OPENLANE Announces Retirement of Mike Eliason, Treasurer and Vice President of Investor Relations

Nationwide Search to Identify Successor; EVP and CFO Brad Lakhia to Assume Treasurer Role

CARMEL, Ind., Feb. 27, 2024 /PRNewswire/ -- OPENLANE, Inc. (NYSE:KAR), a leading operator of digital marketplaces for wholesale used vehicles, announced that Mike Eliason, Treasurer and Vice President of Investor Relations, is retiring after more than 25 years at the company, effective June 1, 2024. Eliason will continue to serve in his position until a successor is named to ensure a seamless transition.

OPENLANE will conduct a thorough national search process for Eliason's successor. Upon Eliason's retirement, Brad Lakhia, EVP and Chief Financial Officer, will assume the role of Treasurer.

"Mike has been a valued member of the OPENLANE team for 25 years and has led our investor relations program for the last seven years, playing a key role in communicating about our company's growth and transformation to our customers, business partners and stockholders," said Brad Lakhia, EVP and Chief Financial Officer at OPENLANE. "I want to thank Mike for his leadership and congratulate him on his well-deserved retirement."

Continued Lakhia, "After successfully executing on a number of transformative initiatives in 2023, including delivering meaningful improvement in our Marketplace segment results, this is an ideal time to evaluate a diverse array of investor relations leaders who can help OPENLANE deliver on its purpose to make wholesale easy for our customers."

About OPENLANE

OPENLANE, Inc. (NYSE:KAR) provides sellers and buyers across the global wholesale used vehicle industry with innovative, technology-driven remarketing solutions. OPENLANE's unique end-to-end platform supports whole car, financing, logistics and other ancillary and related services. Our integrated marketplaces reduce risk, improve transparency and streamline transactions for customers around the globe. Headquartered in Carmel, Indiana, OPENLANE has employees across the United States, Canada, Europe, Uruguay and the Philippines. For more information and the latest OPENLANE news, visit corporate.openlane.com.

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SOURCE OPENLANE