Moody's Ratings affirms the B1 corporate family rating of OPENLANE, downgrades the senior secured and senior unsecured ratings; outlook stable
Moody's Ratings (Moody's) affirmed the B1 corporate family rating and B1-PD probability of default rating of OPENLANE, Inc. (OPENLANE), a digital marketplace for used vehicles. Moody's downgraded the senior secured first lien revolving credit facility to Ba2 from Ba1, and the senior unsecured notes ...KAR Auction Services is a holding company. Through its subsidiaries, the company provides used vehicle auctions and related vehicle remarketing services in North America and Europe. The company facilitates a marketplace by providing auction services for sellers of used, or whole car, vehicles through its North American physical auction locations. The company's segments include: ADESA, Inc.'s Auctions, which provides whole car auctions and related services to the vehicle remarketing industry in North America through online auctions and auction facilities; and Automotive Finance Corporation, which provides floorplan financing to independent used vehicle dealers through branches throughout North America.
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