAR Auction Services?
Yes. OPENLANE, Inc. was called KAR Auction Services until it rebranded in 2023. KAR acquired the OPENLANE digital brand in 2011. It completed a tax-free spin-off of Insurance Auto Auctions in 2019, which split that business into a separate public company, and it sold ADESA's US physical assets in 2022. In December 2025, it changed its NYSE ticker from KAR to OPLN to match the OPENLANE brand and its digital strategy.
Does OPENLANE pay a dividend?
No. OPENLANE last paid a dividend in fiscal 2020, at $0.19 per share, and paid none from fiscal 2021 through fiscal 2025. The dividend yield was 0% as of October 28, 2026, and the company's annual report warns that shareholders may not receive future dividends. It has used buybacks instead, spending $460.9 million over fiscal 2021–2025. Even so, the share count rose 1.4% between October 2021 and July 2026.
Is OPENLANE profitable?
Yes, at the company level. In fiscal 2025, net income was $177.7 million on $1.93 billion of revenue, a 9.2% net margin. Free cash flow, the cash left after running the business and paying for equipment and systems, was $336.5 million. But diluted earnings per common share were negative $0.96, so the profit did not show up per share for common stockholders. In the quarter ended June 30, 2026, revenue rose 15.1% and net income rose 32.6% from a year earlier.
Who owns the most OPENLANE stock?
Among large fund managers, BlackRock reported the biggest stake: 13% as of September 30, 2026. Burgundy Asset Management reported 6.82% as of December 31, 2025. Two Vanguard units reported 5.76% and 5.26% as of March 31, 2026, and Dimensional Fund Advisors reported 5.1% as of September 30, 2026. Separately, Ignition Acquisition Holdings LP, listed as a 10% owner, sold about $274.9 million of shares on August 13, 2026.