Start here if you're new
what it is
OPENLANE runs online used-car auctions and dealer financing, so car dealers can buy, sell, and fund inventory.
how it gets paid
Last year Openlane made $1.9B in revenue.
why it's growing
Revenue grew 291.4% last year. Revenue rose 9% vs. prior year, and latest-quarter EPS was up 136% vs. prior year from $0.25 versus roughly $0.11.
what just happened
Quarterly revenue reached $494 million, but EPS of $0.25 missed the $0.26 estimate by a penny.
At a glance
B balance sheet — gets the job done, barely
15/100 earnings predictability — expect surprises
23.8x trailing p/e — priced about right
9.0% return on capital — nothing to write home about
xvary composite: 51/100 — below average
What they do
OPENLANE runs online used-car auctions and dealer financing, so car dealers can buy, sell, and fund inventory.
This business wins because dealers care about speed, selection, and fees. OPENLANE says it handled about $29 billion of gross merchandise volume in 2025, and that scale pulls in more buyers and sellers. Network effect → more participants make the market better → so what: your dealer customers have a reason to stay where the inventory already is.
How they make money
$1.9B
annual revenue · their business grew +291.4% last year
total revenue
$1.9B
+291.4%
The products that matter
digital used vehicle auctions
Digital Remarketing
$1.9B · 100% of revenue
it's the entire $1.9B business. last year's 34.3% growth tells you demand and volumes can move quickly when marketplace activity picks up.
100% of revenue
Key numbers
$29B
gross merchandise volume
That is the value of vehicles moved through the platform in 2025. The bigger that river gets, the easier it is to skim fees off every transaction.
23.8x
trailing p/e
P/E → price-to-earnings → so what: you are paying nearly 24 years of trailing profit for a company with average risk and 10.2% operating margin.
10.2%
operating margin
Operating margin → profit after running the business → so what: OPENLANE is profitable, but it does not have huge room for a bad quarter.
$1.40
2026 EPS est.
EPS estimate → expected profit per share → so what: if it hits, today's $29.7 stock trades near 21x that estimate.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 40 / 100
- net profit margin 7.4% — keeps 7 cents of every dollar in revenue
- return on equity 8% — $0.08 profit for every $1 investors have put in
B — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in OPLN 3 years ago → it's now worth $22,200.
The index would have given you $14,770.
source: institutional data · total return
What just happened
missed estimates
Quarterly revenue reached $494 million, but EPS of $0.25 missed the $0.26 estimate by a penny.
Revenue rose 9% vs. prior year, and latest-quarter EPS was up 136% vs. prior year from $0.25 versus roughly $0.11. The quiet part: the business is growing again, but the market wants cleaner beats after the stock's run.
$494M
revenue
$0.25
eps
+9.0%
revenue growth
the number that mattered
The number that mattered was $29 billion of 2025 GMV, up 6%, because fee revenue scales with dealer transaction volume more than headlines do.
-
openlane has changed its ticker symbol to opln.
-
the company stopped trading under its former symbol, kar, on december 26, 2025, to better align with its corporate identity.
-
the company posted solid third-quarter results.
-
revenue increased 8% vs. prior year, to $498.4 million, driven primarily by a 10% gain in the marketplace segment.
-
this improvement reflected a 14% increase in dealer consignment vehicles sold, alongside a 20% rise in auction fees and vehicle sales.
source: company earnings report, 2026
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What could go wrong
the #1 risk is used-vehicle auction volume softness.
med
volume-driven revenue can reverse quickly
openlane is tied to dealer activity, consignments, and auction throughput. if used-car demand weakens, the pressure shows up fast in fees and transaction revenue.
this directly threatens the $1.9B revenue base the story depends on.
med
recent marketplace strength may normalize
third-quarter growth leaned on a 10% marketplace gain, 14% more dealer consignment vehicles sold, and a 20% rise in auction fees and vehicle sales. that is strong. it also sets a tougher comparison.
if those drivers cool, the business can still grow — just not at a rate that justifies excitement around 34.3% full-year growth.
med
the stock already discounts some of the good news
OPLN trades at $29.70 versus a $27 analyst midpoint target, while earnings predictability sits at 15/100. that is not a perfect setup for multiple expansion.
even if operations hold up, a move back toward the $27 midpoint would mean downside from current levels.
a slowdown in vehicle volume or auction fees would hit the same $1.9B revenue base behind the bull case, and the stock already sits 9% above the $27 midpoint target.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
the path from $1.9B to $2B
the 2026 revenue estimate is $2B. if openlane cannot clear that mark, last year's 34.3% growth starts to look more like a spike than a trend.
trend
growth cooled in the recent quarter
third-quarter revenue rose 8% vs. prior year to $498.4M. that is still growth, but it is a much slower pace than the full-year headline suggests.
valuation
the stock is already above the midpoint target
shares trade at $29.70 versus a $27 midpoint target. that gap is small, but it means execution has to keep carrying the story.
earnings
whether $0.26 quarterly EPS can build
Q4 EPS was $0.26 and full-year EPS was $1.25. you want to see those numbers climb if the multiple is going to hold.
Analyst rankings
short-term outlook
average
momentum score 3 — in human-speak, analysts do not see a strong short-term edge either way.
risk profile
average
stability score 3 — this sits near the middle of the pack, not especially safe and not especially fragile.
chart momentum
below average
technical score 4 — the tape is not confirming a clean breakout from here.
earnings predictability
15 / 100
earnings predictability at 15/100 means estimates are less reliable here than most investors would like.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 141 buyers vs. 133 sellers in 3q2025. total institutional holdings: 0.1B shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$16
$38
$30
current price
$27
target midpoint · 9% from current · 3-5yr high: $65 (+120% · 21% ann'l return)
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