Openlane Expands Operations with Acquisition of Manheim Canada Business

In a recent declaration, Openlane has announced its intention to acquire Cox Automotive’s Manheim Canada business for an estimated $95 million. This strategic manoeuvre aims to fortify Openlane’s position in the used car-auction and salvage-auction services industry, as well as to expand its footprint in the Canadian market.

As part of the agreement, Openlane will assume ownership of the Manheim Montreal facility, auction sales, operations, and select staff across Manheim Canada. With Manheim Canada planning to withdraw from the Canadian market, Openlane will step in to take over its customer relationships, further cementing its presence in the region. Following the completion of the transaction, Openlane will seamlessly integrate the acquired Manheim Canada business into its existing operations, consolidating all inventory within its digital marketplace.

It is noteworthy that the acquisition encompasses the purchase of Manheim’s Montreal facility, while excluding its other Canadian facilities. This strategic move aligns with Openlane’s growth and expansion strategies, aiming to streamline operations and enhance its services in the Canadian automotive market.

The decision to acquire Manheim Canada highlights Openlane’s dedication to reinforcing its position as a leading player in the industry. By leveraging the expertise and resources gained from this acquisition, Openlane is poised to offer enhanced auction services and cater to the evolving needs of its customers in Canada.

Considering this development, industry experts anticipate that the acquisition will provide Openlane with a competitive advantage in the Canadian automotive market. With a focus on delivering exceptional customer experiences and expanding its digital marketplace, Openlane is set to make significant strides in the industry.

For further details on this acquisition and Openlane’s expansion in Canada, inquiries can be directed to Denny Jacob at [email protected].

As Openlane ventures into this new territory, it is evident that the acquisition of Manheim Canada signifies a strategic move to strengthen its market presence and deliver exceptional services to its customers. With a clear focus on growth and innovation, Openlane is well-positioned to drive positive change in the Canadian automotive industry.