Used-car auction platform Openlane slips after starting secondary offering

OPENLANE

11/08/2026 22:14

** Digital used-car marketplace Openlane OPLN.N shares down 4.1% at $35.01 in extended trading after secondary offering news
** Carmel, Indiana-based OPLN says Ignition Acquisition Holdings, fund advised by Apax Partners, to sell 8 mln shares
** These shares represent a portion of OPLN's previously issued convertible preferred stock held by Ignition that converted into common stock in May
** In addition, OPLN intends to concurrently purchase up to $25 mln of offering shares from underwriter BofA
** Co has ~122.8 mln shares outstanding
** OPLN stock finished down 2.1% at $36.50 on Tues, trimming YTD gain to ~23%
** 7 of 9 analysts rate the stock "strong buy" or "buy", 2 "hold"; median PT $45, per LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))