During the call, Openlane CEO Peter Kelly discussed the ongoing efforts to streamline the company’s marketplaces.
In late June, Openlane successfully launched its own branded marketplace in Canada, which involved the smooth transition of customers from its previous ADESA and TradeRev marketplaces over a period of four weeks, according to Kelly.
The company has also finalized plans to merge its commercial and dealer vehicle inventory into a single Openlane-branded marketplace in the United States, its largest market. This integration is scheduled to take place in the fourth quarter, and the rebranding of Openlane’s European marketplace is expected to occur before the year-end.
“By the beginning of 2024, our goal is to have all of our marketplace platforms operating under one unified Openlane brand and to have fully integrated commercial and dealer inventory across all of our marketplaces,” said Kelly.
Shares of Openlane closed at $14.85 on Thursday, experiencing a 5.1 percent decrease.
Earnings highlights:
Q2 revenue from continuing operations: $416.9 million, reflecting a 9 percent increase compared to the previous year.
Q2 net income from continuing operations: A loss of $193.8 million, which is wider than the $5.4 million loss reported in the same period last year.
Q2 total vehicle sales: 344,000, showing a slight 0.3 percent increase from the previous year.
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
