OpenLane Inc., a Menlo Park, Calif.-based online auction company for automotive dealers, has raised $25 million in new VC funding. Meritech Capital Partners led the round, and was joined by return backers August Capital, RPM Ventures and Zilkha Venture Partners.
OPENLANE, Inc., the leading online auction company in
OPENLANE sold over 270,000 vehicles online in 2007, valued at over $4 billion and generating in excess of $60 million in revenues. This represented revenue growth of approximately 60 percent compared to the prior year. The Company experienced continued strong growth in the first quarter of 2008. Revenues for the first quarter of 2008 were approximately 65 percent higher than the first quarter of 2007.
“OPENLANE is the last remaining of the many Internet companies established years ago to pursue the wholesale automotive market, a sector that continues to present a very sizable opportunity. The company has grown by evolving its offering and merging with others and today it is the leading online independent wholesale auto auctioneer,” said Paul Madera, managing director, Meritech Capital Partners. “Their business makes sense on every level