OPENLANE to Acquire Manheim Canada
Transaction to Advance Digital Strategy and Growth through Expanded Inventory, Data and Customer Base
OPENLANE, Inc. (NYSE: KAR), a leading operator of digital marketplaces for wholesale used vehicles, has signed a definitive agreement to acquire the Manheim Canada business ("Manheim Canada") from Cox Automotive, subject to certain customary closing conditions. The proposed acquisition advances OPENLANE's digital strategy by adding Manheim Canada inventory, buyers, sellers and corresponding data to the OPENLANE Canada digital marketplace launched earlier this year. Valued at $130 million CAD or approximately $95 million USD, the transaction includes the Manheim Montreal facility and auction sales, operations and select staff across Manheim Canada, which intends to exit Canada.
"OPENLANE's vision is to build the world's greatest digital marketplaces for used vehicles — and this acquisition helps advance our digital strategy," said Peter Kelly, CEO of OPENLANE. "Building on the momentum of our combined, single OPENLANE Canada digital marketplace launch in June, this transaction will help accelerate commercial and dealer growth, and deliver an improved customer experience. For buyers — more inventory means more choice and a simplified way to find the very best vehicles for their lots. For sellers — instantly accessing OPENLANE's broad buyer-base means achieving the best market results possible on every sale. And by deepening our data set, we can generate enhanced vehicle recommendations, pricing information and other insights to help customers make better informed wholesale decisions."