OPENLANE, Inc. hosted a virtual Investor Update on November 19, 2024, where CEO Peter Kelly outlined the company's strategy and investment highlights. The presentation emphasized OPENLANE's position as a digital marketplace leader for wholesale used vehicles, highlighting a large total addressable market with significant growth opportunities.
The company's strategy focuses on accelerating innovation and its product pipeline, leveraging its cash flow positive status to invest and deliver shareholder value. Management underscored the secular and cyclical fundamental support driving both near-term and long-term growth for the business.
Will Mitchell, President of AFC, provided an overview of the Automotive Finance Corporation segment, detailing its floorplan business. In 2023, AFC facilitated 1.6 million loan transaction units, served 14,000 unique independent dealers, and operated across 1,400 approved locations and 90-plus service areas, demonstrating its scale and market presence.
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