OPENLANE Raises Outlook as Marketplace Volume Accelerates
The company lifted its 2026 adjusted EBITDA forecast to $385 million to $400 million.
OPENLANE Inc. (OPLN), the digital automotive marketplace operator, reported a 41% increase in second-quarter marketplace gross merchandise value as growing off-lease supply lifted commercial-vehicle volumes.
Marketplace GMV reached $10.5 billion, up from $9.1 billion in the first quarter and $7.1 billion in the fourth quarter. Year-over-year growth accelerated from 32% in the first quarter, extending a sharp pickup from 8% in the fourth quarter.
Revenue rose 15% to $554.6 million, matching the first quarter’s growth rate and accelerating from 9% in the fourth quarter. Net income increased 33% to $44.3 million, while diluted earnings more than doubled to $0.32 a share from $0.15 a share.
Adjusted EBITDA climbed 19% to $103.2 million, compared with 17% growth in the first quarter. Operating profit rose 42% to $67.5 million, expanding the operating margin to about 12.2% from 9.8% a year earlier.
Marketplace vehicle sales increased 27% to 481,000. Commercial-vehicle sales rose 39% to 276,000, accelerating from 25% growth in the first quarter as off-lease supply increased, while dealer-consignment sales grew 13% to 205,000.
Marketplace revenue rose 19% to $447.3 million, and the segment’s operating profit more than doubled to $28.9 million. Auction and related fees increased 21% to $259.0 million, though auction-fee yield declined to 2.5% from 2.9% as GMV and vehicle volumes grew faster than fee revenue.
OPENLANE now expects 2026 adjusted EBITDA of $385 million to $400 million, up from its May forecast of $365 million to $385 million and its initial range of $350 million to $370 million. Operating Adjusted EPS is projected at $1.40 to $1.50, compared with the prior outlook of $1.28 to $1.42.
Operating cash flow fell to $52.8 million from $71.6 million a year earlier, while adjusted free cash flow declined to $53.4 million from $86.5 million. The company increased first-half common-stock repurchases to $48.2 million from $9.4 million and bought back $5.6 million of preferred stock.