Wholesale auctions provider KAR Global said Tuesday it will rebrand as Openlane, a move it described as a reflection of its ongoing shift to becoming a more digital-focused marketplace company.
KAR Global, which acquired the online auction platform Openlane in 2011, will anchor the next era of the company on that name, CEO Peter Kelly said in a news release. Kelly was Openlane's CEO at the time of its acquisition.
The corporate name will change to Openlane Inc. on May 15. The rebranded company will keep trading under the ticker symbol "KAR" on the New York Stock Exchange, the news release said.
In the last decade, the company has executed a wider shift to offering digital marketplaces for wholesale vehicle buying and selling. It chose to take that a step further in May 2022 when it completed its divestiture of the large physical auction network ADESA U.S. to Carvana Co.
"Over the past decade, we've built and acquired some of the leading digital platforms in our industry," Kelly said in a statement. "Combining the best features and functionality from this technology and unifying our supporting operations will help us create the fastest, easiest and most active digital marketplace available."