M&A Deal Summary

Openlane Acquires CarWave

On August 23, 2021, Openlane acquired internet software and services company CarWave for 450M USD

Acquisition Highlights
  • This is Openlane’s 6th transaction in the Internet Software and Services sector.
  • This is Openlane’s largest (disclosed) transaction.
  • This is Openlane’s 12th transaction in the United States.
  • This is Openlane’s 3rd transaction in California.

M&A Deal Summary
Date 2021-08-23
Target CarWave
Sector Internet Software and Services
Buyer(s) Openlane
Deal Type Add-on Acquisition
Deal Value 450M USD
Advisor(s) Latham & Watkins (Legal)

Target

CarWave

Escondido, California, United States
CarWave is an online automobile auction platform that simplifies the wholesaling of trade-in and frontline vehicles between franchise and independent auto dealers. CarWave was founded in 2009 and is based in Escondido, California.

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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 16 of 17
Sector (Internet Software and Services) 6 of 6
Type (Add-on Acquisition) 13 of 13
State (California) 3 of 3
Country (United States) 12 of 12
Year (2021) 2 of 2
Size (of disclosed) 1 of 5
PREVIOUS 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 -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-02-24 ADESA

Carmel, Indiana, United States

ADESA is a provider of whole car auctions and salvage vehicle auctions in North America. Through the largest network of automobile auction locations in North America, the Company facilitates the sale of used and salvage vehicles through physical, online, and hybrid auctions. ADESA is also a provider of short-term inventory-secured financing, known as floorplan financing, primarily to independent used vehicle dealers. ADESA is based in Carmel, Indiana.

Sell $2.2B
Mergr

Product

Company

Legal