Openlane Inc. Expands Canadian Receivables Purchase Agreement to C$375 Million with Key Financial Institutions
Openlane Inc. has expanded its Canadian Receivables Purchase Agreement to C$375 million, increasing its financial capacity. The amendment, effective May 23, 2025, involves key financial institutions such as Computershare Trust Company of Canada, BMO Nesbitt Burns, Inc., and the Royal Bank of Canada. The Program Limit was raised from C$300 million to C$375 million, enhancing Openlane's financial flexibility. Further details will be provided in the upcoming quarterly report for the period ending June 30, 2025.
Openlane Inc., through its subsidiary Automotive Finance Canada Inc. (AFCI), has amended its existing corporate financing arrangement to enhance its financial capacity. On May 23, 2025, AFCI and Openlane Inc. entered into Amendment No. 2 of the Receivables Purchase Agreement, originally dated March 1, 2023. This amendment involved key financial players, including the Computershare Trust Company of Canada, BMO Nesbitt Burns, Inc., and the Royal Bank of Canada. As part of this amendment, the Program Limit under the agreement was increased from C$300 million to C$375 million, providing Openlane Inc. with additional financial flexibility. This development will be detailed further in the company's upcoming quarterly report for the period ending June 30, 2025.
