OPENLANE Announces Planned Retirement of AFC President Jim Money

CARMEL, Ind., Dec. 14, 2023 /PRNewswire/ -- OPENLANE, Inc. (NYSE: KAR), a leading operator of digital marketplaces for wholesale used vehicles, announces the upcoming retirement of AFC President Jim Money effective April 1, 2024. Money assumed his current role in 2016 and leaves a legacy of nearly 25 years of purpose-driven leadership, growth and innovation at AFC. The company has initiated a national search for Money's successor.

"No one is more passionate about our customers, our people and the power of purpose-driven culture than Jim," said Peter Kelly, CEO of OPENLANE. "His positive influence and focus on relationships is evident across every AFC branch and in every customer interaction. Jim's personal commitment to mentorship and talent development has yielded a strong internal bench that, alongside robust external interest, ensures we have a broad pool of well-qualified successor candidates. Jim is both friend and colleague, and we are fortunate to have him on board over the coming months to enable a smooth transition of operations for our customers and our people."

Money's time with AFC is the capstone on a career spanning over 36 years. He began his tenure with AFC in 1999, when he joined the company as controller. Over the next 17 years, Money progressed through various roles of increasing responsibility, culminating with his promotion to president in 2016. Under his leadership, AFC became known for its differentiated service model anchored in relationships. He also established a best-in-class risk management approach, and accelerated the company's digital transformation. Prior to joining AFC, he held financial leadership roles at companies in the investment, transportation and other industries.

"For more than two decades, it has been my privilege and joy to serve independent dealers and help fuel their dreams and success," said Money, president of AFC. "While this decision is certainly bittersweet, we've built an amazing and talented team at AFC passionate about helping our customers and supporting each other. I'm proud of what we've accomplished, together, and confident the great work we're doing will continue as the next generation of leadership steps forward. And I can't wait to cheer team AFC on from the sidelines while spending more time with my family and volunteering."

AFC helps independent dealers grow their business faster by providing financing for used vehicle inventory. Across the US and Canada, AFC works with more than 14,000 dealers in the retail and wholesale automotive space as well as RV, power sports and commercial truck dealers, salvage buyers and daily rental operators and is accepted as a form of dealer payment at over 1,400 auction sources.

About OPENLANE
OPENLANE, Inc. (NYSE: KAR) provides sellers and buyers across the global wholesale used vehicle industry with innovative, technology-driven remarketing solutions. OPENLANE's unique end-to-end platform supports whole car, financing, logistics and other ancillary and related services. Our integrated marketplaces reduce risk, improve transparency and streamline transactions for customers around the globe. Headquartered in Carmel, Indiana, OPENLANE has employees across the United States, Canada, Europe, Uruguay and the Philippines. For more information and the latest OPENLANE news, visit corporate.openlane.com.

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SOURCE OPENLANE