Business OutlookCEO Peter Kelly told investors that dealer inventories are increasing, prices are stabilizing, and lease originations are increasing once again, indicating a positive trend for the company.
Financial PerformanceOPENLANE's Marketplace segment demonstrated a strong performance with year-over-year volume growth of 13%, GMV growth of 17% to $7 billion, and a significant 40% adjusted EBITDA growth.
ProfitabilityThe company's Q1/24 financial results show a consolidated gross profit margin increase by 270 basis points to 56.5%, benefiting from higher auction and service fees and cost structure improvements.