M&A Deal Summary

Openlane Acquires BacklotCars

On September 8, 2020, Openlane acquired internet software and services company BacklotCars for 425M USD

Acquisition Highlights
  • This is Openlane’s 4th transaction in the Internet Software and Services sector.
  • This is Openlane’s 2nd largest (disclosed) transaction.
  • This is Openlane’s 10th transaction in the United States.
  • This is Openlane’s 1st transaction in Kansas.

M&A Deal Summary
Date 2020-09-08
Target BacklotCars
Sector Internet Software and Services
Buyer(s) Openlane
Deal Type Add-on Acquisition
Deal Value 425M USD
Advisor(s) Evercore Group (Financial)
Stinson (Legal)

Target

BacklotCars

Kansas City, Kansas, United States
BacklotCars is an online marketplace that helps auto dealers, auto finance, and rental car companies to transact without having to go to physical auctions. The company’s end to end solution is truly seamless for dealers as BacklotCars provides vehicle inspections, transportation, and inventory finance services. BacklotCars was formed in 2014 and is based in Kansas City, Kansas.

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Buyer(S) 1

Buyer

Openlane

Carmel, Indiana, United States
Category Company
Founded 2006
Sector Business Services
Employees3,960
Revenue 1.6B USD (2023)
DESCRIPTION

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.

DEAL STATS #
Overall 14 of 17
Sector (Internet Software and Services) 4 of 6
Type (Add-on Acquisition) 11 of 13
State (Kansas) 1 of 1
Country (United States) 10 of 12
Year (2020) 1 of 1
Size (of disclosed) 2 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-28 IAA

Westchester, Illinois, United States

IAA is a provider of automotive salvage auction and claims processing services. The company's platform facilitates the marketing and sale of total loss, damaged, and low-value vehicles for a range of sellers. IAA was founded in 1982 and is based in Westchester, Illinois.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-05-04 Velocicast

Roseville, California, United States

Velocicast is a provider of cloud-based auction simulcast solutions. Velocicast was founded in 2015 and is based in Roseville, California.

Buy -
Mergr

Product

Company

Legal