Sales of commercial vehicles in OPENLANE’s marketplace during the first quarter were higher than any quarter of 2023, pushing total vehicle sales up by nearly 13% year-over-year.

In its Q1 results reported Wednesday, OPENLANE said the number of commercial vehicles sold through its platforms climbed from 167,000 in Q1 2023 to 222,000 in Q1 2024 — a 32.9% jump.

While dealer consignment sales fell from 163,000 to 150,000, overall sales climbed from 330,000 to 372,000.

That total sales figure for Q1 was also stronger than any quarter of 2023.

Last year, OPENLANE’s marketplace had 1.331 million total sales, up from 1.297 million in 2022.  Commercial vehicle sales in 2023 climbed from 661,000 to 710,000; dealer consignment sales fell from 636,000 to 621,000.

“I am very pleased with OPENLANE’s first quarter results and believe they represent a compelling preview of the performance OPENLANE is capable of delivering as the industry recovery continues,” OPENLANE CEO Peter Kelly said in a news release.

“The marketplace segment grew volumes by 13%, delivered 47% of total OPENLANE adjusted EBITDA and continued to take share from physical auctions,” Kelly said.

“Our finance segment was also a strong contributor during the quarter. And as I look to the future, we are advancing a robust pipeline of innovation that will further differentiate our offerings and strengthen our ability to deliver continued growth and improved financial performance.”

Total operating revenue from continuing came in $416.3 million, down from $420.6 million in Q1 2023.

Breaking that figure down, $109.9 million was from auction fees, $150.2 million was from service revenue, $58.2 million was from purchased vehicle sales and $98 million was finance-related revenues.

Quarterly operating profits of $69.4 million was up from $65.4 million a year ago.

Net income climbed from $12.7 million to $18.5 million.

Looking at the finance metrics in more details, the $98 million in revenue was down from $99.6 million a year ago, but beat Q4 numbers ($96.6 million)

The 422,000 loan transaction units for Q1 were up from 420,000 a year ago and 397,000 in the fourth quarter. That figure also beat every figure of 2023.