MENLO PARK, CA – OPENLANE. Inc., an online auction for automotive dealers to buy and sell wholesale used vehicles, announced that Clive Kinross, president of OPENLANE, Inc., is stepping down from his duties effective September 30. In order to facilitate a smooth transition, he will continue with the company through mid-year in 2010, at which point he will transition out of the company to pursue other opportunities.

Kinross is one of the founders of Onlane, Inc., which was merged with AutoTradeCenter, Inc. in 2006 to form OPENLANE, Inc. He has been a member of OPENLANE’s executive team since the merger and was promoted to president mid-2008.

“Ten years ago, I embarked on an incredible journey in helping to build what has become the leading Internet remarketing auto auction,” said Kinross. “Over the past decade, we built a strong company that continues to set new sales records and positioned for future success. We achieved this through the support of outstanding customers and the hard work of our employees, investors and partners. I would like to take this opportunity to thank all of them for their unyielding commitment and dedication over the years. Now, after a record-breaking year in terms of both sales and profitability, it is the right time for me to take some time away from the office and spend it with my family, my two young children and wife. OPENLANE is in the exceptionally capable hands of our CEO, Daniel Farrar, and the outstanding executive team who will ensure continuity and a smooth transition.”

OPENLANE Chairman Mike Stein, said, “Clive, as a founder of Onlane and president of OPENLANE, should be proud of the accomplishments over the past 10 years. Clive’s entrepreneurial talents, his customer focus and his ability to build and lead teams has been instrumental in helping make OPENLANE the successful business that it is today. On behalf of OPENLANE’s Board of Directors I want to thank Clive for his many contributions over the past decade, we look forward to his continuing contributions in the months ahead and we wish him well on his next endeavors, whatever those turn out to be.”

Daniel Farrar, OPENLANE’s CEO, said “OPENLANE’s business today is based on the foundation that has been laid over the last 10 years by Clive and the other company founders, Peter Kelly, our Chief Financial Officer, Andrew Iorgulescu, our VP of Business Development, and Gary Edelstein, our Chief Information Officer. We simply would not be where we are now without his and their efforts. Clive’s input and guidance on matters of strategy will continue to be invaluable to myself and the executive team. Our team will continue to strive to take the business to the next level and look for constant improvements in client service, dealer adoption and operational excellence.”

inross concluded, “It has been enormously gratifying to see the business grow from concept to reality, continuing to set new records right up to the present day. I have tremendous respect for our customers and for the OPENLANE team and will miss my interactions with them both professionally and personally. I am proud to have been part of a company that has changed how business is being done in our industry and will be cheering for OPENLANE from the sidelines as the team goes from strength to strength.”