M&A Deal Summary

Openlane Acquires Manheim

On December 4, 2023, Openlane acquired automotive company Manheim from Cox Automotive for 95M USD

Acquisition Highlights
  • This is Openlane’s 1st transaction in the Automotive sector.
  • This is Openlane’s largest (disclosed) transaction.
  • This is Openlane’s 1st transaction in Canada.
  • This is Openlane’s 1st transaction in Ontario.

M&A Deal Summary
Date 2023-12-04
Target Manheim
Sector Automotive
Buyer(s) Openlane
Sellers(s) Cox Automotive
Deal Type Divestiture
Deal Value 95M USD

Target

Manheim

Milton, Ontario, Canada
website
Manheim is a provider of vehicle remarketing services. Manheim was founded in 1945 and is based in Milton, Ontario.

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Buyer(S) 1

Buyer

Openlane

Carmel, Indiana, United States

website

Category Company
Sector Internet Software and Services
Employees3,960
Revenue 1.5B USD (2022)
DESCRIPTION

Openlane provides sellers and buyers across the global wholesale used vehicle industry with innovative, technology-driven remarketing solutions. Openlane is based in Carmel, Indiana.

DEAL STATS #
Overall 1 of 1
Sector (Automotive) 1 of 1
Type (Divestiture) 1 of 1
State (Ontario) 1 of 1
Country (Canada) 1 of 1
Year (2023) 1 of 1
Size (of disclosed) 1 of 1

Seller(S) 1

SELLER

Cox Automotive

Atlanta, Georgia, United States

website

Category Company
Founded 1997
Sector Marketing
Employees3,300
DESCRIPTION
Cox Automotive's corporate headquarters in Atlanta, Georgia.
Cox Automotive's corporate headquarters in Atlanta, Georgia.

Cox Automotive is a provider of vehicle remarketing services and digital marketing and software solutions for consumers, dealers, manufacturers and the overall automotive industry.

DEAL STATS #
Overall 2 of 3
Sector (Automotive) 1 of 1
Type (Divestiture) 1 of 2
State (Ontario) 1 of 1
Country (Canada) 1 of 1
Year (2023) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-02-28 FleetNet America

Cherryville, North Carolina, United States

FleetNet America provides private and for-hire commercial fleets with comprehensive fleet repair and maintenance services. FleetNet America is based in Cherryville, North Carolina.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-01-16 Cox Automotive - Express Recoveries Business

Atlanta, Georgia, United States

Cox Automotive's Express Recoveries Business connects lenders with providers and dealers to process product cancellation refunds, minimizing compliance risk and building consumer and dealer relationships. The solution facilitates a streamlined process flow, including initiating cancellations, determining refunds, obtaining recoveries on behalf of consumers and lenders, and helping to ensure adherence with mandates, which can vary by state.

Sell -
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