OPENLANE, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
August 02, 2023 at 04:16 pm EDT
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OPENLANE, Inc. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported sales was USD 97.5 million compared to USD 91.9 million a year ago. Revenue was USD 416.9 million compared to USD 384.2 million a year ago. Net loss was USD 193.8 million compared to net income of USD 210.2 million a year ago. Basic loss per share from continuing operations was USD 1.87 compared to USD 0.1 a year ago. Diluted loss per share from continuing operations was USD 1.87 compared to USD 0.1 a year ago. Basic loss per share was USD 1.87 compared to basic earnings per share of USD 1.28 a year ago. Diluted loss per share was USD 1.87 compared to diluted earnings per share of USD 1.28 a year ago.
For the six months, sales was USD 197.1 million compared to USD 176.1 million a year ago. Revenue was USD 837.5 million compared to USD 753.6 million a year ago. Net loss was USD 181.1 million compared to net income of USD 209.9 million a year ago. Basic loss per share from continuing operations was USD 1.86 compared to USD 0.23 a year ago. Diluted loss per share from continuing operations was USD 1.86 compared to USD 0.23 a year ago. Basic loss per share was USD 1.86 compared to basic earnings per share of USD 1.21 a year ago. Diluted loss per share was USD 1.86 compared to diluted earnings per share of USD 1.21 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. 
