Global digital remarketing firm KAR Auction Services, Inc. is changing its corporate name to Openlane effective May 16.
The rebranding reflects “the company’s transformation to a more asset-light, digital marketplace company and signals a new simplified, customer-first approach to used vehicle remarketing,” according to a company statement.
Openlane will serve as both the parent company brand and the market brand for the company’s digital marketplaces in the U.S., Canada and Europe. The first Openlane-branded marketplace will be launched in Canada, combining the existing ADESA and TradeRev platforms beginning in June 2023.
In Europe, the company has consolidated ADESA Europe, ADESA UK and GWListe dealer-to-dealer technology into a single marketplace expected to also adopt the Openlane brand.
The change includes a new logo and corporate website containing investor information, details of Openlane product and services, and an employer brand page with more than 150 current job openings.
“Our vision is to build the world’s greatest digital marketplace for used vehicles, and we are advancing that vision by bringing together all of our sellers, buyers and vehicles under Openlane,” said Peter Kelly, CEO.
With “flexible sale formats and thousands of cars offered each day … customers will be able to list, bid and buy anytime, anywhere,” Kelly added.
With customers in more than 50 countries, the company facilitated in 2022 the sale of approximately 1.3 million vehicles across a network of more than 50,000 franchise and independent dealers, OEMs, financial institutions, rental and recovery companies and fleet operators.