MENLO PARK, CA - The Board of Directors of OPENLANE, Inc., announced the appointment of Daniel F. Farrar as Chief Executive Officer.
Farrar joins OPENLANE as the company brings to a close a record-breaking sales month. In January 2009, more units were sold on OPENLANE.com than in any previous month in the company’s 10-year history.
“OPENLANE continues to deliver growth despite the recent economic and industry downturn,” said Michael Stein, chairman of the board at OPENLANE. “We believe Daniel Farrar will be a tremendous addition to what is already a strong management team as OPENLANE continues to enhance its position in the industry.”
Farrar, 47, brings to OPENLANE more than 20 years of proven operational experience growing and leading multi-national organizations, with special expertise in the automotive services sector. Most recently, Farrar was with Morgenthaler Partners, where as a General Partner he was responsible for driving operating efficiencies and executing value creation plans for a $3 billion investment fund under management. Prior to that, Farrar spent eight years as CEO of GE Capital Fleet Services Europe based in Brussels, Belgium.
“OPENLANE’s value proposition is incredibly clear and designed to deliver greater efficiencies and tremendous cost, time and market savings to all of its customers,” said Daniel F. Farrar, CEO, OPENLANE.