OPENLANE, Inc. filed a Form 8-K on August 13, 2026, disclosing the closing of a registered public secondary offering of 8,000,000 shares of common stock by selling stockholder Ignition Acquisition Holdings LP, a fund advised by Apax Partners, L.P.

Key Highlights

  • Offering size: 8,000,000 shares of OPENLANE common stock, par value $0.01 per share, were sold in the secondary offering.
  • Gross proceeds: Approximately $274.9 million went to the Selling Stockholder; the Company received none of the proceeds.
  • Company share repurchase: OPENLANE purchased 727,590 shares out of the 8,000,000 shares offered, at the same price per share paid by the underwriter to the Selling Stockholder.
  • Selling stockholder: Ignition Acquisition Holdings LP, a fund advised by Apax Partners, L.P., was the sole seller in the offering.
  • Underwriter: BofA Securities, Inc. acted as the underwriter under an Underwriting Agreement dated August 11, 2026.
  • Closing date: The offering closed on August 13, 2026, with the launch and pricing occurring on August 11, 2026.

OPENLANE Secondary Offering Details and Company Share Buyback

According to the filing, Ignition Acquisition Holdings LP, described as a fund advised by Apax Partners, L.P., launched and priced a registered public secondary offering on August 11, 2026. The offering covered 8,000,000 shares of OPENLANE common stock listed on the New York Stock Exchange under the symbol OPLN (NYSE:OPLN). The closing occurred on August 13, 2026, generating gross proceeds of approximately $274.9 million for the Selling Stockholder. The Company disclosed that it "did not receive any proceeds from the sale of the shares of Common Stock by the Selling Stockholder."

The filing also disclosed that OPENLANE itself purchased 727,590 shares from the aggregate 8,000,000 shares sold in the offering. The price per share paid by the Company was equal to the price per share paid by the underwriter, BofA Securities, Inc., to the Selling Stockholder. The Company entered into an Underwriting Agreement dated August 11, 2026, by and among OPENLANE, Inc., the Selling Stockholder, and BofA Securities, Inc., which is filed as Exhibit 1.1 to the 8-K.

The filing noted that OPENLANE had previously filed an automatic shelf registration statement on Form S-3 (File No. 333-277249) with the SEC, supplemented by a prospectus supplement filed on August 13, 2026, in connection with the offering. The 8-K was signed by Bradley Herring, Executive Vice President and Chief Financial Officer, on August 13, 2026.

What Was Disclosed

OPENLANE disclosed the closing of an 8,000,000-share secondary offering by Ignition Acquisition Holdings LP, with gross proceeds of approximately $274.9 million to the seller. The Company received no proceeds but repurchased 727,590 shares at the underwriter's purchase price.