OPENLANE Financial Exec Plans to Retire as Successor Sought

Wholesale used vehicle digital marketplace OPENLANE announced Feb. 28 that Mike Eliason, Treasurer and vice president of investor relations, will retire as of June 1 after more than 25 years at the company.

Brad Lakhia, executive vice president and chief financial officer, will assume the role of Treasurer on June 1 until a permanent one is named following a thorough national search.

“Mike has been a valued member of the OPENLANE team and has led our investor relations program for the last seven years, playing a key role in communicating about our company’s growth and transformation to our customers, business partners and stockholders,” Lakhia said in a news release. “I want to thank Mike for his leadership and congratulate him on his well-deserved retirement.”

Lakhia said this period is an ideal time to evaluate a diverse array of investor relations leaders who can help OPENLANE deliver on its purpose to make wholesale easier for its customers.

Eliason was named vice president of investor relations and Treasurer of KAR Auction Services, Inc., now OPENLANE, in May 2016. In that role, he was responsible for directing the organization’s investor relations, budgeting, forecasting, investment of funds, and cash management activities. He also led the company’s financial planning and analysis initiatives. He previously served as vice president of financial planning and analysis.

Eliason joined the KAR group of companies in 2003 as a controller for ADESA Impact, and later was promoted to vice president of financial planning and analysis for KAR Auction Services.

Before his time with KAR, Eliason served in a variety of business development and finance roles with ALLETE, ADESA’s former parent company, Enbridge, and KPMG.