OPENLANE, Inc. (KAR) Q3 2024 Earnings Call Transcript

OPENLANE, Inc. (NYSE:KAR) Q3 2024 Earnings Conference Call November 6, 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

Rajat Gupta - JPMorgan
John Murphy - Bank of America
William Joseph - CJS Securities
Gary Prestopino - Barrington Research
Craig Kennison - Baird
John Healy - NorthCoast Research

Operator

Good day and welcome to the OPENLANE Third Quarter 2024 Earnings Call. All participants will be in a listen-only mode. [Operator Instructions]. After today's presentation, there will be an opportunity to ask questions. [Operator Instructions]. Please note this event is being recorded.

I would now like to turn the conference over to Ms. Itunu Orelaru. Please go-ahead ma'am.

Itunu Orelaru

Thanks Chuck, good afternoon, everyone. Welcome to OPENLANE's third quarter 2024 earnings call. With me today are Peter Kelly, CEO of OPENLANE, and Brad Lakhia, CDP and CFO of OPENLANE.

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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 Etunu and good afternoon everybody. I'm pleased to be here today to share OPENLANE's strong third quarter results. I will start with some high-level details around our performance, our strategy and