What Company Is Offering:
OPENLANE, Inc. is a leading online auction company in North America for automotive dealers to buy and sell wholesale vehicles. The company offers end-to-end auto remarketing solutions to auto manufacturers, captive finance companies, lease and daily rental companies, financial institutions and wholesale auto auctions throughout the United States and Canada. OPENLANE powers online remarketing programs for American Honda Finance, Audi Financial Services, Avis Budget Group, Chase Auto Finance, Chrysler Financial, Ford Motor Credit, Porsche Financial Services, Volkswagen Credit, among others.
How Much They Got From VCs:
OPENLANE, Inc., the leading online auction company in North America for automotive dealers to buy and sell wholesale vehicles, today announced the Company has closed a $25 million funding round led by Meritech Capital Partners. Also participating in the round were existing investors August Capital, RPM Ventures, and Zilkha Venture Partners. The funds will be used to help the Company scale in line with rising demand for its online wholesale auction, while continuing to maintain high levels of customer service and product innovation.
OPENLANE sold over 270,000 vehicles online in 2007, valued at over $4 billion and generating in excess of $60 million in revenues. This represented revenue growth of approximately 60 percent compared to the prior year. The Company experienced continued strong growth in the first quarter of 2008. Revenues for the first quarter of 2008 were approximately 65 percent higher than the first quarter of 2007.
More at:www.openlane.com
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