OpenLane Received $25 Million for Online Wholesale Auto Auctions

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OpenLane Received $25 Million for Online Wholesale Auto Auctions

OpenLane received $25 Million from Meritech Capital Partners, August Capital, RPM Ventures, and Zilkha Venture Partners.

What does OpenLane do?

OpenLane is an online auction company in North America for automotive dealers to buy and sell wholesale vehicles.

VCU says:

OpenLane is a online auction company in North America for automotive dealers to buy and sell wholesale vehicles. They have what they call online remarketing programs, selling the off lease cars for example, and provide those services for American Honda Finance, Audi Financial Services, Avis Budget Group, Chase Auto Finance, Chrysler Financial, Ford Motor Credit, Porsche Financial Services and Volkswagen Credit, as well as others.

OpenLane started in 1999 and here are some statistics since then. They have over 35,000 dealers in the US and Canada using their services, recently have sold over 270,000 vehicles online in 2007 which were valued at over $4 billion and generating in excess of $60 million in revenues. They state that revenues for the first quarter of 2008 were approximately 65 percent higher than the first quarter of 2007.

Take a look at ecast.

Founders:

NA

Funders:

Read more about August Capital here.

Capital Partners

RPM Ventures

Zilkha Venture Partners




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