OPENLANE, Inc. (KAR) Q2 2024 Earnings Call Transcript

OPENLANE, Inc. (NYSE:KAR) Q2 2024 Earnings Conference Call August 7, 2024 5:00 PM ET

Company Participants

Itunu Orelaru – Head-Investor Relations
Peter Kelly – Chief Executive Officer
Brad Lakhia – Executive Vice President and Chief Financial Officer

Conference Call Participants

Craig Kennison – Baird
Bob Labick – CJS Securities
Billy Healey – Bank of America
Bret Jordan – Jefferies
Rajat Gupta – JPMorgan

Operator

Good day, and welcome to the OPENLANE Second Quarter 2024 Earnings Call. All participants will be in a listen-only mode. [Operator Instructions] Please note this event is being recorded.

I would now like to turn the conference over to Ms. Itunu Orelaru, Head of Investor Relations. Please go ahead, ma'am.

Itunu Orelaru

Good afternoon everyone. Welcome to OPENLANE's second quarter 2024 earnings call. With me today are Peter Kelly, CEO of OPENLANE; and Brad Lakhia, EVP and CFO of OPENLANE. Our remarks today include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve risks and uncertainties that may cause our actual results or performance to differ materially from such statements. Factors that could cause such differences include those discussed in our press release issued today and in our SEC filings. Certain non-GAAP financial measures as defined under the SEC rules will be discussed on our call. Reconciliations of GAAP to non-GAAP measures are provided in our earnings materials and available in the Investor Relations section of our website.

With that, I'll turn the call over to Peter. Peter?

Peter Kelly

Thank you, Itunu, and good afternoon everyone. Before I get started, I just wanted to formally welcome Itunu to the role of Head of Investor Relations for OPENLANE. We're delighted to have Itunu and her deep financial expertise on the team and I know she is looking forward to working with all