KAR Global is changing its name, having rebranded to OPENLANE in a move meant to reflect the company’s shift to a more asset-light, digital marketplace.
“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 CEO Peter Kelly in a statement.
The rebranding also points to a “new simplified, customer-first approach” to used vehicle remarketing, and will serve as both the parent company brand and the go-to-market brand for its digital marketplaces in Canada, the United States, and Europe. The first marketplace under the new name will launch in Canada; the company plans to combine the ADESA and TradeRev platforms starting in June.
“Over the past decade, we’ve built and acquired some of the leading digital platforms in our industry. Combining the best features and functionality from this technology and unifying our supporting operations will help us create the fastest, easiest and most active digital marketplace available,” said Kelly in a statement.
He added that “with flexible sale formats and thousands of cars offered each day — including exclusive, first access to a significant majority of North America’s off-lease inventory — customers will be able to list, bid and buy anytime, anywhere.”
The new name will take effect on May 15, 2023.
