Openlane - M&A Summary and Business Overview

Business ServicesCompany

Openlane M&A Summary

Openlane has acquired 18 companies, including 4 in the last 5 years. A total of 2 acquisitions came from private equity firms. It has also divested 2 assets.

Openlane’s largest acquisition to date was in 2021, when it acquired CarWave for $450M. It’s largest disclosed sale occurred in 2022, when it sold ADESA to Carvana for $2.2B. Openlane has acquired in 10 different US states, and 4 countries. The Company’s most targeted sectors include internet software and services (36%) and software (24%).

Openlane Business Overview

Where is Openlane headquartered?

Openlane is headquartered in Carmel, Indiana.

What is Openlane’s revenue?

Openlane disclosed revenue of 1,645M USD for 2023 and 1,519M USD for 2022.

How many employees does Openlane have?

Openlane has 3,960 employees.

What sector is Openlane in?

Openlane is a business services company.

When was Openlane founded?

Openlane was founded in 2006.

M&A Summary

  • M&A Total Activity19
    • M&A Buy Activity17
    • M&A Sell Activity2
  • Total Sectors Invested 6
  • Total Countries Invested 4
  • M&A Buy/Sell Connections 7
  • M&A Advisors 4

Openlane

Openlane, Inc.

11299 N Illinois St.,
Carmel, Indiana 46032
United States,
(800) 923-3725
corporate.openlane.com

Openlane provides sellers and buyers across the global wholesale used-vehicle industry with innovative, technology-driven remarketing solutions. Openlane’s unique end-to-end platform supports whole car, financing, logistics, and other ancillary and related services. Its integrated physical, online and mobile marketplaces reduce risk, improve transparency, and streamline transactions for customers in more than 80 countries. Openlane was formed in 2006 and is headquartered in Carmel, Indiana.


M&A Summary

Buy vs Sell

Year ≤ '19 '20 '21 '22 '23 '24 T
Buy (0.8/yr) # 13 1 2 - 1 - 17
vol $146M $425M $450M $95M $1.1B
Sell (0.2/yr) # 1 - - 1 - - 2
vol $2.2B $2.2B
  19

Most Recent M&A

Company Date Value Type
Manheim Canada 2023-12-04 95M USD Divestiture
Milton, Ontario · www.manheim.ca
ADESA, Inc. 2022-02-24 2.2B USD Divestiture
Carmel, Indiana · www.adesa.com
CarWave LLC 2021-08-23 450M USD Add-on Acquisition
Escondido, California · www.carwave.com
Auction Frontier LLC 2021-05-04 - Add-on Acquisition
Roseville, California · www.auctionfrontier.com
BacklotCars, Inc. 2020-09-08 425M USD Add-on Acquisition
Kansas City, Kansas · www.backlotcars.com
Insurance Auto Auctions, Inc. 2019-06-28 - Spin Off
Westchester, Illinois · www.iaai.com
Ecadis NV 2018-11-28 103M EUR Add-on Acquisition
Tienen, Belgium · www.carsontheweb.com
Clearplan, Inc. 2018-11-13 - Add-on Acquisition
Sparks, Nevada · www.clearplan.io
STRATIM 2018-02-07 - Add-on Acquisition
San Francisco, California · www.stratim.com
CarCo Technologies, Inc. (dba Drivin) 2017-04-19 43M USD Add-on Acquisition
Chicago, Illinois · www.drivindealer.com
View All >>

Business Unit M&A

Company Acquired Add-On/Sale Date #
CarsArrive Network, Inc.    - Dependable Auto Shippers, Inc. 2017-05-17 1
Mesa, Arizona · www.carsarrive.com Mesquite, Texas · www.dasautoshippers.com

M&A by Sector

Sector Buy # Value Sell # Value
Internet Software and Services 6 (35%) 978M (88%) - -
Software 4 (24%) - - -
Business Services 3 (18%) - 1 (50%) 2.2B (100%)
Automotive 2 (12%) 95M (9%) 1 (50%) -
Consumer Services 1 (6%) - - -
Information Technology 1 (6%) 43M (4%) - -
Total 17 $1.1B 2 $2.2B

By Geo

State/Country Buy Value Sell Value
United States 12 918M 2 2.2B
  California 3 450M - -
  Indiana 1 - 1 2.2B
  Illinois 1 43M 1 -
  Texas 1 - - -
  Pennsylvania 1 - - -
  North Carolina 1 - - -
  Nevada 1 - - -
  Michigan 1 - - -
  Kansas 1 425M - -
Canada 3 95M - -
  Ontario 2 95M - -
  Saskatchewan 1 - - -
Belgium 1 103M - -
United Kingdom 1 - - -
Domestic 12 (71%) 918M (82%) 2 (100%) 2.2B (100%)
Cross-border 5 (29%) 198M (18%) - -
Total 17 $1.1B 2 $2.2B

Top M&A Advisors

Financial Deals
Barclays Investment Bank
1
Guggenheim Securities
1
Legal Deals
Winston & Strawn
2
Skadden, Arps, Slate, Meagher & Flom
1

Deal Values

buy # Total
$100M to $1B 3 $978M
< $100M 2 $138M
TOTAL $1.1B
Largest CarWave LLC
$450M (2021-08-23)
sell # Total
> $1B 1 $2.2B
TOTAL $2.2B
Largest ADESA, Inc.
$2.2B (2022-02-24)

M&A Connections

Deals
Acquired from
Investor(s)
6%
1 (6%)
Strategic(s)
24%
4 (24%)
Divested to
Strategic(s)
50%
1 (50%)

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