Online wholesale auction marketplaces provider Openlane Inc. reported a wider net loss in the second quarter but said it made progress in executing a rebrand strategy and associated consolidation of its auction platforms.

The company — which announced in May it would rebrand from KAR Global to Openlane — reported a net loss from continuing operations of $193.8 million in the quarter ended June 30. That is wider than the $5.4 million loss from continuing operations it listed for the year-earlier period. It reported revenue from continuing operations of $416.9 million, up 9 percent.

The net loss was driven by “non-cash goodwill and intangibles impairment charges of $221.4 million, net of tax impacts,” Openlane said in a news release. One of those, a non-cash impairment charge of $26 million before tax, came from Openlane assessing the value of its ADESA trade name as a “direct result” of its rebranding and one marketplace strategy, Openlane CFO Brad Lakhia said on a Thursday call with investors and analysts.

The company reported $83.8 million in adjusted earnings before interest, taxes, depreciation and amortization, up 49 percent. That adjusted figure includes a $20 million one-time benefit tied to early termination of a contractual agreement and excludes the net impact of the trade name and goodwill impairments.

On the call, Openlane CEO Peter Kelly said the company continues to work on consolidating its marketplaces.

In late June, the company launched its Openlane-branded marketplace in Canada. That entailed migrating customers from its ADESA and TradeRev legacy marketplaces over a four-week period, Kelly said.

Openlane also finalized plans to integrate its commercial and dealer vehicle inventory into a single Openlane-branded marketplace in the U.S., its largest market, through the fourth quarter, Kelly said. He indicated the company will rebrand its European marketplace before the end of the year.

“We intend to start 2024 with all of our marketplace platforms operating under a single, unified Openlane brand and all of our marketplaces having fully integrated commercial and dealer inventory,” Kelly said.

Openlane shares were down 5.1 percent to $14.85 when the market closed Thursday.

Earnings highlights:

Q2 revenue from continuing operations: $416.9 million, up 9 percent from a year earlier.

Q2 net income from continuing operations: Loss of $193.8 million, wider than the loss of $5.4 million a year earlier.

Q2 total vehicle sales: 344,000, up 0.3 percent from a year earlier.