REDWOOD CITY, Calif. -

OPENLANE has found its new chief executive officer. Nearly a year after it elevated one of its co-founders to serve as president, on Tuesday the auction company promoted Peter Kelly to the role of CEO, effective immediately.

Last April, OPENLANE picked Kelly to take over for Clive Kinross as president. The company reiterated Tuesday that Kelly has been instrumental in OPENLANE’s success and growth from the company’s inception while serving in numerous leadership roles, including chief financial officer as well as president.

“Over the past 11 years, Peter Kelly has played a very important role in the growth and development of OPENLANE from business concept to the industry leading online auction company and to making the wholesale remarketing process easier and more efficient for both consignors and automotive dealers,” stated Michael Stein, chairman of the board at OPENLANE.

“OPENLANE’s opportunity for continued growth and success in the automotive sector is tremendous given the exceptional value the online remarketing model offers to dealers and consignors across North America,” Stein continued.

“Under Peter’s leadership and direction, we expect OPENLANE to continue to enhance its leadership position in the industry, further expanding the range of services offered to our customers,” Stein went on to say. “We’re delighted to have Peter take on the new role as CEO.”

Kelly takes the place of Daniel Farrar, who officials say has left OPENLANE to pursue other opportunities.

Kelly reacted to the company decision by emphasizing, “It has been tremendously rewarding to see this company deliver 11 consecutive years of growth.

“Thanks to the support of our customers, business partners and employees, OPENLANE has proved that the online remarketing model is both viable and successful, and the company is poised to deliver continued innovation and growth,” Kelly offered.

“It is an honor to be appointed CEO of OPENLANE,” he added. “I’m excited about our future and the opportunity to continue to work with our customers and to lead this company as its chief executive officer.”

Prior to being a part of the formation of OPENLANE, officials recalled that Kelly spent eight years managing engineering, construction and procurement projects for Taylor Woodrow, a U.K.-based construction and development firm.