Openlane, Inc. · NYSE:OPLN
Openlane — Investor Day (March 2026)
84 slides from Openlane's investor day presentation, Mar 3, 2026
Slide 1: Investor Day
Investor Day March 3, 2026 Investor Day 1
Slide 2: Forward-Looking Statements and Non-GAAP Financial Measures
Forward-Looking Statements Certain statements contained in this presentation include, and OPENLANE may make related oral, "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, statements made that are not historical facts (including b
Slide 3: CEO Welcome
CEO Welcome Peter Kelly Chief Executive Officer Investor Day 3
Slide 4: Agenda
Agenda Welcome & Introduction Marketplace Business Marketplace Technology Strategy OPENLANE Customer Fireside Chat Finance Business Financial Reporting Update Marketplace Demos Investor Day 4
Slide 5: We make wholesale easy so our customers can be more successful
OUR PURPOSE We make wholesale easy so our customers can be more successful Investor Day 5
Slide 6: The world's greatest digital marketplaces for used vehicles
OUR VISION IS TO BUILD The world’s greatest digital marketplaces for used vehicles Investor Day 6
Slide 7: OPENLANE Strategic Objectives
OPENLANE Strategic Objectives Grow Grow Improve Position for Customer Vehicle Financial Long-term Base Volume Performance Success Investor Day 7
Slide 8: 2025 Performance Highlights
2025 Performance Highlights 1.5M $29B $1.9B $333M $392M Commercial & Dealer Marketplace Gross Consolidated Total Consolidated Adjusted Consolidated Cash Flow Vehicle Transactions Merchandise Value Revenue EBITDA From Operating Activities Investor Day 8
Slide 9: A Leading Digital Marketplace
A Leading Digital Commercial Marketplace Sellers* Marketplace Independent Franchise Dealers Dealers Investor Day *Commercial Sellers include: OEM/captive finance companies, banks and other retail automotive lenders, rental companies and fleet/lease companies. 9
Slide 10: OPENLANE Digital Transformation
OPENLANE Digital Transformation KAR Auction Services IPO Acquired TradeRev Acquired BacklotCars Divested of ADESA combined ADESA, IAA & digital dealer-to-dealer digital dealer-to-dealer physical auction Automotive Finance Corp. marketplace in Canada marketplace in US business in US 2009 2017 2020 20
Slide 11: Meet Our Leadership
Meet Our Leadership Industry Knowledge - Digital Marketplace Expertise - Entrepreneurship Peter Kelly Brad Herring James Coyle Will Mitchell CEO, OPENLANE EVP & Chief Financial Officer EVP & President, Marketplace President, AFC Justin Zane Anita Chen Mark Endras SVP, US Marketplace & Services SVP,
Slide 12: Marketplace Strategy
Marketplace Strategy James Coyle EVP & President, Marketplace Investor Day 12
Slide 13: What is driving OPENLANE's growth? How will OPENLANE continue to grow?
Question 1 Question 2 What is driving How will OPENLANE OPENLANE’s growth? continue to grow? Investor Day 13
Slide 14: A Large Total Addressable Market Exists
A Large Total Addressable Market Exists Dealer Commercial** Off-Lease 23% Dealer-to-Dealer 53% 16.8M Average annual Repossession wholesale transactions 12% (2020-2025)* Rental 9% Other *Source: Black Book; North America only; numbers do not add to 100% due to rounding 4% **Commercial Sellers include
Slide 15: OPENLANE's Deep Strength in Commercial & Dealer
OPENLANE’s Deep Strength in Commercial & Dealer Commercial Dealer 40+ exclusive OEM & financial 50K active buyers and sellers in institution customers the marketplace Investor Day 15
Slide 16: OPENLANE US Is Our Primary Growth Engine
OPENLANE US Is Our Primary Growth Engine US Canada EU Accelerating growth with Market leader with preferred Digital marketplace with large share expansion GTM positioning for differentiated cross-border opportunity new offerings model Investor Day 16
Slide 17: Commercial Off-Lease
Marketplace Commercial Off-Lease Investor Day 17
Slide 18: OPENLANE: Commercial Off-Lease
OPENLANE: Commercial Off-Lease 40+ Private label off-lease programs Consumer Payoff Consumer lessee has first option to buyout at residual Leasing franchise dealer option Grounding Dealer to purchase vehicle ~ 70% Customer representation of Non-Grounding Dealer Offered to same or related nameplate f
Slide 19: Perceived Ease of an Off-Lease Program
Perceived Ease of an Off-Lease Program Grounding Non-Grounding Open Sale Sale Sale These steps represent only a small portion of the off-lease process Investor Day 19
Slide 20: Actual Complexity of an Off-Lease Program
Actual Complexity of an Off-Lease Program Payoff Grounding Non-Grounding Transport Pre-turn-in Turn-in Open Sale Post-Sale Processing Sale Sale 360/Retention Maturity Manager Lease End Management Maturity File Integration Payout Quote Calculator VHR CARFAX Autocheck Programs UI + real time TPI statu
Slide 21: OPENLANE Off-Lease: A Compelling Value Proposition
OPENLANE Off-Lease: A Compelling Value Proposition Strong, Enduring Deep Tech Speed, Ease & Significant Open Customer Integrations Outcomes Sale Opportunity Relationships Investor Day 21
Slide 22: Growth Will Benefit from Secular Tailwinds
Growth Will Benefit from Secular Tailwinds Lease Maturity (Units) Consumer Payoffs (%) 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Investor Day Sources: Black Book and internal management estimates 22
Slide 23: Dealer-to-Dealer
Marketplace Dealer -to-Dealer Investor Day 23
Slide 24: Our Strategic Priorities Are Driving Growth
Our Strategic Priorities Are Driving Growth Best Best Best Customer Marketplace Technology Experience Investor Day 24
Slide 25: Best Marketplace: GTM Investments Delivering Results
Best Marketplace: GTM Investments Delivering Results Field & Inside Major Dealer Brand Digital Sales Team Awareness Marketing OPENLANE US Buyer Growth OPENLANE US Seller Growth +35% +33% Beginning End of Year Beginning End of Year 2024 2025 2024 2025 Investor Day 25
Slide 26: Best Customer Experience: Leading Through Our Purpose
Best Customer Experience: Leading Through Our Purpose Key Customer Experience Focus Areas 2025 OPLN transactional NPS Unified Inspections Excellent US Seller tNPS Great US Buyer tNPS AI Assisted Arbitration Good Customer Support Needs Improvement Dealer Relationships Investor Day 26
Slide 27: Secular Tailwind: Digital Adoption Is Increasing
Secular Tailwind: Digital Adoption Is Increasing Digital D2D Volume as a % of North American D2D Volume* 22% 18% 16% 2023 2024 2025 Investor Day * Digital transactions reported by public company digital marketplaces as a % of Black Book N.A. dealer volumes 27
Slide 28: A Leading Digital Marketplace
A Leading Digital Commercial Marketplace Sellers* Private Label 15K Independent Dealers 15K Franchise Dealers Marketplace Independent Franchise Dealers Dealers Investor Day *Commercial Sellers include: OEM/captive finance companies, banks and other retail lending institutions, rental companies and f
Slide 29: Strategic Execution Will Drive Continued Growth
Strategic Execution Will Drive Continued Growth Brand Market Leveraging Innovation Focus Presence Ecosystem Pipeline Investor Day 29
Slide 30: What is driving OPENLANE's growth? How will OPENLANE continue to grow?
Question 1 Question 2 What is driving How will OPENLANE OPENLANE’s growth? continue to grow? Unique Dealer & Proven GTM Secular, Multi-Year Commercial Inventory Strategy & Execution Industry Tailwinds Investor Day 30
Slide 31: Q&A
James Coyle Justin Zane Anita Chen EVP & President, SVP, US Marketplace SVP, Canada Marketplace Q&A Marketplace & Services Investor Day 31
Slide 32: Break
Break Meeting will resume at 9:40 AM Investor Day 32
Slide 33: Technology & Innovation
Technology & Innovation Mark Endras SVP & Chief Technology Officer Investor Day 33
Slide 34: Our Strategic Priorities Are Driving Growth
Our Strategic Priorities Are Driving Growth Best Best Best Customer Marketplace Technology Experience Investor Day 34
Slide 35: Human Driven, AI Enhanced
Human Driven, AI Enhanced Inspections Sales / Post-Sale Agentic Marketplace Investor Day 35
Slide 36: OPENLANE Growth Flywheel
OPENLANE Unique Off-Lease & Dealer Inventory Data Products More Data and Insights More More Inventory Growth Buyers Best-in-Class Intelligent Inspections Buying User Experience Seller Buyer Analytics More Retention Sellers No Hassle Better Post-Sale Results Experience Investor Day 36
Slide 37: Best Technology: Extending Our Advantage
Best Technology: Extending Our Advantage Simplification Intelligence Product & Ease & Insights Innovation Investor Day 37
Slide 38: Simplification & Ease
Technology Simplification & Ease Investor Day 38
Slide 39: Simplification & Ease: Marketplace Convergence
Simplification & Ease: Marketplace Convergence Platforms OPENLANE US Private Labels OPENLANE Canada NEW Products & Products API Services Commercial Portfolio Marketplace as Vehicle Intake Services Auction Services Management Post-Sale Services a Service Inventory Management User Management Simplifie
Slide 40: Off-Lease and Dealer Convergence
Off-Lease and Dealer Convergence Single access point to private label & open marketplace Simplified, cross-platform vehicle discovery Consistent inspection detail & pricing insights Unified analytics for off-lease & dealer inventory Investor Day 40
Slide 41: Intelligence & Insights
Technology Intelligence & Insights Investor Day 41
Slide 42: OPENLANE Data & AI Enables Future Price Prediction
OPENLANE Data & AI Enables Future Price Prediction Investor Day 42
Slide 43: Future Insights Inform Wholesale/Retail Decisions
Future Insights Inform Wholesale/Retail Decisions Only 30-60-90 predictive price feature in the market VIN and condition report specific, not average values Calculated real-time; no lag due to industry reporting Investor Day 43
Slide 44: AI-Driven Recommendations Inform, Streamline Buying
AI-Driven Recommendations Inform, Streamline Buying Investor Day 44
Slide 45: Product Innovation
Technology Product Innovation Investor Day 45
Slide 46: Focused Innovation Strategy
Focused Innovation Strategy Continuous improvement while leading the future of wholesale Horizon 1 Horizon 2 Horizon 3 Ongoing improvements Adjacent innovations that Explorative, longer-term to enhance speed, ease expand market opportunity initiatives and development; and functionality and/or genera
Slide 47: Absolute Sale
Horizon 1 Absolute Sale Auction Efficiency Represents majority of US dealer-to-dealer transactions ~$800 average sale price increase for sellers Increased conversion through buyer confidence Investor Day 47
Slide 48: AI Arbitration
Horizon 1 AI Arbitration Automated Claim Validation Mitigates core customer pain point Helps identify & prevent fraudulent claims 11% reduction in arbitration submissions YTD Investor Day 48
Slide 49: Market Guide 2.0
Horizon 2 Market Guide 2.0 Our Industry Leading Vehicle Value Guide, Upgraded Market specific historical vehicle values VIN, condition & market specific pricing insights Industry-first wholesale & retail future value prediction Investor Day 49
Slide 50: MyLot
Horizon 2 MyLot New Dealer Inventory Management Solution OPLN developed SaaS product Cost effective solution One view, all your inventory Streamlined appraisals Richer data insights Investor Day 50
Slide 51: OPENLANE Growth Flywheel
OPENLANE Unique Off-Lease & Dealer Inventory Data Products More Data and Insights More More Inventory Growth Buyers Best-in-Class Intelligent Inspections Buying User Experience Seller Buyer Analytics More Retention Sellers No Hassle Better Post-Sale Results Experience Investor Day 51
Slide 52: Q&A
Q&A James Coyle Mark Endras EVP & President, SVP & Chief Marketplace Technology Officer Investor Day 52
Slide 53: AFC Overview & Strategy
AFC Overview & Strategy Will Mitchell President, AFC Investor Day 53
Slide 54: Finance Segment: AFC
Finance Segment: AFC Highly Digital Model With Localized Approach 1.7M finance transactions ~50% Interest Revenue 15K unique independent dealers $2.4B average managed receivables ~50% >90% digital floorings & payoffs Fee-based Revenue Investor Day 54
Slide 55: AFC Business Process: 60-Day Lending Cycle
AFC Business Process: 60-Day Lending Cycle Underwriting Bank Syndicate Account ~75% Vehicle Purchase Management Floorplanned $2.4B 2025 Average Independent Dealer AFC Services Managed Receivables Loan Repayment Risk ~25% Management OPENLANE Ancillary Services Investor Day 55
Slide 56: North America Floorplan Addressable Market
North America Floorplan Addressable Market Cash & non-floorplan transactions ~15M 2025 Used Vehicles Retailed 20% Financed via 33% AFC Market Share by Independent Dealers Floorplan Investor Day Source: NADA (US); management estimates (Canada) 56
Slide 57: Industry Leading Loss Management
Industry Leading Loss Management Credit Loss Rate 3.0% 2.5% Peer Average* 2.1% 2.1% 2.1% 2.0% 1.7% AFC Target 1.6% Range AFC 1.5% 1.0% 0.4% 0.2% 0.5% 2019 2020 2021 2022 2023 2024 2025 *Peer net credit losses unadjusted for reserves Investor Day 57
Slide 58: A Leading Digital Marketplace
A Leading Digital Commercial Marketplace Sellers* 15K Independent Dealers Marketplace Independent Franchise Dealers Dealers Investor Day *Commercial Sellers include: OEM/captive finance companies, banks and other retail lending institutions, rental companies and fleet/lease companies. 58
Slide 59: AFC Helps Power the OPENLANE Marketplace
AFC Helps Power the OPENLANE Marketplace AFC Dealers Registered on OPENLANE Marketplace Dealer Recruitment 52% 36% Purchasing Power Vehicle Recommendations Beginning End of Year 2024 2025 Investor Day 59
Slide 60: Q&A
Q&A Will Mitchell President, AFC Investor Day 60
Slide 61: Break
Break Meeting will resume at 11:15 AM Investor Day 61
Slide 62: Financials
Financials Brad Herring EVP & Chief Financial Officer Investor Day 62
Slide 63: Finance
Finance Introduction to the Finance team Review updated financials/disclosures Deep dive into commercial economics Review capital allocation Model support Q&A Investor Day 63
Slide 64: Update to Face Financials
Update to Face Financials ● OPLN’s Income Statement, specifically the revenues lines, have been updated to align better with the state of our current business ● Marketplace revenue streams driven by transacted volume on our digital platform are now consolidated under Auction and Related Fees ● Marke
Slide 65: Introduction of a Volume/Yield Framework
Introduction of a Volume/Yield Framework Consistent with a number of exchange/marketplace firms, we are introducing a GMV1/yield2 model to describe the determination of Auction and Auction and Related Fees will be Related Fees presented as a function of: To assist in the model transformation, 2025 b
Slide 66: Auction and Related Fees - 2025 Baseline
Auction and Related Fees - 2025 Baseline Geography Customer Category GMV ($B) Yield (bps) Dealer 4.1 680-700 US Commercial 13.7 65-75 Dealer 4.5 410-430 Canada Commercial 4.7 270-290 Dealer 0.7 800-840 Europe Commercial 1.1 640-680 Dealer 9.3 560-600 Consolidated Commercial 19.5 150-170 Provided qua
Slide 67: Revised Quarterly Disclosure
Revised Quarterly Disclosure GMV and Auction Related Fees Yield Commercial Dealer GMV ($B) Yield GMV ($B) Yield Investor Day 67
Slide 68: Variable Contributions Across Categories - 2025 Baseline
Variable Contributions Across Categories - 2025 Baseline Measured Against Auction and Related Fees 40% 50% 60% 70% Dealer US Commercial Dealer Canada Commercial Dealer Europe Commercial Dealer Consolidated Commercial Variable contribution is a non-GAAP financial measure that represents the gross pro
Slide 69: SaaS and Other Revenue - 2025 Baseline
SaaS and Other Revenue - 2025 Baseline Revenue Category Description Revenues ($M) Gross Margin ● Software solutions for Repo management SaaS ● Auction streaming and simulcast $84.4 ~80% ● Data and analytical services ● Remarketing and title services for Repo customers Other ● Transport services for
Slide 70: US Commercial Off-Lease Waterfall - Recent
US Commercial Off-Lease Waterfall - Recent Total Lease Maturities of OPLN Customers Consumer Payoffs: External ~70% of returns are bought out by consumers Consumer Payoffs: OPLN * ~30% Grounding Dealer ~6% OPLN has the Non-Grounding Dealer opportunity to sell ~9% the remaining ~30% that enter Open S
Slide 71: US Commercial Off-Lease Waterfall - Anticipated
US Commercial Off-Lease Waterfall - Anticipated Total Lease Maturities of OPLN Customers Consumer Payoffs: External ~30% of returns are bought out by consumers Consumer Payoffs: OPLN * ~15% Grounding Dealer ~15% OPLN opportunity set increases to Non-Grounding Dealer ~70% agnostic to ~20% increases i
Slide 72: Mix Shift Will Improve US Commercial Yields
Mix Shift Will Improve US Commercial Yields Relative Yields Across Waterfall Steps Distribution of OPLN Monetized Transactions Recent Anticipated Consumer Payoffs Grounding Dealer Non-Grounding Dealer Open Sale Mix normalization results in an increase in blended yields of ~60% Investor Day * Yield r
Slide 73: Opportunities in US Commercial Off-Lease
Opportunities in US Commercial Off-Lease 1 Higher volumes from 2 Lower payoffs put 3 Higher blended yields more off-lease more units in the from mix improvement maturities waterfall Lease Maturity (Units) Consumer Payoffs (%) Blended Yield (%) 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2019 2
Slide 74: 2026 Guidance
2026 Guidance Consolidated Adjusted EBITDA of $350 - $370M 2025 Adj EBITDA 2026 Expectation + Continued US dealer growth Marketplace + US lease return recovery $157M +10% to 20% +/- Challenging macro in Canada + Modest portfolio growth Finance - Normalization of risk environment $176M (2%) to +2% -
Slide 75: Capital Allocation Priorities
Capital Allocation Priorities 2026 2027 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1 Funding Organic Growth 2 Share Repurchases 3 Debt Repayment Forward-looking illustrative timing only; subject to change based on market and business conditions. Investor Day “Debt Repayment” reflects potential material discretionary p
Slide 76: Additional Modeling Support
Additional Modeling Support Stock Based Comp Year End Fully Annual Dilution Rate ($M) Diluted Shares(1) (M) ~$21 144.0 0.84% 0.85% ~0.68% ~$15 ~$15 125.0 125.8 (2) 2024 2025 2026E 2024 2025 2026E 2024 2025 2026E (1) Assumes conversion of outstanding Series A preferred shares (2) Excludes the impact
Slide 77: Q&A
Q&A Brad Herring EVP & Chief Financial Officer Investor Day 77
Slide 78: Q&A
Peter Kelly Brad Herring James Coyle Will Mitchell CEO, OPENLANE EVP & Chief Financial Officer EVP & President, Marketplace President, AFC Justin Zane Anita Chen Mark Endras Q&A SVP, US Marketplace & Services SVP, Canada Marketplace SVP & Chief Technology Officer Investor Day 78
Slide 79: Closing Remarks
Closing Remarks Peter Kelly Chief Executive Officer Investor Day 79
Slide 80: A Leading Digital Marketplace
A Leading Digital Commercial Marketplace Sellers* Private Label 15K Independent Dealers 15K Franchise Dealers Marketplace Independent Franchise Dealers Dealers Investor Day *Commercial Sellers include: OEM/captive finance companies, banks and other retail lending institutions, rental companies and f
Slide 81: OPENLANE Investment Highlights
OPENLANE Investment Highlights Digital Large Technology Secular & Strong Cash Marketplace Leader TAM Leadership Cyclical Drivers Flow Investor Day 81
Slide 82: Appendix
Appendix Investor Day 82
Slide 83: 2025 Adjusted EBITDA Reconciliation
2025 Adjusted EBITDA Reconciliation ($ in millions), (Unaudited) Year Ended December 31, 2025 Marketplace Finance Consolidated Income from continuing operations $60.2 $117.5 $177.7 Add back: Income taxes (16.8) 31.3 14.5 Finance interest expense - 109.9 109.9 Interest expense, net of interest income
Slide 84: 2026 Adjusted EBITDA Guidance Reconciliation
2026 Adjusted EBITDA Guidance Reconciliation ($ in millions), (Unaudited) 2026 Guidance Low High Net income $130 $147 Add back: Income taxes 51 55 Finance interest expense 101 100 Interest expense, net of interest income 35 35 Depreciation and amortization 93 93 EBITDA $410 $430 Total addbacks (dedu