OPENLANE signs agreement to acquire Manheim Canada from Cox Automotive

OPENLANE, a leader in online marketplaces for wholesale used vehicles, announced on December 4 that it has entered into a definitive agreement to acquire Manheim Canada from Cox Automotive. According to the company’s press release, the acquisition is contingent on customary closing conditions and is valued at CA$130 million. The deal specifically includes the Manheim Montreal facility but does not extend to other Canadian facilities. It encompasses auction sales, operations, and select staff across Manheim knows Canada.

Peter Kelly, CEO of OPENLANE, highlighted in a statement that this acquisition builds on the earlier launch of the OPENLANE Canada digital marketplace in June. He emphasized that the move is set to boost growth for both commercial and dealer segments while enhancing the customer experience. “For buyers, it translates into a greater selection of inventory, providing much more choice and simplifying the process of finding top-quality vehicles,” Kelly explained. “For sellers, it offers immediate access to OPENLANE’s extensive buyer base, enhancing their ability to achieve optimal market results with every transaction.”

Kelly also noted that the deeper data integration brought about by the acquisition would allow OPENLANE to offer improved vehicle recommendations, more accurate pricing information, and other valuable insights to assist customers in making informed wholesale decisions.

With the closure of this transaction, OPENLANE will take over Manheim Canada’s customer relationships and integrate Manheim Canada into the existing OPENLANE Canada operations. The consolidation will result in a unified inventory across OPENLANE’s digital platforms.