# EDGAR Filing Document

**Accession Number:** 0001395942
**File Stem:** 0001395942-25-000070
**Filing Date:** 2025-11
**Character Count:** 16808
**Document Hash:** 0268ee4f28457d41891e9c20d6a92d06
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001395942-25-000070.hdr.sgml**: 20251118

**ACCESSION NUMBER**: 0001395942-25-000070

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20251118

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251118

**DATE AS OF CHANGE**: 20251118

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** OPENLANE, Inc.
- **CENTRAL INDEX KEY:** 0001395942
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-AUTO DEALERS & GASOLINE STATIONS [5500]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 208744739
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34568
- **FILM NUMBER:** 251495665

**BUSINESS ADDRESS:**
- **STREET 1:** 11299 N. ILLINOIS STREET
- **CITY:** CARMEL
- **STATE:** IN
- **ZIP:** 46032
- **BUSINESS PHONE:** (800) 923-3725

**MAIL ADDRESS:**
- **STREET 1:** 11299 N. ILLINOIS STREET
- **CITY:** CARMEL
- **STATE:** IN
- **ZIP:** 46032

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** KAR Auction Services, Inc.
- **DATE OF NAME CHANGE:** 20091103

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** KAR Holdings, Inc.
- **DATE OF NAME CHANGE:** 20070409

?xml version='1.0' encoding='ASCII'? kar-20251118

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

**Washington, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): November 18, 2025

![OPENLANElogo2023.jpg](kar-20251118_g1.jpg)

**OPENLANE, Inc.** 

(Exact name of Registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-34568** | **20-8744739** |
| (State or other jurisdiction <br>of incorporation) | (Commission File <br>Number) | (IRS Employer <br>Identification No.) |

---

**11299 N. Illinois Street, Suite 500** 

**Carmel, Indiana 46032** 

(Address of principal executive offices)

(Zip Code)

**(800) 923-3725** 

(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading symbol** | **Name of each exchange on which registered** |
| Common Stock, par value $0.01 per share | KAR | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 1.01 <u>Entry Into a Material Definitive Agreement.</u>**

On November 18, 2025, Automotive Finance Canada Inc. ("AFCI"), a subsidiary of OPENLANE, Inc. (the "Company"), and the Company entered into an Amendment No. 3 (the "Amendment No. 3") to the Receivables Purchase Agreement dated March 1, 2023, as amended, with Computershare Trust Company of Canada, as trustee of AFCI Funding Trust, BMO Nesbitt Burns, Inc., as financial services agent and as agent for the Bank of Montreal lender group, and Royal Bank of Canada, as agent for the Royal Bank of Canada lender group (the "Canadian Receivables Purchase Agreement"). In connection with Amendment No. 3, the Program Limit under the Canadian Receivables Purchase Agreement was increased from C$375 million to C$500 million.

The above description of the amendments effected by the Amendment No. 3 is not complete and is qualified in its entirety by reference to the full text of the Amendment No. 3, a copy of which is attached to this Current Report on Form 8-K as Exhibit 10.1 and incorporated herein by reference.

**Item 2.03 <u>Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.</u>** 

The information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03, as applicable.

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**Item 9.01 <u>Financial Statements and Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Exhibits</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| <u>EXHIBIT NO.</u> | <u>DESCRIPTION OF EXHIBIT</u> |
| 10.1 | <u>[Amendment No. 3 to the Receivables Purchase Agreement, dated November 18, 2025](exhibit101-amendmentno3toc.htm)</u> |
| 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. |

---

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

---

| | |
|:---|:---|
| Dated: November 18, 2025 | OPENLANE, Inc. |
| | /s/ Charles S. Coleman |
| | Charles S. Coleman<br>Executive Vice President, Chief Legal Officer and Secretary |

---

## Exhibit 10.1

**EXHIBIT 10.1&nbsp;&nbsp;&nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**<u>Execution Version</u>**

AMENDMENT NO. 3 TO RECEIVABLES PURCHASE AGREEMENT

THIS AMENDMENT NO. 3 to RECEIVABLES PURCHASE AGREEMENT (this "<u>Amendment</u>"), dated as of November 18, 2025 is entered into among AUTOMOTIVE FINANCE CANADA INC., a corporation incorporated under the laws of the Province of Ontario (the "<u>Seller</u>" and the initial "<u>Servicer</u>"), OPENLANE, Inc., f/k/a KAR AUCTION SERVICES, INC., a corporation incorporated under the laws of Delaware (the "<u>Performance Guarantor</u>"), COMPUTERSHARE TRUST COMPANY OF CANADA, in its capacity as trustee of AFCI FUNDING TRUST, a trust established under the laws of the Province of Ontario, as purchaser (the "<u>Trust</u>"), the agents for the Lender Groups from time to time party to the Loan Agreement (each, an "<u>Agent</u>") and BMO NESBITT BURNS INC., in its capacity as financial services agent (the "<u>Financial Services Agent</u>").

<u>R</u> <u>E</u> <u>C</u> <u>I</u> <u>T</u> <u>A</u> <u>L</u> <u>S</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp;The Seller, the Performance Guarantor, the Trust, the Agents and the Financial Services Agent are parties to that certain Receivables Purchase Agreement dated as of March 1, 2023, as amended by Amendment No. 1 to Receivables Purchase Agreement dated as of September 27, 2024 and Amendment No. 2 to Receivables Purchase Agreement dated as of May 23, 2025 (as further amended, amended and restated, supplemented or otherwise modified prior to the date hereof, the "<u>Agreement</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to and in accordance with Section 10.3 of the Agreement, the parties desire to amend the Agreement as hereinafter set forth.

NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Certain Defined Terms</u>. Capitalized terms which are used herein without definition and that are defined in the Agreement shall have the same meanings herein as in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Amendment to Agreement</u>. The Agreement is hereby amended by deleting "$400 million" from Section 6.1(s) and replacing it with "$525 million".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Representations and Warranties</u>. The Seller (in its capacity as Seller and as Servicer) hereby represents and warrants to the Trust, the Agents and the Financial Services Agent as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Representations and Warranties</u>. The representations and warranties of the Seller (in its capacity as Seller and as Servicer) contained in Section 4.1 of the Agreement are true and correct as of the date hereof (unless stated to relate solely to an earlier date, in which case such representations and warranties were true and correct as of such earlier date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Enforceability</u>. The execution and delivery by such Person of this Amendment, and the performance of its obligations under this Amendment and the

 <br> <br>

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Agreement, as amended hereby, are within its corporate powers and have been duly authorized by all necessary corporate action on its part. This Amendment and the Agreement, as amended hereby, are its valid and legally binding obligations, enforceable in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Trigger Event</u>. No Trigger Event, or event that would constitute a Trigger Event by further requirement that notice be given or time elapse or both, has occurred and is continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Representations and Warranties</u>. The Performance Guarantor hereby represents and warrants to the Trust, the Agents and the Financial Services Agent as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Representations and Warranties</u>. The representations and warranties of the Performance Guarantor contained in Section 8.7 of the Agreement are true and correct as of the date hereof (unless stated to relate solely to an earlier date, in which case such representations and warranties were true and correct as of such earlier date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Enforceability</u>. The execution and delivery by such Person of this Amendment, and the performance of its obligations under this Amendment and the Agreement, as amended hereby, are within its corporate powers and have been duly authorized by all necessary corporate action on its part. This Amendment and the Agreement, as amended hereby, are its valid and legally binding obligations, enforceable in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>Effectiveness</u>. This Amendment shall become effective upon the receipt by the Financial Services Agent of each of the counterparts of this Amendment executed by each of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.<u>Effect of Amendment</u>. Except as expressly amended and modified by this Amendment, all provisions of the Agreement shall remain in full force and effect. After this Amendment becomes effective, all references in the Agreement to "the Receivables Purchase Agreement," "this Agreement," "hereof," "herein" or words of similar effect, in each case referring to the Agreement, shall be deemed to be references to the Agreement as amended by this Amendment. This Amendment shall not be deemed to expressly or impliedly waive, amend or supplement any provision of the Agreement other than as set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.<u>Counterparts</u>. This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement. This Amendment shall be valid, binding, and enforceable against a party only when executed and delivered by an authorized individual on behalf of the party by means of (i) an original manual signature; (ii) a faxed, scanned (including in portable document format (pdf.) or www.docusign.com), or photocopied manual signature; or (iii) any electronic signature permitted by Parts 2 and 3 of the *Personal Information Protection and Electronic Documents Act* (Canada), the *Electronic Commerce Act, 2000* (Ontario) and other similar federal or provincial laws based on the *Uniform Electronic Commerce Act* of the Uniform Law Conference of Canada or its *Uniform Electronic Evidence Act*, as the case may be. Each electronic signature, or faxed, scanned, or

<br> <br>

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photocopied manual signature shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any faxed, scanned, or photocopied manual signature, or other electronic signature, of any other party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.<u>Governing Law</u>. This Amendment shall be governed by, and construed in accordance with, the laws of the Province of Ontario and the federal laws of Canada applicable therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.<u>Section Headings</u>. The various headings of this Amendment are inserted for convenience only and shall not affect the meaning or interpretation of this Amendment or the Agreement or any provision hereof or thereof.

[SIGNATURE PAGE FOLLOWS]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. 3

<br> <br>

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IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first above written.

AUTOMOTIVE FINANCE CANADA INC., as Seller and as initial Servicer

<br>By: <u>/s/ Amy Wirges&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name: Amy Wirges

Title: SVP of Finance; Treasurer

<u><br></u><br> OPENLANE, Inc., f/k/a KAR AUCTION SERVICES, INC., as Performance Guarantor

<br>By: <u>/s/ Bradley P. Herring&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name: Bradley P. Herring

Title: EVP, CFO & Treasurer

<u><br></u><br> COMPUTERSHARE TRUST COMPANY OF CANADA, in its capacity as trustee of AFCI FUNDING TRUST, by its Administrative Agent, AUTOMOTIVE FINANCE CANADA INC.

<br>By: <u>/s/ Amy Wirges&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name: Amy Wirges

Title: SVP of Finance; Treasurer

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BMO NESBITT BURNS INC., as Financial Services Agent and Agent for the BMO Lender Group

<br>By: <u>/s/ John Vidinovski&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name: John Vidinovski

Title: M.D.

By: <u>/s/ Kevin Brown&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name: Kevin Brown

Title: Director

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ROYAL BANK OF CANADA, as Agent for the RBC Lender Group

<br>By: <u>/s/ Ian Benaiah&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name: Ian Benaiah

Title: Authorized Signatory

By: <u>/s/ Hiren Lalloo&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name: Hiren Lalloo

Title: Authorized Signatory

<br>