---
schema_version: "secwatch.filing_event.v1"
accession: "0001395942-23-000024"
form_type: "8-K"
ticker: "OPLN"
cik: "0001395942"
company_name: "OPENLANE, Inc."
filed_at: "2023-03-07T23:59:59+00:00"
generated_at: "2026-06-18T09:31:57.624422+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.4
calibrated_materiality_score: 0.4
confidence: "high"
source: SEC EDGAR
---

# KAR Auction Services subsidiary ups Canadian receivables facility to CDN$300M

## Summary
- AFCI, a KAR subsidiary, entered a new Receivables Purchase Agreement with BMO and RBC.
- Facility commitment increased from CDN$225M to CDN$300M; maturity remains January 31, 2026.
- Agreement adds provisions for alternative interest rate mechanisms.
- Company acts as performance guarantor; trust structure secures loans with receivables pool.

## SEC filing metadata
- accession: 0001395942-23-000024
- form_type: 8-K
- ticker: OPLN
- cik: 0001395942
- company_name: OPENLANE, Inc.
- filed_at: 2023-03-07T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.4
- calibrated_materiality_score: 0.4
- confidence: high
- sec_items: 1.01, 2.03
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1395942/000139594223000024/0001395942-23-000024-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1395942/000139594223000024/kar-20230301.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001395942-23-000024
- JSON: https://secwatch.observer/filing/0001395942-23-000024.json
- Plain text: https://secwatch.observer/filing/0001395942-23-000024.txt

## Key facts
- Material Agreements
  OPENLANE, Inc. entered into Canadian Receivables Purchase Agreement 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 valued at CDN$300 million (effective 2023-03-01).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: 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
  - Value: CDN$300 million
  - Effective: 2023-03-01
  source text: On March 1, 2023, Automotive Finance Canada Inc. (“AFCI”), a subsidiary of KAR Auction Services, Inc. (the “Company”), and the Company, as performance guarantor, entered into a Receivables Purchase Agreement (the “Canadian Receivables Purchase Agreement”), dated March 1, 2023, with Computershare Trust Company of Canada, as trustee of AFCI Funding Trust (“Trust”), BMO Nesbitt Burns, Inc., as financial services agent and as agent for the Bank of Montreal lender group (“BMO”), and Royal Bank of Canada, as agent for the Royal Bank of Canada lender group (“RBC” and collectively with BMO, “Lenders”)
  evidence_url: https://www.sec.gov/Archives/edgar/data/1395942/000139594223000024/0001395942-23-000024-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.