OPENLANE reported strong 2025 performance with 1.5 million vehicle transactions, $29 billion in Marketplace Gross Merchandise Value (GMV), $1.9 billion in Consolidated Total Revenue, $333 million in Consolidated Adjusted EBITDA, and $392 million in Consolidated Cash Flow From Operating Activities. The company provided 2026 guidance for Consolidated Adjusted EBITDA between $350 million and $370 million, representing a 5% to 11% growth. Strategic objectives include growing the customer base, increasing vehicle volume, improving financial performance, and positioning for long-term success. OPENLANE detailed its digital transformation journey, evolving from physical auctions to a leading digital marketplace through strategic acquisitions and divestitures. The marketplace strategy focuses on both Commercial (OEM/captive finance, banks, rental, fleet/lease) and Dealer (franchise, independent) segments, with the US identified as the primary growth engine. A significant opportunity exists in the US Commercial Off-Lease market, with an anticipated shift in the waterfall process expected to increase OPENLANE's opportunity set from approximately 30% to 70% of total lease maturities, leading to higher blended yields. Technology and innovation highlights include human-driven, AI-enhanced inspections, future price prediction (30-60-90 day), AI-driven buying recommendations, and new products such as Absolute Sale Auction, AI Arbitration (resulting in an 11% reduction in submissions YTD), Market Guide 2.0, and MyLot (a new dealer inventory management solution). The AFC (Finance Segment) operates a highly digital model with a localized approach, reporting $2.4 billion in average managed receivables in 2025 and holding a 33% market share in the North American floorplan addressable market, with an industry-leading credit loss rate of 1.6% in 2025. Financial reporting updates include the introduction of a GMV/yield model for Auction and Related Fees, with 2025 baselines provided for various geographies and customer categories.