Openlane (NYSE:KAR) FY Conference Summary Company Overview - **Company**: Openlane - **Industry**: Automotive auction and remarketing - **Date of Conference**: November 20, 2025 Key Points Industry Dynamics - Openlane operates in the wholesale used vehicle industry, which is transitioning to a more digital platform, particularly in dealer-to-dealer (D2D) auctions [2][11] - The company has seen a significant shift towards digital transactions, with D2D volumes growing double digits for four consecutive quarters [18] Company Performance - Openlane has experienced accelerating growth metrics, with a notable increase in dealer volumes by 14% in the third quarter [19] - The company has a strong market share and is positioned as a leading player in the digital auction space [11] Strategic Initiatives - The CEO emphasized the importance of digital transformation, including the divestiture of physical assets to focus on digital growth [8][9] - Openlane has rebranded its platform to unify dealer and commercial inventory, enhancing user experience [10] - The company has made significant technology investments to improve platform usability and customer confidence, including better condition reports and a unified app for dealers [20][21] Market Opportunities - The lease maturity curve is expected to increase by over 20% in the coming years, providing a larger volume of vehicles for Openlane to auction [29] - The consumer buyout rate of leases has decreased from over 80% back to approximately 65%, indicating more vehicles will be returned for auction [30] Competitive Landscape - Openlane operates in a duopolistic market for digital auctions, competing primarily with one other major player [22] - The company focuses on value realization for sellers, emphasizing that the realization of asset value is more critical than fee structures [23] Financial Health - Openlane's financing business (AFC) is a significant cash generator, with low loan loss provisions of 1.5-2% compared to competitors [51] - The company has recently engaged in a transaction to buy back a significant portion of convertible preferred shares, reducing market overhang [55][56] Future Outlook - The management is optimistic about sustained growth in both the commercial and dealer segments, with expectations of continued digital adoption [64] - Openlane aims to maintain a conservative approach to its financing business while leveraging it to support marketplace growth [54] Additional Insights - The "absolute sale" feature has become popular among sellers, contributing to over 50% of total D2D transactions and generating significant incremental revenue [48] - Openlane's strategy includes ongoing investments in go-to-market resources to enhance market penetration and customer engagement [21] Conclusion - Openlane is well-positioned for future growth, with a strong focus on digital transformation, strategic partnerships, and a robust financial foundation. The company anticipates a positive trajectory in the automotive auction industry, driven by increasing digital adoption and favorable market conditions [64][65]

Core Viewpoint - The article emphasizes the need to effectively integrate industrial policy and competition policy to build a modern industrial system, moving beyond the binary debate of whether to have industrial policy or not [2][4]. Group 1: Modern Industrial System - The construction of a modern industrial system should focus on advanced manufacturing as its backbone, reflecting a deeper understanding of economic development stages [4]. - The current manufacturing sector in China accounts for approximately 30% of GDP, and there is a need to maintain a reasonable proportion of manufacturing within the economy [4][5]. - The article highlights the issue of "premature de-manufacturing," where the domestic manufacturing share is declining, while China's global manufacturing share is increasing [5]. Group 2: Policy Coordination - The integration of industrial policy and competition policy should be based on the maturity of technology, with different focuses at various stages of industrialization [6]. - For emerging industries with unclear technological paths, competition policy should be emphasized to encourage innovation, while industrial policy can provide directional guidance [6]. - The article suggests that R&D investment should be significantly increased, with a target of 12% during the 14th Five-Year Plan, although achieving this may be challenging [7]. Group 3: Addressing "Involution Competition" - "Involution competition" is identified as a fundamental issue in building a unified market, affecting both micro and macroeconomic levels [9][10]. - The article discusses the need for unified government actions to enhance overall efficiency and facilitate the free flow of resources across regions [9]. - The emergence of platform economies is noted as a new characteristic of "involution competition," where platforms exert significant pricing power over the entire supply chain [10][11].

会议强调，高校要强化有组织科研，坚持需求导向，建强大学科技园、中试基地等转化载体，提升 人才供给适配度，让更多科技成果尽快转化为现实生产力。职业学校要把牢办学方向，提升办学治校水 平，推动现代职业教育高质量发展。 会议还研究了其他事项。 会议传达学习习近平总书记在听取海南自由贸易港建设工作汇报时的重要讲话、在广东考察时的重 要讲话、会见国际奥委会主席考文垂和终身名誉主席巴赫时的重要讲话精神。会议指出，要深入贯彻党 的二十届四中全会精神，坚定不移推动高质量发展，进一步深化改革扩大开放，全力做好民生保障工 作，纵深推进政府系统全面从严治党。要高标准高质量做好"十五冬"各项筹备工作，办好东北地区城市 足球联赛，积极开展大众冰雪赛事、冰雪活动，推动文旅体商深度融合。 会议强调，要充分认识全省经济长期向好潜力足、韧性强，坚定信心、增强本领，锚定目标、全力 冲刺，尽最大努力，争取最好结果，确保"十四五"收好官、"十五五"开好局。要聚焦重点领域持续发 力，继续稳车稳钢稳油，盯紧重点行业重点企业，完善"一对一"跟踪服务机制，引导支持企业加快智改 数转，强链补链延链；推动科技创新和产业创新深度融合，培育壮大新兴产业和未来产业； ...

Core Viewpoint - The recent announcement of the postponement of the releases of "Crayon Shin-chan: The Hot Spring Dancer" and "Cells at Work" indicates potential shifts in the animation industry and may impact related market segments [1]. Group 1 - The films "Crayon Shin-chan: The Hot Spring Dancer" and "Cells at Work" were originally scheduled for release but have now been postponed [1].

Economic Overview - In October, the industrial added value above designated size increased by 4.9% year-on-year, while the total retail sales of consumer goods rose by 2.9% [1] - The added value of high-tech manufacturing above designated size grew by 7.2% [1] - The overall economic performance remains stable with a focus on high-quality development and structural adjustments [1] Consumption Trends - New consumption formats, models, and scenarios are expanding, with digital, green, and smart product consumption rapidly growing [2] - From January to October, online retail sales of physical goods accounted for 25.2% of total retail sales [2] Investment Insights - Effective investment is being expanded in key areas and weak links, with significant growth in high-tech sectors [2] - Investment in the aerospace and aircraft manufacturing industry increased by 19.7% year-on-year from January to October [2] Export Performance - From January to October, the export value of electromechanical products accounted for 60.7% of total exports, indicating strong support for foreign trade [2] Manufacturing Sector - The manufacturing sector is steadily moving towards mid-to-high-end production, with the added value of equipment manufacturing above designated size increasing by 9.5% [2] - Equipment manufacturing contributed 58.7% to the growth of industrial added value above designated size [2] Emerging Industries - Emerging industries are increasingly playing a leading role, with rapid development in the digital economy and green low-carbon transformation [3] - From January to October, the added value of digital industry manufacturing increased by 9.5%, while smart device manufacturing and electronic components manufacturing grew by 11.1% and 12.3%, respectively [3] - The transition from old to new driving forces is ongoing, with a positive trend towards high-quality economic development [3]

今晚（16日），文化和旅游部发文，提醒中国游客近期避免前往日本旅游。具体内容如下↓ 外交部11月14日发布出行提醒：今年以来，日本社会治安不靖，针对中国公民违法犯罪案件多发，发生 多起在日中国公民遇袭事件，部分案件迄未侦破，中国公民在日本安全环境持续恶化。近日，日本领导人 公然发表涉台露骨挑衅言论，严重恶化中日人员交流氛围，给在日中国公民人身和生命安全带来重大风 险。 文化和旅游部郑重提醒中国游客近期避免前往日本旅游，已在日中国游客密切关注当地治安形势，提高安 全防范意识，加强自我保护，如遇紧急情况，请及时报警并联系驻日使领馆寻求协助。 责编：叶舒筠 校对： 赵燕 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体 法律责任的权利。 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes 点击关键字可查看 来源：文化和旅游部政府门户网站 潜望系列深度报道丨 股事会专栏 丨 投资小红书 丨 e公司调查 丨 时报会客厅 丨 十大明星私募访谈 丨 王兴兴发声！资本助推机器人IPO热潮 丨 释永信被批捕！ 丨 AI重磅！英伟达，即将发布！ 丨 ...

近日，市场监管总局发布了《互联网平台反垄断合规指引（征求意见稿）》（以下简称《指 引》）。这是进一步健全完善平台经济反垄断制度规则体系，以反垄断合规推动平台经济健康发展的重 要举措。从内容看，《指引》在充分总结近年来我国平台反垄断执法经验的基础上，结合当前我国平台 经济领域出现的新情况新问题，做出的全面性、细致性、针对性反垄断合规制度建设，充分体现了反垄 断执法机构对平台经济规律性、科学性、系统性认识的不断深化，对引导互联网平台企业做好反垄断合 规管理，提供了更加明确、清晰的规则指引，对有效预防和化解垄断风险，促进平台经济规范健康发展 具有重要意义。 随着云计算、大数据、人工智能等新一代信息技术的深度应用，平台经济已经进入"智能算法+海 量数据"驱动增长的新阶段。《指引》充分认识平台经济的技术性特征，详细解构利用技术手段实施滥 用行为可能的具体形式和表现，为应对反垄断监管面临的技术挑战迈出重要一步。 （一）深刻认识技术"双刃剑"特性，以明确合规边界稳定市场预期。深入剖析平台企业利用掌握的 算法、数据、接口等技术手段可能实施的排除、限制竞争行为，对更好指导平台企业在业务实操中做好 反垄断合规具有很强的现实意义。 ...

Group 1 - The former abbot of Songshan Shaolin Temple, Shi Yongxin, is under investigation for embezzlement and other charges, with the New Xiang City Public Security Bureau requesting his arrest [1] - The New Xiang City People's Procuratorate has approved the arrest of Shi Yongxin on charges of embezzlement, misappropriation of funds, and bribery as a non-state functionary [1]

Group 1 - The article reports that Li Baian, former member of the Party Committee and Vice President of China Merchants Group, is under disciplinary review and investigation by the Central Commission for Discipline Inspection and the National Supervisory Commission [1][2]. Group 2 - The article highlights significant market movements, including a sharp decline in cryptocurrency values, with nearly 180,000 individuals facing liquidation [2]. - It mentions a major asset restructuring involving a specific company, indicating ongoing corporate activity in the market [2].

Group 1 - The core viewpoint is that China's economic structure adjustment and the cultivation of new growth drivers have achieved positive results, supporting stable economic operation from January to October [1] - The digital economy and platform economy are expanding, leading to rapid development of emerging industries and significant industrial upgrades [1] Group 2 - The retail sales of cultural, leisure services, and tourism consulting rental services have maintained double-digit growth [4] - The manufacturing sector, particularly in digital and intelligent manufacturing, has shown strong growth, with value-added in electronic components and equipment manufacturing increasing by 11.1% and 12.3% respectively [11]