OPENLANE, Inc. (NYSE:KAR) Q3 2023 Earnings Conference Call November 1, 2023 5:00 PM ET

Company Participants

Michael Eliason - Treasurer and VP, IR

Peter Kelly - CEO

Brad Lakhia - EVP and CFO

Conference Call Participants

Craig Kennison - Baird

Gary Prestopino - Barrington Research

Lee Jagoda - CJS Securities

Bret Jordan - Jefferies

Rajat Gupta - JPMorgan

Daniel Imbro - Stephens

Operator

Good day, and welcome to the OPENLANE Third Quarter 2023 Earnings Conference Call. [Operator Instructions] Please note today's event is being recorded. I would now like to turn the conference over to Michael Eliason, Vice President of Investor Relations. Please go ahead, Sir.

Michael Eliason

Thanks, Rocco. Good afternoon, and thank you for joining us today for the OPENLANE Third Quarter 2023 Earnings Conference Call. Today we'll discuss the financial performance of OPENLANE, for the quarter ended September 30, 2023. After concluding our commentary, we will take questions from participants. Before Peter kicks off our discussion, I'd 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. Reconciliations of the non-GAAP financial measures to the applicable GAAP financial measure, can be found in the press release that we just issued, which will also be available in the Investor Relations section of our website.

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

Peter Kelly

Thank you, Mike, and good afternoon, everybody. I'm delighted to be here today to provide you with an update on OPENLANE. And joining me on today's call is our Chief Financial Officer, Brad Lakhia. I'm going to begin with OPENLANE's third quarter performance. And as usual, I will speak about our business in two segments, our Marketplace segment and the Finance segment.

I'm pleased with our Q3 performance, and I'm particularly encouraged by the improved performance of our Marketplace business despite the challenging industry environment. I believe our Q3 results present compelling evidence that we are successfully evolving our business model to meet the realities of today's market, while positioning OPENLANE for continued growth and expansion in the future.