On the call, Openlane CEO Peter Kelly said the company continues to work on consolidating its marketplaces.
In late June, the company launched its Openlane-branded marketplace in Canada. That entailed migrating customers from its ADESA and TradeRev legacy marketplaces over a four-week period, Kelly said.
Openlane also finalized plans to integrate its commercial and dealer vehicle inventory into a single Openlane-branded marketplace in the U.S., its largest market, through the fourth quarter, Kelly said. He indicated the company will rebrand its European marketplace before the end of the year.
“We intend to start 2024 with all of our marketplace platforms operating under a single, unified Openlane brand and all of our marketplaces having fully integrated commercial and dealer inventory,” Kelly said.
Openlane shares were down 5.1 percent to $14.85 when the market closed Thursday.
Earnings highlights:
Q2 revenue from continuing operations: $416.9 million, up 9 percent from a year earlier.
Q2 net income from continuing operations: Loss of $193.8 million, wider than the loss of $5.4 million a year earlier.
Q2 total vehicle sales: 344,000, up 0.3 percent from a year earlier.
