OPENLANE will not receive any proceeds from the sale, as the offering consists entirely of shares held by the Apax-advised fund. However, the company plans to participate in the transaction by concurrently repurchasing up to $25 million worth of the common stock being offered. This buyback is scheduled to close simultaneously with the secondary offering, provided the conditions of the sale are met.

The shares are being sold in negotiated transactions at prevailing market prices. While the company is facilitating the repurchase, the secondary offering itself remains independent of the buyback's completion. Investors are directed to the prospectus supplement filed with the Securities and Exchange Commission for specific details regarding the offering terms and potential risks associated with the divestment.