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 2nd transaction in the Automotive sector.
  • This is Openlane’s 4th largest (disclosed) transaction.
  • This is Openlane’s 3rd transaction in Canada.
  • This is Openlane’s 2nd 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
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
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 17 of 17
Sector (Automotive) 2 of 2
Type (Divestiture) 4 of 4
State (Ontario) 2 of 2
Country (Canada) 3 of 3
Year (2023) 1 of 1
Size (of disclosed) 4 of 5
PREVIOUS 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

Seller(S) 1

SELLER

Cox Automotive

Atlanta, Georgia, United States
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 -
Mergr

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