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OPENLANE (KAR) investor relations material

OPENLANE Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary6 Aug, 2025

Executive summary

  • Q2 2025 revenue grew 9% year-over-year to $482M, with adjusted EBITDA up 21% to $87M, driven by strategic investments and strong marketplace performance.

  • Dealer-to-dealer volumes rose 21%, marking the third consecutive quarter of double-digit growth, and auction fee revenue increased 24%.

  • Income from continuing operations increased 212% to $33.4M, and operating profit more than doubled to $47.4M.

  • Finance segment managed receivables grew, loan loss rate held at 1.5%, and adjusted EBITDA increased.

  • Full-year 2025 guidance for adjusted EBITDA and operating adjusted EPS was raised, reflecting confidence in continued execution and market opportunity.

Financial highlights

  • Q2 2025 consolidated revenue was $482M, up 9% year-over-year, with adjusted EBITDA at $87M and margin expansion to 18%.

  • Operating profit for Q2 2025 was $47.4M, up from $23.9M year-over-year.

  • Adjusted free cash flow for Q2 2025 was $87M, with a 100% conversion rate; trailing twelve-month conversion rate improved to 91%.

  • Marketplace segment adjusted EBITDA grew 36% to $45M, with margin expansion of 220 basis points.

  • Finance segment net margin stable at 13.6%, with provision for credit losses down to 1.5%.

Outlook and guidance

  • Full-year 2025 adjusted EBITDA guidance raised to $310M–$320M; operating adjusted EPS guidance increased to $1.12–$1.17.

  • CapEx guidance unchanged at $50M–$55M.

  • Expect commercial vehicle volumes to increase from Q2 2026 onward, driven by off-lease maturities and lower consumer buyout rates.

  • Guidance excludes potential impacts from future business development, litigation, tax, FX, and regulatory changes.

  • Anticipate continued investments in expanding buyer and seller networks, with some deceleration in EBITDA growth in the second half due to seasonality and ongoing investments.

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Frequently asked questions

OPENLANE Inc, formerly KAR Auction Services, operates digital marketplaces for used vehicle remarketing. The company facilitates wholesale automotive auctions and provides related logistics, reconditioning, and title services for dealers, fleet operators, and financial institutions. The company is headquartered in Carmel, Indiana, and its shares are listed on the NYSE.

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