OPENLANE Names Itunu Orelaru Head of Investor Relations

Promotion Fortifies Leadership Bench with Broad Financial Experience

CARMEL, Ind., July 17, 2024 /PRNewswire/ -- OPENLANE, Inc. (NYSE:KAR), a leading operator of digital marketplaces for wholesale used vehicles, announces the promotion of Itunu Orelaru to Head of Investor Relations. Orelaru will report to Brad Lakhia, EVP and Chief Financial Officer, and be responsible for communicating OPENLANE's vision, transformation and growth to stockholders and the financial community.

"With her diverse expertise and experience, Itunu has quickly become a trusted business partner and key member of the OPENLANE team," said Lakhia. "Itunu will be a key leader as OPENLANE advances our investor relations outreach, deepening existing relationships while expanding our investor profile."

Orelaru joined OPENLANE earlier this year, leading the company's financial planning and analysis and treasury functions. Prior to OPENLANE, Orelaru most recently was an investment banking associate with Goldman Sachs' technology, media and telecommunications group where she led and participated in various mergers, acquisitions, equity offerings and initial public offerings. Before joining Goldman Sachs, Orelaru was a senior consultant for Deloitte's risk and financial advisory practice where she served clients in various mergers, acquisitions, financial carve outs and financial process improvement projects.

"It's an exciting time for OPENLANE, and I'm delighted to put my experience and relationships to work sharing our transformation and growth story with the financial community," said Orelaru. "As the premier digital marketplace for wholesale used vehicles, OPENLANE is well-positioned for the future with a robust innovation pipeline and powerful combination of strategy, products and offerings. We have a compelling story and value proposition to share, and I look forward to building on our investor relations program to more effectively support the needs of the company, analysts and stockholders alike."

Orelaru holds an MBA from The Wharton School, University of Pennsylvania, a Masters in Accounting from Bowling Green State University and a Bachelors in Accounting from Muskingum University.

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, Inc.