OPENLANE, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 01, 2023 at 04:16 pm EDT
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OPENLANE, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported sales was USD 99.7 million compared to USD 99.1 million a year ago. Revenue was USD 416.3 million compared to USD 393 million a year ago. Net income was USD 12.7 million compared to net loss of USD 5.8 million a year ago. Basic earnings per share from continuing operations was USD 0.01 compared to basic loss per share from continuing operations of USD 0.09 a year ago. Diluted earnings per share from continuing operations was USD 0.01 compared to diluted loss per share from continuing operations of USD 0.09 a year ago. Basic earnings per share was USD 0.01 compared to basic loss per share of USD 0.15 a year ago. Diluted earnings per share was USD 0.01 compared to diluted loss per share of USD 0.15 a year ago.
For the nine months, sales was USD 296.8 million compared to USD 275.2 million a year ago. Revenue was USD 1,253.8 million compared to USD 1,146.6 million a year ago. Net loss was USD 168.4 million compared to net income of USD 204.1 million a year ago. Basic loss per share from continuing operations was USD 1.84 compared to USD 0.3 a year ago. Diluted loss per share from continuing operations was USD 1.84 compared to USD 0.3 a year ago. Basic loss per share was USD 1.84 compared to basic earnings per share of USD 1.11 a year ago. Diluted loss per share was USD 1.84 compared to diluted earnings per share of USD 1.11 a year ago.
OPENLANE, Inc. provides sellers and buyers across the global wholesale used vehicle industry with technology-driven remarketing solutions. It offers a digital marketplace for used vehicles, connecting sellers and buyers across North America and Europe. The Company's end-to-end platform supports whole car, financing, logistics and other ancillary and related services. The Companyâs segments include Marketplace and Finance. The Marketplace segment serves a domestic and international customer base through digital marketplaces for wholesale vehicles that allow the buyers to inspect and compare vehicles. Its marketplace offerings allow it to offer vehicles for sale from any location. Digital marketplace sales are initiated online and include OPENLANE US, OPENLANE Canada and OPENLANE Europe sales. The Finance segment provides short-term, inventory-secured financing, known as floorplan financing, primarily to independent dealer customers throughout the United States and Canada.
OPENLANE, INC. 
