Openlane

In this pitch deck, analysts Gabriel Widsén and Hugo Bogren present a detailed investment case
of Openlane, a leading digital B2B marketplace for used vehicles with a highly scalable, asset
light model and multiple value creation levers through organic growth and strategic M&A. Using
a robust valuation framework including DCF, trading comps, precedent transactions, and an LBO
analysis, the analysis estimates Openlane’s enterprise value in the range of USD 4.3 – 8.0bn.

Key Takeaways
● Openlane trades at a clear discount to both online marketplace peers and precedent transactions,
despite strong network effects, recurring revenue, and a leading position in digital wholesale.
Long term commercial and off-lease contracts secure supply and reinforce market leadership. The
market prices the company as a cyclical auto asset, not a tech enabled platform.

● The marketplace and finance segment reinforce each other through a powerful flywheel. Over
50% of financed dealers later transact on the marketplace, driving liquidity, pricing power, and
margin expansion with limited incremental capital. Openlane also holds a clear leadership
position within online wholesale auctions, with online penetration still low and expected to grow
materially, further strengthening scale advantages and long-term growth.

● Strong cash generation, low capital intensity, and rapid deleveraging create significant financial
flexibility. This supports a disciplined European roll up strategy where fragmented markets, weak
operators, and low entry multiples offer clear scope for multiple expansion and private equity
style returns.