OPENLANE, Inc. (NYSE:KAR) Q2 2023 Earnings Conference Call August 3, 2023 8:30 AM ET

Company Participants

Mike Eliason - Treasurer and VP, IR

Peter Kelly - CEO

Brad Lakhia - EVP and CFO

Conference Call Participants

Rajat Gupta - JPMorgan

John Murphy - Bank of America

Bob Labick - CJS Securities

Bret Jordan - Jefferies

Daniel Imbro - Stephens

Operator

Good morning, and welcome to the OPENLANE Second Quarter 2023 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] Please note, today's event is being recorded.

I would now like to turn the conference over to Michael Eliason, Treasurer and Vice President of Investor Relations. Please go ahead sir.

Mike Eliason

Thanks Rocco. Good morning and thank you for joining us today for the OPENLANE second quarter 2023 earnings conference call. Today, we'll discuss the financial performance of OPENLANE for the quarter ended June 30th, 2023. After concluding our commentary, we'll take questions from participants.

Before Peter kicks off our discussion, I would like to remind you that this conference call contains forward-looking statements within the meaning of the Safe Harbor provision of the Private Securities Litigation Reform Act of 1995.

Investors are cautioned that such forward-looking statements involve risks and uncertainties that may affect OPENLANE's business, prospects, and results of operations, and such risks are fully detailed in our SEC filings. In providing forward-looking statements, the company expressly disclaims any obligation to update these statements.

Let me also mention that throughout this conference call, we will be referencing both GAAP and non-GAAP financial measures. The reconciliations of the non-GAAP financial measures to the applicable GAAP financial measure can be found in the press release that we issued last night, which is also available in the Investor Relations section of our website.

Now, I'd like to turn this call over to OPENLANE CEO, Peter Kelly. Peter?

Peter Kelly

Thank you, Mike and good morning, everybody. I'm delighted to be here this morning to provide you with an update on OPENLANE. Joining me on today's call is our Chief Financial Officer, Brad Lakhia. I'm going to begin with OPENLANE second quarter performance. And as usual, I will speak about our business in two segments; our marketplace segment and finance segment.

I'm very pleased with our solid performance in the second quarter, particularly given an industry environment where volumes remain tight. Compared to the second quarter of 2022, we increased volumes in our marketplace and finance segments, growing our consolidated revenue and total gross profit.